Paytm’s Founder Clarifies SVB’s Investment Status:
Vijay Shekhar Sharma, the founder and CEO of Paytm, has clarified that Silicon Valley Bank (SVB), which was one of Paytm’s first investors, has fully exited with handsome returns on their total investment of only $1.7 million. Sharma further stated that SVB is not a current shareholder of Paytm.
SVB Collapses in Largest Bank Failure Since 2008:
SVB, which did business as Silicon Valley Bank, collapsed on Friday, resulting in the largest bank failure since the 2008 financial crisis. The failure has caused a stir in global markets and left billions of dollars belonging to companies and investors stranded. Regulators have seized the bank, which had quadrupled in size over the past five years.
SVB’s Investment in Paytm:
According to Vijay Shekhar Sharma, Silicon Valley Bank was one of his first investors when Ash Lilani supported them in the first round of investments at One97. However, Sharma clarified that SVB exited fully with handsome returns on their total investment of only $1.7 million by selling to other private investors. Furthermore, SVB is neither a current shareholder nor invested the amount given here in Paytm.
About Paytm:
The Digital Revolution in India was initiated by Paytm, which has now emerged as the leading payments app in the country. Over 20 million merchants and businesses rely on Paytm to accept digital payments, as more than 300 million Indians prefer using Paytm to pay at their preferred stores.
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