The bank was popular among Indian founders who needed US accounts. But many have struggled to get their money out.
“In case of India, the number of Indian startups [impacted] is definitely very high compared to other nations, except for US, but the capital would not be as much,” says Smriti Tomar, founder and CEO of Stack, a Y Combinator–backed startup, which had some funds in SVB. “What we can safely assume from that is that most startups have an exposure somewhere between $250,000 up till $1.5 million—this was the bracket where the majority of the startups believe that the money is blocked.
Many of them are customers of Krishna’s startup Inkle, which offers an accounting and tax filing product to companies registered in the US with an Indian subsidiary. Krishna says that on Thursday, March 9, most of his clients weren’t worried about their funds, but by Friday everyone started taking it more seriously. The biggest problem, he said, was that many of these founders did not have secondary bank accounts and instead relied heavily on SVB.
Tomar says that she, along with other founders, started looking at where they could cut back to survive. “It was not a good situation to be [in]. We were almost going to push that button of extreme cost-cutting,” she says.
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