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DBS Bank India has announced a $250 million loan commitment to new-age startups. This initiative is part of the bank’s focus on fostering innovation and entrepreneurship within the country’s thriving startup ecosystem.
India’s startup sector, a fundamental pillar of the country’s development goals, has seen significant expansion over the years, with over 90,000 startups and over 100 unicorns expected by 2024, according to an official release. exist. Despite growing resilience, access to capital for these companies remains difficult. Businesses in today’s dynamic environment face ongoing challenges.
Rajat Verma, Managing Director and Head of Institutional Banking Group, said: “The $250 million financing commitment for start-ups reflects the sector’s improved performance metrics and further push towards profitability in recent years. “We believe it will be delivered at the appropriate time, as the focus has been shown on this.” , DBS Bank India.
“DBS Bank India leverages our advanced digital expertise, deep connections in Asia and ecosystem partnerships to provide comprehensive support and help these innovators beyond banking to streamline operations and improve logistics. We intend to help them manage and access a larger business network. Our overarching goal is to become a reliable partner for startups in all sectors and support them throughout their business lifecycle.” he added.
DBS Bank has been operating in India for 29 years since setting up its first office in Mumbai in 1994. It provides a range of banking services to individuals and large, medium and small businesses in India. Lakshmi Vilas Bank and DBS Bank India Limited merged in November 2020. Currently, there are over 530 DBS Bank India branches across 19 states of India.
Headquartered and listed in Singapore, DBS is located in three major Asian growth axes: Greater China, Southeast Asia and South Asia.
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