January 19, 2024
Coimbatore: DBS Bank India announced a strategic partnership with StartupTN, the nodal agency of the Government of Tamil Nadu that is playing a crucial role in fostering innovation and promoting entrepreneurship throughout the State.
Tamil Nadu ranks among the top 10 States in India for number of startups and is an emerging entrepreneurial hub. The collaboration with DBS Bank India is aimed at strengthening the ecosystem and driving innovation within the State by providing crucial support to startups, including knowledge sharing through various forums and facilitating connections with potential investors. The partnership will impact and engage more than 1,000 Startups in Tamil Nadu through StartupTN’s eight regional hubs in metros, as well as Tier 2 & Tier 3 cities.
There is a need for customised solutions to help startups navigate the specific challenges they face early on in their journey such as access to funds, legal queries, application of industry best practices, etc. This is where DBS Bank India aims to play a pivotal role with specialised offerings that include Zero AQB charges for the first two quarters, FDI Assistance, and API Banking for seamless financial management. In addition, there are value-added services like Flexi Fixed Deposits and frictionless cross-border services for startups hoping to capitalise on global opportunities.
Beyond banking solutions, DBS Bank India will also facilitate a host of value-added services via its partner network like trademark registration assistance to protect intellectual property, health and welfare packages for employees, and access to a venture intelligence platform for market insights. As part of this collaboration, new-age companies associated with StartupTN will have an opportunity to connect with DBS Bank India’s network of over 30 accelerators, incubators and ecosystem enablers so that they can gain from being part of a larger entrepreneurial community.
Sudarshan Chari, Executive Director & Head – SME Banking, DBS Bank India, said, “India’s startup ecosystem is at a critical juncture. There is a clear need for a more personalised approach to help boost the success rate of enterprises in the early stages of their growth cycle. At DBS Bank India, with our local business insights, digital capabilities and access to global markets, we enable startups to achieve their full potential. Our partnership with StartupTN will further strengthen our ability to provide a meaningful platform for businesses and entrepreneurs to thrive and scale their ventures.”
Commenting on the partnership, StartupTN Mission Director and Chief Executive Officer Thiru. Sivarajah Ramanathan said, “We are excited to note that banks are offering innovative, comprehensive solutions for startups. StartupTN is keen to work with banks to identify and meet the needs of startups across the State. Our partnership with DBS Bank India is an exciting development and we are confident that the association will help to accelerate the growth of startups in Tamil Nadu.”
Currently, StartupTN empowers 7,400+ start ups registered with the Department for Promotion of Industry and Internal Trade, Government of India, across 30 sectors with strong growth expectations as the State of Tamil Nadu is aiming to encourage the creation of more than 10,000 new startups by 2026. The partnership is another step forward for DBS Bank India, which endeavours to be a core enabler for the startup ecosystem, catalysing sustainable growth and digital innovation in the country. In April 2022, DBS Bank India launched FoundED – a forum that celebrates modern-day founders and innovators, held across major startup hubs like Chennai, Bangalore, Hyderabad, Mumbai and Delhi. So far, 550+ startups and 50+
investors/incubators have been engaged via the FoundED initiative across India. These efforts help SMEs grow their business and network with key business influencers, receive the latest market trends, and gain exclusive access to a knowledgeable community of Asia’s business masterminds.