Hi, this is Pranav Mukul in New Delhi. Late Friday evening, Santa Clara, California-based , making it one of the largest bank failures after the 2008 financial crisis. This came barely two days after SVB announced it was conducting a share sale to cover up for the faster-than-expected decline it was witnessing in deposits. Following the news, both investors and customers of the bank started jumping off a sinking ship. Early Thursday, the in addition to having sold $21 billion worth of securities from its portfolio. The company also said that it booked a massive after-tax loss of $1. 8 billion on sales of these investments. With the , the value of existing bonds that were issued at lower interest rates has fallen. Banks, which bought these bonds, are, as a result of the falling values, sitting on steep unrealised losses. Another facet of the rising interest rates was the decline in funding for startups as the venture capital ecosystem took its foot off the gas pedal. Also read: While some are closely tracking the developments, others have started moving their deposits out from SVB. “We moved 90% of our money from SVB to Brex in the first half of Thursday--I did it even before recommendation of VC funds,” Lightspeed-backed Rephrase. ai founder and CEO Ashray Malhotra told ET. New-age lenders Mercury and Brex have come up to be platforms of choice for most early-stage SaaS startups. Also read: Late Friday, the US Federal Deposit Insurance Corporation (FDIC) said that SVB was closed by the California Department of Financial Protection and Innovation. “To protect insured depositors, the FDIC created the Deposit Insurance National Bank of Santa Clara (DINB). At the time of closing, the FDIC as receiver immediately transferred to the DINB all insured deposits of Silicon Valley Bank,” it said. The FDIC will sell the assets of SVB, while the DINB will maintain its normal business activities. While the insured depositors of SVB will receive their insured deposits, the uninsured depositors in the bank will be paid dividends from the asset sale. Here are some of the top stories of the week. Flipkart cofounder as part of an ongoing financing round at the digital payments company, people in the know said. The transaction, if it goes through, will be among the largest individual investments in a new-age firm, similar to the $100 million bet taken by Flipkart’s other founder Sachin Bansal in Ola during 2018. The government is who store their documents in DigiLocker to auto-update their address and other demographic details across departments through Aadhaar, officials told us. The Electric Vehicle (EV) based ride-hailing story, which began unsuccessfully with an $8 million foray by Ola in the Western city of Nagpur in 2017, has lately seen renewed action with dominant players Ola and Uber planning big moves even as . SoftBank Corp founder and chief executive on his day-long visit to New Delhi on Tuesday, including Paytm founder Vijay Shekhar Sharma, Flipkart group CEO Kalyan Krishnamurthy and Lenskart cofounder Peyush Bansal. Son also attended the wedding reception of Oyo founder Ritesh Agarwal on Tuesday, people in the know said. India is likely to surpass China and emerge as the largest international market for Walmart this year, . Amid allegations of fierce valuation games that drive startups to dress up numbers and venture capitalists to spin stories to investors, the idea of permanent capital vehicles (PCVs) to offer long, patient . Founders and senior executives of new-age stock investing platforms such as IndMoney, Vested Finance, and Stockal met officials in the finance ministry on Monday to discuss the under the Liberalised Remittance Scheme (LRS) for retail investors investing in US equity instruments, two people aware of the discussions told us. The Good Glamm group, a beauty and personal care-focussed ecommerce roll-up platform, in direct-to-consumer (D2C) mother- and baby care brand The Moms Co. It had acquired a 75% stake in the firm in 2021. The draft Digital India Bill, which will replace the Information Technology Act, 2000, , sources told ET. There will be at least two more consultations on the principles of the Bill by March 20, and the draft consultation will last 90 days, they added. Crypto exchanges and intermediaries dealing with virtual digital assets will now be r . As per the latest change, an entity dealing in virtual digital assets will now be considered a 'reporting entity' under the Prevention of money laundering Act (PMLA). The Spacecom policy, , may set multiple foreign direct investment (FDI) limits for key businesses in the sector, with highest foreign ownership likely to be permitted in satellite broadband services to attract global investors. We’ve launched three indices – ET Ecommerce, ET Ecommerce Profitable, and ET Ecommerce Non-Profitable – to track the performance of recently listed tech firms. Here’s how they’ve fared so far. In what is possibly the first time a new-age fintech venture is investing in a bank, Tiger Global-backed fintech firm , multiple sources aware of the matter said. , 90% lower compared to the same period last year when $1. 43 billion came in as across various companies, according to data from market intelligence firm Tracxn. .