Over $172 million in funding raised by 30 Indian startups last week
The Indian startups continued to raise funds at a normal pace, and last week, as many as 30 startups secured over $172.71 million in the country.
State Bank of India inaugurated its third specialised branch for start-ups in the country at Gurugram to support and provide all banking services required by start-ups under one roof.
Gurugram, houses the third highest number of unicorns in the nation after Bangalore and Mumbai.
Speaking on the occasion, Shri Dinesh Khara, Chairman SBI said that 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.
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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 the private equity (PE), venture capital (VC) and Alternative Investment Funds (AIFs).
Leveraging on its locational advantage of Gurugram, the Startup 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, That 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.
With the opening of the 3rd Startup branch, with several more lined up at other centers in the country, SBI has taken a major initiative to support the GOI’s vision of an “Atmanirbhar Bharat”.
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