BharatPe co-founder Ashneer Grover on Sunday said he was eager to see how many venture capitalists lose their jobs in wake of the Silicon Valley Bank collapse. “Eager to see how many VCs lose their jobs (yes they do jobs - are not founders and it’s not their own money that they deploy) in the aftermath of SVB. VC space needed a cleanup for long. Ab number aayega inka - too stupid people have made too much easy money in VCs doing nothing”, Grover tweeted. California-based Silicon Valley Bank was shut on Friday by the California Department of Financial Protection and Innovation. The collapse of the 16tyh largest bank in the US is likely to adversely impact the Indian startup scenario, industry experts told PTI.A large number of Indian startups which do not have even an employee or an office in the US had opened up their accounts in the Silicon Valley Bank as it let them do so without much regulatory questions and with a customer-friendly approach.
Meanwhile, India's minister of state for information and technology Rajeev Chandrasekhar said he would meet the representatives from the country's startup community to protect them from the current crisis due to SVB's failure."The SVB Financial closure is certainly disrupting startups across the world. Startups are an important part of India's Economy. I will meet with Indian Startups this week to understand their impact on them and how govt can help during this crisis," the minister tweeted.