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State Bank of India (SBI) on Monday opened a specialised branch for start-ups at Bandra Kurla Complex in Mumbai.
The branch will provide all banking services required by start-ups under one roof.
With the opening of this specialised branch, India’s largest bank now has four such branches. The other three branches are located at Bengaluru, Chennai and Gurugram.
Mumbai houses the second highest number of unicorns in the nation after Bengaluru, SBI said in a statement.
Dinesh Kumar Khara, Chairman, said the primary aim of this branch is to provide end-to-end support to start-ups at every stage of their journey, starting from the formation of the entity till their IPOs and FPOs.
One-stop shop
Apart from regular banking services to startups, 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, he added.
Besides startups, the bank said it also intends to cater to the requirements of private equity (PE), venture capital (VC) and Alternative Investment Funds (AIFs).
Leveraging its locational advantage, the startup branch in Mumbai has entered into MoUs with Society for Innovation & Entrepreneurship (SINE) at IIT-Bombay, Centre for Incubation and Business Acceleration (CIBA), and S.P Jain Institute of Management & Research (SPJIMR).
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