How Indian tech cos banded together to help each other during SVB crisis

The SVB collapse has alerted hundreds of Indian investment and tech companies. They came together to help each other and share knowledge to deal with the impact

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