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State Financial institution of India (SBI) on Thursday inaugurated its third specialised department for startups at Gurugram to offer all banking companies required by them underneath one roof. Gurugram homes the third highest variety of unicorns within the nation after Bengaluru and Mumbai, SBI stated in a press release.
Talking on the event, SBI Chairman Dinesh Khara stated the first intention of this department is to offer end-to-end assist to startups at each stage of their journey, ranging from the formation of the entity until their IPOs and FPOs.
Other than common banking companies to startups, the department can even act as a one cease store in offering funding banking, treasury/foreign exchange, advisory and different ancillary monetary companies by the financial institution’s subsidiaries, it stated.
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Apart from startups, the financial institution additionally intends to cater to the necessities of personal fairness (PE), enterprise capital (VC) and Various Funding Funds (AIFs).
Leveraging its locational benefit, the startup department in Gurugram has entered into MoUs with Basis for Innovation and Know-how Switch (FITT) at IIT-Delhi, Pusa – Krishi (ICAR-IARI), Know-how Incubation and Entrepreneurship Improvement Society (TIEDS) at IIT-Roorkee, and MeitY Startup Hub underneath the aegis of Ministry of Electronics and Data Know-how.
It would allow the department to succeed in out to recognised startups with the target of aiding them in navigating the varied monetary elements of the enterprise, it stated.
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