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State Bank of India has started its third specialised branch for start-ups in the country at Gurugram to support and provide all banking services required by them under one roof.
Gurugram, houses the third highest number of unicorns in the nation after Bengaluru and Mumbai, India’s largest bank said in a statement.
Dinesh Kumar Khara, Chairman, SBI said, “The primary aim of this branch is to provide end-to-end support to start-ups at every stage of their journey starting from the formation of the entity till IPOs and FPOs of the companies. Apart from regular banking services to start-ups, the branch will also act as a one-stop shop in providing investment banking, treasury/forex, advisory, and other ancillary financial services through the Bank’s subsidiaries.”
Apart from start-ups, the Bank also intends to cater to the requirements of private equity (PE), venture capital (VC) and Alternative Investment Funds (AIFs).
MoUs signed
Leveraging on its locational advantage, the Gurugram start-up branch has entered into MoUs with Foundation for Innovation and Technology Transfer (FITT) at IIT-Delhi, Pusa-Krishi (ICAR-IARI), Technology Incubation and Entrepreneurship Development Society (TIEDS) at IIT-Roorkee, MeitY Startup Hub under the aegis of Ministry of Electronics and Information Technology, GOI, as per the statement.
This will enable the branch to reach out to recognised start-ups with the objective of assisting them in navigating the various financial aspects of the venture.
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