13th Jan 2022
IIMK LIVE, Indian Bank ink Landmark MoU; Loans upto 50 Crore INR for Startups under ‘IndSpring Board’ Scheme
January 13, 2022| All India:The Indian Institute of Management Kozhikode’s Business incubator Laboratory for Innovation Venturing and Entrepreneurship (LIVE) and Indian Bank signed a game-changing Memorandum of Understanding (MoU) here today. The inked agreement launched a startup funding scheme, ‘IndSpring Board’ to support early stage startups by providing loans upto 50 Crore INR, in the presence of Prof. Debashis Chatterjee, Director IIMK and Shri. Imran Amin Siddiqui, Executive Director of the Chennai Headquartered Indian Bank.
The loan amount disbursed to startups under the IndSpring Board scheme from IIMK LIVE and Indian Bank can be used to meet a startups operational expenditure and capital expenditure which includes working capital, purchase of fixed assets and other expenses. Startups selected under this scheme would have to be committed towards working on innovation, development or improvement of products or processes or services, or present a scalable business model with a high potential of employment generation or wealth creation. The MoU was signed by Prof. Rajesh Upadhyayula, Executive Director, IIMK LIVE and Smt. B. Vijaya, Zonal Manager, Indian Bank, Kozhikode Zone.
Speaking on the occasion, Prof. Debashis Chatterjee, Director IIMK & Chairman IIMK LIVE, recounted the Business Incubator’s 6-year impressive journey and welcomed Indian bank on board, “Innovation and Entrepreneurship are the bedrock on which IIMK has dared to go beyond traditional boundaries. The Top 2 Rank in the prestigious Govt. of India’s Atal Innovation Rankings 2021 is a testimony to the culture we are consciously trying to develop here. In order to further strengthen our innovation ecosystem, IIMK and IIMK LIVE is happy to collaborate with Indian Bank to provide debt funding for its incubatee companies. With this, IIMK LIVE fulfils an important gap in its portfolio of services provided to startups in achieving their vision and consequently achieving our vision 2047 – Globalizing Indian Thought”
Speaking further on the collaboration between the leading Indian bank and the leading Indian Business School, Shri Siddiqui, Executive Director Indian Bank congratulated all in IIM Kozhikode to have featured in ATAL INNOVATION RANKINGS 2021 and added, “The Startups across India have always been able to garner pre seed funding, seed funding, series A, B, C etc where they, more often than not, forego substantial equity to the investors. What they were not able to access was DEBT FUNDING. Indian Bank in consultation with various stake holders formulated a scheme called “Ind Spring Board” which is perfectly tailored for Startups. The bank has also signed MoU with various premier institutions for the said scheme. Present MoU with IIMK LIVE has become even more special because GOI has announced 10th to 16th January 2022 as INNOVATION WEEK celebrating 75th year of India’s Independence under Start up India. This is where our Bank, committed to be of assistance to the growth plans envisaged by the GoI. As IIMK LIVE being the business incubator and entrepreneurship development centre, Indian Bank is proud to be associated with them in strengthening the Start-up eco system of our country.”
About IIMK LIVE
IIMK has its own business incubator and entrepreneurship development centre - IIMK LIVE, which was established in 2016 with the support of the Department of Science and Technology. The centre is envisioned to function as a business incubator with a purpose of creating a National Centre of Excellence that promotes innovation, new business venturing and entrepreneurship. IIMK LIVE has incubated close to 80+ startups from multiple sectors with incubates raising close to 28 crore INR from external funds in addition to the 8 crore INR seed assistance provided by LIVE. The startups have generated revenue close to 20 crore INR, generated employment for 370 personnels and filed for 18 patents in this short but impactful journey of LIVE. LIVE also has set high benchmarks with close to 40% startup success rate.
About Indian Bank
Indian Bank was incorporated on 5th March 1907 and commenced operations on 15th August 1907. After amalgamation with Allahabad Bank, Indian Bank is the 7th largest public sector bank in India with a total business of Rs.937202 Crores as on Sep’21. The Bank is having its presence with 6420 Domestic Branches and 3 Overseas Branches. Capital Adequacy Ratio of 15.88% which is amongst the best in the industry. As per Forbes Best Employers rankings 2021, Indian Bank was adjudged as 9th Best Employer in India and Globally, Indian Bank was ranked at 314th position among Top 500 companies. The Banks mantra is “Customer Centric Digitisation and Increased Earnings”.