NSRCEL incubates early-stage companies which demonstrate the potential to innovate, implement and create social/ financial impact.
A Memorandum of Understanding (MoU) was signed between Professor Rishikesha T Krishnan, Director of IIM Bangalore, Padmaja Chunduru, MD & CEO, Indian Bank, and K.S. Sudhakar Rao, General Manager (MSME), Indian Bank.
Professor Rishikesha Krishnan said in a statement: “IIMB’s aim is to provide, through NSRCEL, a supportive system to ventures. This includes mentoring, providing networking opportunities and access to funding. So far, most of the funding has been focused on equity, mostly through government schemes. There were not too many opportunities for debt financing. That is why this collaboration with Indian Bank is special.”
Padmaja Chunduru said there has always been a need for debt capital for start-ups as they had never really fit the traditional lending models of banks in India. “Startups, no doubt, have a passion for what they do but they also need to understand financial metrics. NSRCEL is training ventures in all these areas. We are delighted to collaborate with IIMB-NSRCEL on this project. I can see that three loans have already been approved and this is a breakthrough,” she added.
“The partnership with Indian Bank will make debt capital easily available to start-ups which otherwise was hard or non-existent. Many start-ups that are in their growth phase need working capital which can be obtained through this arrangement without having them dilute equity. This unique partnership will provide fast track access for NSRCEL startups to the bank’s loan products,” said Professor Venkatesh Panchapagesan, Chairperson, NSRCEL.
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