Recently, Business Standard, a major financial media house, broke down on the jitters that might be faced by the Indian start-ups that received investments from the Silicon Valley Bank, or the SVB. The news broke out after SVB failed to raise any capital from investors. If the reports are to be believed, the capital firm is on the verge of being sold out.

According to Business Standard’s breaking, graphical representation was made regarding the companies who received funding from the investment firm, and the amounts engaged thereunder. The same contains information regarding US $2,787 mn invested by the firm in One97 Communications Limited.

However, the Chairman, Managing Director and CEO of One97 Communications Ltd, Vijay Shekhar Sharma came forward to make an update regarding the current status of the investments that it received from SVB. Sharma accused news information through a LinkedIn post attached to the same.

Sharma’s comments clarified that Ash Lilani of SVB was one of the initial supporters and investors in the company. He also thanked the investment that made it grow from a telco VAS Company to a position that it holds today in the industry. However, he also added that way before the company went public, SVB made an exit through private placement of its shares.

With this, it is clearly understood that Paytm First Games, an online gaming platform and subsidiary under One97 Communications Ltd, is not engaged in any manner whatsoever with SVB. Soon after his comments, the post went viral, and the media house made the necessary rectifications in response to the same.