MUMBAI, March 12 Reuters India39;s state minister for technology said on Sunday he will meet startups this week to assess the impact on them of Silicon Valley Bank39;s collapse, as concerns rise about the fallout for the Indian startup sector.

California banking regulators shut down Silicon Valley Bank SVB on Friday after a run on the lender, which had 209 billion in assets at the end of 2022, with depositors pulling out as much as 42 billion on a single day, rendering it insolvent.

Startups are an important part of the new India economy. I will meet with Indian Startups this week to understand impact on them and how the government can help during the crisis, Rajeev Chandrasekhar, the state minister for IT said on Twitter.

India has one of the world39;s biggest startup markets, with many clocking multibilliondollar valuations in recent years and getting the backing of foreign investors, who have made bold bets on digital and other tech businesses.

SVB39;s failure, the biggest in the U.S. since the 2008 financial crisis, has roiled global markets, hit banking stocks and is now unsettling Indian entrepreneurs.

Two partners at an Indian venture capital fund and one lender to Indian startups told Reuters that they are running checks with portfolio companies on any SVB exposure and if so, whether it is a significant part of their total bank balance.

Consumer internet startups, which have drawn the bulk of funding in India in recent years, are less affected because they…