This month technologist and venture capitalist Sanjay Swamy took a few days off to attend a colleague’s wedding. But at 4.30 Am on Friday, March 10, he woke up to the news about the collapse of the Silicon Valley Bank (SVB) which is now known as the ‘Lehman moment’ for the technology industry.
“We alerted everybody in our portfolio companies. But it was too late, the money was already locked up,” said Swamy, Managing Partner at Prime Venture Partners. “Our advice to them was no need to panic, the money is safe.”
Indian tech firms and startups breathed a sigh of relief when Federal Deposit Insurance Corporation (FIDC), a US regulatory authority, recently announced that it will pay depositors an