Collapsed Silicon Valley Bank Is Not Shareholder In Paytm

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CEO of Paytm Vijay Shekhar Sharma on Saturday said that fell Silicon Valley Bank (SVB) isn't an investor of Paytm at this point.

Responding to the news with respect with the impact of SVB's breakdown on Indian new companies, Sharma said that SVB was one of Paytm's most memorable financial backers yet they existed the firm "long back"


Vijay Shekhar Sharma Tweeted, "Silicon Valley Bank was one of my most memorable financial backer when @AshLilani upheld us in first around of ventures at One97. Because of him, we developed from a telco VAS organization to what we are today."


"Long back, by offering to other confidential financial backers, SVB left completely with attractive profits from their absolute speculation of just $1.7Mn. They nor are an ongoing investor nor contributed the sum given here," said the Paytm President


Sharma's tweet comes after SVB fell on Friday. Silicon Valley Bank (SVB) was viewed as a significant US loan specialist for investment upheld organizations, explicitly for tech new businesses. The end of SVB is viewed as the biggest bank disappointment since Washington Shared during the level of the 2008 monetary emergency.


With $210 billion in resources, Silicon Valley Bank positions as the sixteenth biggest bank in the US, as per the AP report. It said that the bank functioned as a monetary moneylender for funding supported organizations, which have been seriously influenced throughout the course of recent months because of the Central bank raising loan fees and diminishing financial backer interest for hazardous computerized resources. The Government Store Protection Company (FDIC), which ordinarily safeguards stores up to $2,50,000, said it had assumed responsibility for the generally $175 billion in stores held at the bank.


Different India Start-up organizers have likewise responded to the news. Snapdeal's Kunal Bahl said SVB loaned them cash in 2012 when the business was wrestling with a money crunch.


Bahl tweeted, "In 2012, amidst turning our plan of action from online coupons to web based business, we ended up in a money mash as financial backers weren't persuaded we could pull it off."


Chief of Mumbai-based Verak Protection Rahul Mathur said his organization was among those impacted. He tweed, "> 60% of YC upheld co's have > $250K in SVB ledgers (source: YC WhatsApp bunch). FDIC protection limit is $250K - a few new companies could be in danger of losing large cash:"


"There are some YC organizations working in India (perhaps ~10%) with more than $1M in SVB accounts. Sound judgment: YC's new "essential" bargain is for $500K - and you'd raise somewhere around $1M more from different financial backers. Luckily, for us - the all out responsibility is restricted to $188K," Mathur added.

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