SBI opens first start-up branch

17 Aug 2022 , 11:00 AM

According to Khara, who inaugurated Koramangala in Bengaluru as SBI’s first startup branch, debt is not a source of funding for companies. He said that after being turned down for bank financing, founders frequently sell their stake to investors at a discount.

In six months, the bank will open similar special startup branches in Gurugram and Hyderabad. A firm with a history of proven technology may be eligible for a loan from SBI of up to Rs 2 crore.

The SBI chairman stated that equity now funds nearly half of Indian businesses. More than 100 new businesses nationwide have received funding from the SBI over the last 18 months, totaling roughly Rs 250 crore.