The bank introduces future-focused funding program to fuel growth aspirations of tech-focused enterprises
FinTech BizNews Service
Mumbai, March 19, 2024: DBS Bank India announced a lending commitment of USD 250 million for new-age startups today. The initiative is part of the bank's focus on fostering innovation and entrepreneurship within the country's thriving startup ecosystem.
The Indian start-up sector, a foundational pillar of the country’s development goals, has seen significant expansion over the years with over 90,000 start-ups and more than 100 unicorns as of 2024. Despite their growing resilience, access to capital for these companies in the current dynamic environment presents an ongoing challenge. Recognising the disruptive power of the startup segment, particularly those harnessing emerging technologies, DBS Bank India has earmarked lending support of USD 250 million, focusing on enterprises that are set to redefine industry standards with innovative solutions.
Rajat Verma, Managing Director & Head, Institutional Banking Group, DBS Bank India said, “We are inspired by the ability of new age entrepreneurs to harness innovation to solve real world challenges and hope to play a constructive role in their growth. We believe that our lending commitment of USD 250 million for startups comes at an opportune time as the sector has been demonstrating improved operating metrics and a sharper focus on profitability in recent years. DBS Bank India intends to leverage our advanced digital expertise, deep Asian connectivity, and ecosystem partnerships to offer holistic support, even going beyond banking to empower these innovators to streamline operations, manage logistics and gain access to larger business networks. As a different kind of bank, our overarching objective is to become a trusted partner for startups across sectors and support them throughout the business lifecycle."
The bank's advanced risk assessment framework, which combines traditional metrics with modern analytical tools, ensures a balanced approach to financing. The comprehensive evaluation process ensures that DBS Bank India can deliver tailored banking solutions that match the dynamism of the industry innovators it partners with. Given the unique hurdles encountered by startups in the digital economy, DBS goes the extra mile to offer a host of exclusive benefits curated from across partners, which will enable these companies to bolster agility and unlock growth. Through platforms like DBS Businessclass FoundED, the bank celebrates modern-day founders, engaging with over 1000 startups and 50 incubators across India till date.
