SBI Capital Markets Limited (SBICAPS), the wholly-owned subsidiary of State Bank of India (SBI), on Monday opened of its office in Bengaluru.
The new office will focus on nurturing and giving boost to the start-up ecosystem, while also focusing on relevant opportunities across infrastructure, real estate and defence sectors of the state, SBI’s investment banking arm said in a statement.
SBICAPS currently has its corporate office in Mumbai with regional offices in New Delhi, Kolkata, Chennai, Hyderabad and Ahmedabad.
Dinesh Kumar Khara, Chairman, SBI, said, “Bengaluru city is the silicon capital of the country and hub for big IT firms, entrepreneurs and start-ups, across sectors. Also, from the perspective of Capital Markets and portfolio companies of Private Equity (PE) coverage, Bengaluru offers rich opportunities across diverse industries.
Khara noted that the Karnataka is the first state to establish a dedicated start-up cell to promote its ecosystem.
“Bengaluru stays way above any other city, being the cradle with around 30 of the 100 Unicorns of India. SBICAPS presence here will complement SBI’s efforts and vision to tap the start-up ecosystem as well as wider corporate opportunities in financing,” he said. SBI had dedicated a branch for start-ups in Bengaluru in August 2022.
Swaminathan J, Managing Director, SBI, said, “There are wide opportunities for corporate financing in both the public and private ecosystem specifically in the real estate, infrastructure, defence and technology sectors including start-ups in Karnataka.
“Both SBI & SBICAPS have been working together to tap this and SBICAPS dedicated presence in Bengaluru is a step forward in strengthening this association”.