State Bank of India (SBI) inaugurated its third specialised branch for startups in Gurugram to support and provide all banking services required by startups under one roof.
Speaking at the event, Dinesh Khara, Chairman of SBI, said, “The primary aim of this branch is to provide end-to-end support to startups 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 startups, 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,” Khara added.
Apart from startups, SBI also intends to cater to the requirements of the private equity (PE), venture capital (VC) and Alternative Investment Funds (AIFs).
It is to be noted that Gurugram houses the third highest number of unicorns in the nation after Bengaluru and Mumbai. Leveraging on its locational advantage of Gurugram, the startup branch has entered into MoUs with reputed institutions and ministries, including the Foundation for Innovation and Technology Transfer (FITT) at IIT-Delhi, MeitY Startup Hub under the aegis of Ministry of Electronics and Information Technology.
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