VIJAYAWADA: Indian Bank has collaborated with Hatchlab Research Centre, TBI of SRM University-Andhra Pradesh to launch ‘IND Spring Board’, an initiative to finance start-ups and MSMEs. The bank will extend loans up to `50 crore to start-ups incubated at SRM Hatchlab for their working capital requirements or purchase of machinery and equipment. Introducing the venture at Hatchlab Research Centre, Udayan Bakshi, Associate Director, Department of Entrepreneurship and Innovation, highlighted the successful student ventures from SRM-AP that have crossed `1 crore turnover.
“This collaboration will further strengthen the MSME sector,” stated University registrar Dr R Premkumar.
N K Sharma, GM-MSME, Indian Bank, expressed delight in the collaboration with SRM University-AP along with other premier institutes such as IITs and IIMs across the country.
C D Ramarao- Zonal Manager, Indian Bank, Guntur, described the genesis of the Ind Spring Board project and said Andhra Pradesh has a start-up-friendly ecosystem. Hatchlab Research Centre — “the technology and livelihood business incubator of SRM-AP”— facilitates the incubation of student start-ups.
A State-of-the-art 10,000+ sq ft incubator space and Seed Funding are provided to eligible student ventures.An entrepreneurial venture Oureye.ai received an additional investment of $50,0000.The university also promotes student-run labs such as Next-Tech Lab and Ennovab.