State Bank of India (SBI) opened its third dedicated branch for startups in Gurugram on Thursday to offer all the banking services they require under one roof.
The authority said in a statement that Gurugram has the third largest rhino population in the country after Bangalore and Mumbai.
Speaking on the occasion, SBI Chairman Dinesh Khara said that the main objective of this branch is to provide comprehensive support to startups at every stage of their journey, from entity formation to IPOs and IPOs.
In addition to regular start-up banking services, the branch will also act as a one-stop-shop for providing investment banking, treasury/forex, advisory and other ancillary financial services through the bank's subsidiaries.
In addition to startups, the bank also intends to cater to private equity (PE), venture capital (VC) and alternative investment funds (AIFs).
Taking advantage of location, Gurugram startup branch has signed MOU 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 and MeitY Startup Hub under the auspices of the Ministry of Electronics and Information Technology.
This will allow the branch to reach out to well-known startups with the goal of helping them navigate the various financial aspects of the project.
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