SINE, IIT Bombay Collaborates with Canara Bank for Financing of Startups

An MoU was signed by SINE, IIT Bombay, and Canara Bank to offer financial assistance to startups. Following the signing ceremony, officials from Canara Bank were given a tour of the SINE building at IIT Bombay. Know details here 

SINE, IIT Bombay Collaborates with Canara Bank for Financing of Startups

IIT Bombay: The Society For Innovation & Entrepreneurship (SINE), IIT Bombay and Canara Bank entered into a Memorandum of Understanding (MoU) to provide financial support to startups. The signing ceremony took place at the SINE office located on the IIT Bombay Campus, with the presence of Sri Ashok Chandra, Executive Director of Canara Bank. 

The event was honoured by the attendance of Sri Purshottam Chand, CGM of Canara Bank's Mumbai Circle office, Dr. V K Rao, Deputy Director Finance at IIT Bombay, Sri Santhosh Gharpure, Professor Incharge at IIT Bombay, along with other executives from both Canara Bank and SINE. The MoU was officially signed by Ranjeet Kumar Jha, DGM, representing Canara Bank, and Sri Shaji Verghese, CEO, on behalf of SINE.

Canara Start-Up Scheme

Under its Canara Start-Up Scheme, Canara Bank is providing financial support for the creation, promotion, diversification, and modernization of industrial units across India. SINE, as a technology business incubator, offers comprehensive incubation and acceleration support from start to finish for technology startups.

SINE also actively collaborates with industry/ corporates for its various programs, like the idea to prototype, entrepreneur fellowship program, cross border program and scale-up support for hardware and system startups such as the Plugin accelerator program.

The officials of the Canara Bank informed that start-ups which are having sustainable/viable business models and also have the support of recognised Incubators may be financed at attractive ROI. Further, it is informed that a Startup Cell is functioning at MCB Fort Market Branch Mumbai to cater to the funding needs of Startups in Mumbai.

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