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Most companies avoid the government’s GIFT city helpline while they navigate the SVB implosion

Startups have been taking a variety of measures to tide over the sudden collapse of Silicon Valley Bank (SVB). Most are staying away from the Government of India’s GIFT City helpline set up to assist fintech players affected by the SVB implosion.

The GIFT City helpline was set up by the government to address issues faced by fintech startups due to the collapse of SVB, which had been a major lender to the Indian startup ecosystem. The helpline was launched in March 2021 and is intended to provide a single point of contact for startups to get information on alternative financing sources.

However, most startups are choosing to avoid GIFT City’s helpline and are instead finding other solutions to their financing needs. Startups are reportedly exploring other financing options such as venture debt, angel investments, or even using their own reserves. Some startups have even looked for alternative banking services or payment solutions to replace SVB.