Ashneer Grover Criticizes VCs Over Silicon Valley Bank Collapse; Paytm CEO Denies Investment Involvement

Silicon Valley Bank, the 16th largest bank in the USA and the biggest bank in Silicon Valley, has recently collapsed, causing shockwaves across the VC industry. This collapse is not only affecting companies in the USA, but also across the globe, including India, where the bank had investments in many startups and MNCs.

One of India's biggest fintech companies, Paytm, had received its initial investment from SVB. However, the company's CEO, Vijay Shekhar Sharma, clarified on Twitter that SVB had already exited long ago, with a substantial return on their investment.

Meanwhile, former Shark and Dogalapan author Ashneer Grover made a scathing remark on Twitter, taking a sly dig at venture capitalists. He reminded everyone that VCs invest money that is not their own and that the SVB's collapse means that there will be spring cleaning in the VC space. Grover refers to VCs as 'stupid people' who make easy money.

His sister, Aashima Grover, responded to the post by slamming VCs for forcing founders out of their companies. She alluded to Ashneer Grover's own exit from BharatPe in 2022.

The collapse of Silicon Valley Bank has caused chaos in the VC industry and is a reminder of the risks involved in investing.