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The State Bank of India (SBI) inaugurated its fourth startup-focused branch in Mumbai to provide all the necessary banking services under one roof. SBI chairman Dinesh Khara inaugurated the branch at the Bandra Kurla Complex.
The startup-focused branch in Mumbai has already entered into an MoU with the Society for Innovation and Entrepreneurship (SINE) at IIT-Bombay, Centre for Incubation and Business Acceleration (CIBA), and SP Jain Institute of Management and Research (SPJIMR). For a city that houses the second largest unicorns in the country and a vast number of startups, SBI said the branch would provide services to them to support the growth and transformation of the startup ecosystem in India. "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 to their IPOs and FPOs," chairman Khara said. "Apart from regular banking services to startups, the branch will also act as a one-stop shop to provide investment banking, treasury/forex, advisory, and other ancillary financial services through the bank's subsidiaries," Khara added. Besides startups, the branch also intends to cater to the requirements of private equity (PE), venture capital (VC), and Alternative Investment Funds (AIFs). (ANI)
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