Bank of Baroda, a state-owned bank, will invest in 1000 startups by 2021, cited Inc42. The bank will also designate branches in 10 cities and towns across the country to provide startup services.
A senior bank executive of BoB said that the bank has designated branches in 10 cities and towns and plans to add more to reach its aim of funding 1000 startups in the next two years.
The companies will have to have an angel investment earlier, or be recognized by DPIIT (Department of Promotion for Industry and Internal Trade) to qualify for the loan.
While, Akhil Handa, head-fintech and new business initiatives at BoB, said that the bank has engaged experts from IIT Bombay to help the companies develop a business plan and also examine the plans for the bank.
Handa added that the funded companies grew rapidly, with some of them having an annual turnover of INR 50 Cr.
Currently, the bank offers its services across Gurgaon, Delhi, Noida, Chennai, Mumbai, Ahmedabad, Hyderabad, Pune, Jaipur and Bengaluru. The services will also be available at Lucknow, Indore, Kolkata, Kochi and Chandigarh in the next two weeks.