[singaporean1964]

The fallout from Silicon Valley Bank's collapse spreads to an Indian tech company. Nazara Technologies, a mobile gaming company, said two of its subsidiaries had together more than $7.7 million in balances at the failed bank.4 days ago
https://www.nytimes.com/2023/03/13/busin...led%20bank.

[singaporean1964]

By Sameer Yasir
Reporting from New Delhi

March 13, 2023
As regulators moved to limit the fallout from the demise of Silicon Valley Bank, the fortunes of a mobile gaming company in India showed the lender’s global reach.

Shares in the company, Nazara Technologies, fell as much as 6.5 percent on Monday after the company said two of its subsidiaries had accounts with Silicon Valley Bank, which collapsed on Friday. The two units had together more than $7.7 million in balances at the failed bank.

Indian officials, like their counterparts elsewhere in the world, have tried to calm investors about any potential contagion in the nation’s banking industry. They have also said they were meeting with representatives from India’s start-up community in the coming days to understand the impact on them.

For Nazara, “the situation with SVB remains fluid,” it said in a statement, but emphasized that operations at its subsidiaries were not affected by the American bank’s collapse. The company, whose portfolio includes games based on Chhota Bheem, a mythological character in a popular children’s cartoon, said that it had enough funds. The stock had regained most of its losses by late afternoon in Mumbai.

The regulatory response in the United States had also soothed the concerns of some investors and customers of the bank. One such customer was Ruchit Garg, who heads Harvesting Farmer Network, an agriculture technology platform, which had deposits at Silicon Valley Bank. Mr. Garg said that he was relieved his company’s deposits were backed by U.S. regulators.

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