Indian Bank signs MOU with SID of IISc, for funding Start-ups and MSMEs

Small VCs making a beeline for startups, says report

Investments into the startup ecosystem by micro venture capital funds, investments under USD 30 million, have jumped manifold to USD 341 million in the past three years through 730 deals across 566 startups, says an industry report.

The government is likely to file an appeal against the Cairn arbitration award contesting its sovereign rights to tax, sources said.

The Bank will extend loans of up to Rs 50 crore to these start-ups for their working capital requirements or for purchase of machinery, equipment etc, it added.

State-owned Indian Bank on Friday said it has entered into an MOU with Society for Innovation and Development (SID), an initiative of Indian Institute of Science, for extending exclusive credit facility to Start-ups and MSMEs.

This initiative is a part of the Banks scheme Ind Spring Board for financing Start-ups and will empower Start-ups and MSMEs to realise their research efforts powered by financial support from the Bank and backed by incubation facilities offered by SID, it said in a release.

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The Bank will extend loans of up to Rs 50 crore to these start-ups for their working capital requirements or for purchase of machinery, equipment etc, it added.

Stating that SID is the forerunner in setting up joint R&D with industries and supporting start-up incubation, the bank said, it provides support to the MSME sector by providing joint research and development arrangements and technical and financial support for incubation and acceleration of high-end technology products under its department named TIME2.(Technology Innovation for Midsized Enterprises).

Flipkart leads Q4FY21 international net sales for Walmart

The CEO said that although the penetration of e-commerce in the country is low, it is growing rapidly. “We are well positioned to grow as an emerging middle class spends more money through mobile phones. In India, our momentum and potential for growth make this a unique opportunity.”

Under the MOU, SID will identify the start-ups and MSMEs based on their credentials and past experience and will refer the list of such members who require financial assistance to the Bank, it added.

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Flipkart to help this state’s small businesses, artisans sell online; to offer incubation, training, more

Technology for MSMEs: Tamil Nadu had recently announced its MSME Policy 2021 and set a target to attract new investments worth Rs 2 trillion in the MSME sector by 2025 along with additional employment opportunities for 2 million people.