"Silicon Valley Bank collapse is impacting many Indian startups", 11 March 2023

...Dozens of young Indian startups backed by the likes of YC, Accel, Sequoia India, Lightspeed, SoftBank and Bessemer Venture Partners banked with Silicon Valley Bank, sometimes as their only banking partner, and couldn’t take out the money on time on Thursday, multiple people familiar with the situation said...

...Some Indian firms couldn’t timely yank their deposits from Silicon Valley Bank because they didn’t have another US banking account readily available to hold that capital, many venture capitalists recounted. Indian gaming firm Nazara said two of its subsidiary had about $7.75 million stuck in SVB.

Many Indian startups are incorporated in Delaware to make it easier for them to raise capital from U.S. venture firms such as Y Combinator. Some SaaS firms are registered in the U.S. because even as they operate from India, they want to serve the international markets and want to be seen as a US-firm...