Rumours of trouble brewing at Silicon Valley Bank (SVB) touched Indian shores last Wednesday. The reaction amongst India’s software-as-a-service (SaaS) startups was mixed. Some acted quickly, emptying their accounts at the now-defunct bank. Others, however, adopted a wait-and-watch approach.

The latter were in for a rude shock mere days later, when their wire transfers didn’t go through. Their anxiety soon turned to dread as news trickled in that US authorities had shut down the bank, naming the Federal Deposit Insurance Corporation (FDIC) as the receiver.

The noise on social media coupled with the breathless media reporting on the issue only exacerbated things. When would these startups have access to their money? Would they ever be made whole?