State Bank of India opens Startup branch in Gurugram
The third dedicated branch for start-ups in the nation has been established by State Bank of India (SBI) in Gurugram. Dinesh Kumar Khara, the chairman of SBI, declared during the branch’s inauguration on Thursday that it will offer start-ups comprehensive support from entity formation through the issuance of IPOs and FPOs. Gurugram is home to the third-highest number of unicorns—startups valued at $100 billion or more—in India, behind Bengaluru and Mumbai.
Third specialized Startup branch in Gurugram by SBI: Key Points
- As a way to give entrepreneurs all the banking services they need under one roof, the State Bank of India (SBI) opened its third specially designed branch for them on Thursday in Gurugram.
- After Bengaluru and Mumbai, Gurugram is home to the third-highest number of unicorns in the country, according to a statement from SBI.
- SBI Chairman Dinesh Khara, who spoke at the event, stated that the main goal of this branch is to offer entrepreneurs end-to-end help at every point of their journey, from the creation of the organization till their IPOs and FPOs.
About the specialized Startup branch by SBI
The office would serve as a one-stop shop for startups, offering ordinary banking services as well as investment banking, treasury/forex, advising, and other ancillary financial services through the bank’s subsidiaries, it said. The bank also plans to meet the needs of private equity (PE), venture capital (VC), and alternative investment funds in addition to startups (AIFs).
The startup branch in Gurugram has signed memorandums of understanding (MoUs) with the Ministry of Electronics and Information Technology-affiliated MeitY Startup Hub, 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 FITT at IIT-Delhi.
State Bank of India, SBI: Important Takeaways
- Chairman of State Bank of India, SBI: Dinesh Kumar Khara
- Headquarters of State Bank of India, SBI: Mumbai, Maharashtra