Nazara Technologies, the diversified gaming and sports media platform, on Wednesday said its two stepdown arms have gained access to the entire amount in Silicon Valley Bank (SVB), with a significant portion of the funds transferred to other bank accounts.

Following the collapse of SVB, Nazara had said that two of its step-down subsidiaries — Kiddopia Inc and Mediawrkz — held cash balances of around Rs 64 crore at the US-based lender.

The company had pointed out that both these subsidiaries continue to be well-capitalised and are generating positive cash flows along with profitability and that it does not expect any adverse impact on its day-to-day operations, business performance and growth plans.

On Wednesday, the company said in a regulatory filing that of the Rs 64 crore held by the two step-down subsidiaries, Rs 60 crore has been successfully transferred to bank accounts outside of SVB.

It added that the balance Rs 4 crore remains in SVB accounts for unrestricted operational use. Nazara disclosed that both Kiddopia and Mediawrkz have been given unrestricted access to the entire amount of $7.75 million (Rs 64 crore) that was held at SVB.

“From this amount, a sum of $7.25 million (Rs 60 crore) has been transferred to bank accounts outside of SVB and the balance amount of $0.5 million (Rs 4 crore) remains in SVB accounts for unrestricted operational use,” Nazara said.

The announcement led to the shares of Nazara closing with gains of 1.24 per cent or Rs 6.20 at Rs 505 on the BSE. Moving swiftly to stem the fallout from the collapse of SVB on Friday, US regulators said the depositors at the failed bank will have full access to their money, bringing relief to Indian start-ups which have an exposure to SVB.

Over the past few days, start-ups, banks and fintech firms have been trying to shift funds deposited with the troubled lender to India.

Latest reports say that domestic start-ups have moved up to $300 million from SVB. The affected start-ups have opened accounts at various bank branches in GIFT City, Gujarat to shift the funds. Reports quoting Traxcn data said that SVB has invested in over 20 Indian start-ups.

According to its data, some of the domestic companies which had received funding from SVB earlier include Bluestone, Carwale and Loylty Rewardz among others.

SVB was deeply entrenched in the tech start-up ecosystem and was the default bank for many high-flying start-ups.