Indian startups move dollars to Gift City, other countries from SVB bank

In the aftermath of the collapse of Silicon Valley Bank (SVB), banking units at International Financial Services Centre (IFSC) in Gujarat’s Gift City emerged as one of the several options for startups and tech companies, which had their funds temporarily frozen at the beleaguered financial services provider.

Apart from Gift City, startups have also moved their funds to banks in the US, in India and with overseas locations of Indian lenders on the basis of their customer and supplier presence, several executives in the startup and banking ecosystem said.