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SBI Opens Third Specialised Start-Up Branch In Gurugram

The primary aim of this branch is to provide end-to-end support to start-ups at every stage of their journey, says Dinesh Khara, chairman of SBI

SBI Opens Third Specialised Start-Up Branch In Gurugram
POSTED ON February 10, 2023 8:35 AM

State Bank of India (SBI) on Thursday inaugurated its third specialised branch for start-ups at Gurugram to 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, SBI said in a statement.

"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 their initial public offerings (IPOs) and follow on public offer (FPOs)," said Dinesh Khara, chairman, SBI.

Apart from regular banking services to start-ups, the branch will also act as a one-stop shop in providing investment banking, treasury or forex, advisory and other ancillary financial services through the bank's subsidiaries, SBI stated.

Besides start-ups, the bank also intends to cater to the requirements of private equity (PE), venture capital (VC) and alternative investment funds (AIFs).

Leveraging its locational advantage, the start-up branch in Gurugram has entered into memorandums of understanding (MoUs) with Foundation for Innovation and Technology Transfer (FITT) at IIT-Delhi, Pusa - Krishi Indian Council of Agricultural Research- Indian Agriculture Research Institute (ICAR-IARI), Technology Incubation and Entrepreneurship Development Society (TIEDS) at IIT-Roorkee, and MeitY Start-up Hub under the aegis of Ministry of Electronics and Information Technology.

It 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, it said.

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