Wednesday, September 30, 2015

Federal Bank establishes Rs 25 crore corpus for start-ups

Federal Bank on Wednesday said it has created a Rs 25 crore corpus exclusively for investment in start-ups. The primary objective is to provide long-term capital to start-ups with innovative ideas, potential for high growth and ability to bring socio-economic impact.

The fund will be used for supporting small ticket projects in various sectors such as digital financial services, biotechnology, hi-tech farming, healthcare, logistics, and e-vommerce/e-markets, among others.

To start with, the Bank will focus on projects in Kerala and Gujarat, with room for increasing the corpus amount.

Supporting start-ups will facilitate job creation and contribute towards economic growth of the nation. The initiative will also support skill and entrepreneurial development.

In March this year, Federal Bank had tied up with Startup Village in Kerala and MobME wireless to launch India's first focused FinTech Accelerator Programme, which aims to speed up technological innovations in the financial sector space.

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