India tech minister says to meet startups on SVB fallout

MUMBAI : India's state minister for technology said on Sunday he will meet start-ups this week to asses the impact on them of Silicon Valley Bank's collapse, as concerns rise about the fallout for the Indian start-up sector.

"Start-ups are an important part of the new India economy. I will meet with Indian Startups this week to understand impact on them and how the government can help during the crisis," Rajeev Chandrasekhar, the state minister for IT said on Twitter. SVB's failure, the biggest in the U.S. since the 2008 financial crisis, has roiled global markets, hit banking stocks and is now unsettling Indian entrepreneurs.

Consumer internet startups, which have drawn the bulk of funding in India in recent years, are less affected because they either do not have an SVB account or have minimal exposure to it, the three people said.

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