New Delhi: With the failure of the US’s Silicon Valley Bank, Ashneer Grover, co-founder and former MD of the Indian fintech business BharatPe made fun of venture capitalists (VCs) (SVB). “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 a long. Ab number aayega inka – too stupid people have made too much easy money in VCs doing nothing”, Ashneer Grover tweeted.
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Reacting to Grover, Ajay Kumar, CEO of Coinshell remarked, “VC job layoff news shortly I expect”.
Some venture capital firms and startups in India have contact with Silicon Valley Bank. At least six fund managers and entrepreneurs claimed that greater concerns about the bank’s health have forced them to look for alternatives.
In order to comprehend the effects and provide government aid in resolving the problem, Union minister Rajeev Chandrasekhar will visit Indian startups affected by the shutdown of SVB in India.
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“The closure of SVB Finance has undoubtedly disrupted companies all around the world. Entrepreneurship has a significant role in the New India economy. This week, I’ll speak with Indian startups to learn how the crisis is affecting them and how the government of Narendra Modi may assist “said he.
