Four start-ups have received in-principle approval for funding, said a press release.
Vellore Institute of Technologies Technology Business Incubator (VITTBI) has tied up with Indian Bank to fund start-ups backed in VITTBI.
According to a VIT press release, the funding will be done under ‘End Springboard’, Indian Bank’s initiative to provide funding of up to ₹50 crore to growth-stage start-ups. An MoU was exchanged between G Viswanathan, Chancellor, VIT and Sudhakar Rao, General Manager (MSME), Indian Bank during a function held at VIT, Vellore.
According to the release, Mr. Viswanathan underlined the importance of such innovative banking schemes to address the funding gap and growth-stage challenges of technology start-ups. VITTBI has been providing grant, debt and equity-based financing to early stage start-ups.
Mr Rao was quoted as saying that the bank would also consider applications assessed by VITTBI and loans up to ₹2 crore under the CGTSME scheme would be collateral-free. Four VITBI incubated start-ups had received in-principle approval under this scheme.
VIT Vice-Chairman GV Selvam along with senior officials of the University and Bank participated.
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