‘IND Spring Board’ initiative launched for financing start-ups and MSMEs
Indian Bank is extending loans of up to Rs.50 crore to start-ups incubated at Hatchlab Research Centre, TBI of SRM University-AP, through its recently launched ‘IND Spring Board’, an initiative for financing start-ups and MSMEs.
The loans are for working capital requirements or purchase of machinery and equipment.
Introducing the ventures at Hatchlab Research Centre, which will be availing of the Ind Spring Board scheme, Udayan Bakshi, Associate Director – Entrepreneurship, Department of Entrepreneurship and Innovation, highlighted the successful student ventures from SRM University-AP that has crossed Rs.1 crore turnover.
“SRM AP actively engage in business through the local community. This collaboration will further strengthen the MSME sector,” stated the University Registrar Dr. R Premkumar.
Speaking at the MoU signing on 6 Aug 2022, C D Ramarao – Zonal Manager, Indian Bank, Guntur, said, “Andhra Pradesh has a start-up-friendly ecosystem to nurture innovations.”
Hatchlab Research Centre, the technology and livelihood business incubator of SRM University-AP, facilitates the incubation of student startups at the 10,000+ sq ft, state-of-the-art incubator space and Seed Funding are provided to eligible student ventures.
Over 40 student startups, 200+ industry mentors, and US$120,000 angel investment are peculiar to the conducive entrepreneurial environment of SRM University-AP.
The alum entrepreneurial venture Oureye.ai received an additional investment of US$50,0000. Integrating global vision and grassroots connect, the entrepreneurship-based clubs and activities like Socio Impacto, Explorer Hive, Saurvi, Research Clan, etc., are vital elements of SRM E-cell.
The university further promotes student-run labs such as Next-Tech Lab and Ennovab, where students share their ideas to curate those into applications that benefit society. fiinews.com
