VIT ties up with Indian Bank to fund start-ups

Four start-ups have received in-principal approval for funding, a press release said

The VIT’s Technology Business Incubator (VITTBI) has tied up with the Indian Bank to fund startups that were supported at VITTBI for which an agreement was signed between them on Wednesday. An MoU was exchanged between G Viswanathan, Chancellor, VIT, and Sudhakar Rao, General Manager (MSME), Indian Bank during a ceremony held at VIT, Vellore.

The Vellore Institute of Technology’s Technology Business Incubator (VITTBI) has tied up with Indian Bank to fund start-ups supported at VITTBI.

According to a VIT press release, the funding will be done under ‘IND SpringBoard’, Indian Bank’s initiative to provide funding 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 ceremony held at VIT, Vellore.

According to the release, Mr. Viswanathan, underscored the importance of such innovative banking schemes to address funding gaps and growth-stage challenges of technology start-ups. VITTBI has been providing grants, loans, and equity-based financing to early-stage start-ups.

Mr. Rao was quoted as saying that the bank would also consider applications evaluated by VITTBI and loans up to ₹2 crore would be collateral-free under the CGTSME scheme. Four VITTBI incubated start-ups had received in-principle approval under the scheme.

G. V. Selvam, vice president, VIT, along with senior university and bank officials participated.