Deal Street on the slow lane but Grant Thornton Bharat says it's still a good time for quality companies

Private equity (PE) investments recorded 65 deals worth $1 billion. With 60 percent of total PE deal volumes, the start-up sector continued to top the deal chart.

Raja Lahiri, a partner at Grant Thornton Bharat, told CNBC-TV18 that the decline is reflective of the broader economic slowdown that India has been experiencing in recent times.

“There was a wind of slowdown that was happening. But given all that, I would say that quality companies with profitable business models will always win in these times as well,” he said.

The collapse of Silicon Valley Bank has sent shockwaves throughout the industry, leaving many founders and investors feeling sleepless and reflective. As the go-to bank for many startups, the sudden news that it was shutting down has left entrepreneurs scrambling to find new banking solutions to keep their businesses running.

Lahiri expressed his concerns about the sense of caution that is prevailing in the market because of the SVB news. He pointed out that the sense one is getting from the market is definitely one of caution, with investors being hesitant to take big risks.

He did identify a silver lining amidst the caution and said that the quick action taken by the Federal Reserve was a positive sign for the market.  “SVB was a predominant player in the tech segment, it had some role in the Indian tech sector as well. But from what has happened, in the last couple of days, with the Fed coming in to help is a very good sign,” he said.