SBI launches its third dedicated branch to support startups in Gurugram

Gurugram, Feb 10 (KNN) With the aim to provide end-to-end support to startups, the State Bank of India (SBI) on Thursday inaugurated its third specialised branch for startup in Gurugram.

Gurugram houses the third highest number of unicorns in the nation after Bengaluru and Mumbai, SBI said in a statement.

Addressing the occasion, SBI Chairman Dinesh Khara 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 their IPOs and FPOs.

As per reports, apart from providing 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.

The startup branch will also to cater to the requirements of private equity (PE), venture capital (VC) and Alternative Investment Funds (AIFs).

Leveraging its locational advantage, the startup branch in Gurugram has entered into an agreement with the Foundation for Innovation and Technology Transfer (FITT) at IIT-Delhi, Pusa - Krishi (ICAR-IARI), Technology Incubation and Entrepreneurship Development Society (TIEDS) at IIT-Roorkee, and MeitY Startup Hub under the aegis of Ministry of Electronics and Information Technology.

This will help SBI to reach out to recognised startups with the objective of assisting them in navigating the various financial aspects of the venture.  (KNN Bureau)