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.

Watch Latest News: https://www.youtube.com/playlist?list=PLYSfYVdrOZvh5iPadUPTAg3sxFD_DZpT_

About NDTV (English news channel):

NDTV is India's Most-Trusted News Broadcaster with the latest updates in news, sports, entertainment and much more from within India and around the world. Watch big political debates, exclusive entertainment interviews, news bulletins, current affairs, talk shows and tech reviews with our 24x7 news live streams, packed with credible information across all platforms: TV, Internet and Mobile.

For Latest Videos, click here: https://www.youtube.com/playlist?list=PLYSfYVdrOZvh5iPadUPTAg3sxFD_DZpT_

To watch NDTV 24x7's premium shows listed together for your easy access, click here: https://www.youtube.com/@NDTV/playlists?view=50&sort=dd&shelf_id=5

For Ground Reports and Analysis from NDTV's reporters and anchors of day's top news stories, click here: https://www.youtube.com/playlist?list=PLYSfYVdrOZvgHr6OHiZYKbr_21MOmvk04

For News in Shorts, click here: https://www.youtube.com/playlist?list=PLYSfYVdrOZvjJ8fhLPk_Fz4tFARkpG-Y-

Promoted: Find Best Shopping Deals On Amazon - https://g360.in/3twKm3m

Subscribe to our channel to get latest news updates.

Follow us on Social Media:
Like us on Facebook: https://www.facebook.com/ndtv/
Follow us on Twitter: https://twitter.com/ndtv/
Follow us on Instagram: https://www.instagram.com/ndtv/
Join NDTV on Telegram Messenger: https://t.me/NDTVbot/?start=hi

Follow us on Google News for Breaking and Latest News Updates:
NDTV: https://bit.ly/3e5ngbP
NDTV India (Hindi News): https://bit.ly/3mNVwMY

Download NDTV Mobile Apps: http://www.ndtv.com/page/apps

#SVBBank #Startups #USBanks #USNews #NazaraTechnologies #IndianFirms #BreakingNews #LatestNews #TodayNews #News #IndiaNews