Indian Firms Hit By Key US Bank Collapse? Yes And No, Startup CEO Explains

Several Indian startups have their money stuck in the US-based Silicon Valley Bank (SVB), which collapsed on Friday. One of them, Nazara Technologies, have Rs 64 crore with the bank. The US government has said it will allow access to SVB deposits today and startups across the world, including in India, are expecting some relief. Nazara Technologies chief executive Nitish Mittersain told NDTV at least Rs 64 crore of two of its subsidiaries are stuck with SVB. "We tried to get our funds back, but the transactions are pending ever since the collapse... We're hopeful we will be able to recover this money in the near future," said Mr Mittersain, who runs the diversified gaming and sports media platform. He said everyday business is not affected as Nazara has over Rs 600 crore apart from the impacted funds. "But I can understand many startups in the tech space in the US and India bank with SVB as their primary bank... Younger companies would have cash flow issues, issues with the payroll after cash suddenly disappears," he told NDTV.