Prominent entrepreneur and former Shark Tank India judge Ashneer Grover has issued a warning amid the concerns around fallout from the failure of US tech lender Silicon Valley Bank. The former BharatPe MD and co-founder trained his guns at Venture Capitalists or VCs.
Taking to Twitter, Grover has said that “too stupid people have made too much easy money in VCs doing nothing” and he is “eager to see how many VCs lose their jobs”.
“Eager to see how many VCs lose their jobs (yes they do jobs - are not founders and it’s not their own money that they deploy) in the aftermath of SVB. VC space needed a cleanup for long. Ab number aayega inka - too stupid people have made too much easy money in VCs doing nothing,” Ashneer Grover said in a tweet.
California-based Silicon Valley Bank (SVB) failed and was shut down by regulators last Friday in what was the second biggest financial institution to collapse in US history. It was the 16th largest bank in the US, the largest tech lender and vendor in the startup ecosystem. Silicon Valley Bank had approximately USD 209.0 billion in total assets and about USD 175.4 billion in total deposits, as of December 31, 2022.
READ | Silicon Valley Bank collapse: Which companies have exposure to failed US bank? What we know so far
