Indian Bank partners with IIT-Madras to fund startups
Indian Bank in collaboration with IIT-Madras Incubation Cell (IITMIC) launched an initiative for funding startups.
Under the initiative — IND Spring Board — IITMIC will refer startups with proven technology and established cash flows to the bank and also extend advisory to the bank on the business model.
The lender will extend loans of up to Rs 50 crore to these startups for their working capital requirements or purchase of machinery and equipment, among others.
The bank's Managing Director and CEO Padmaja Chunduru said it is a known fact that banks find it difficult to fund startups as they do not meet the requirements under traditional models of financing.