DBS Bank collaborates with StartupTN to support 1,000 early-stage firms

DBS Bank India, the subsidiary of financial services group DBS Singapore, on Thursday said it has partnered with the Tamil Nadu government backed StartupTN to foster entrepreneurship in the state.

As per the collaboration between the two entities, the partnership would focus on early-stage startups in Tier II and III towns. It aims to strengthen the ecosystem and provide crucial support to startups, including knowledge sharing and facilitating connections with potential investors, a press release from DBS Bank India said on Thursday.

StartupTN, which supports over 7,400 startups registered with the Department for Promotion of Industry and Internal Trade across 30 sectors, aims to nurture a vibrant startup ecosystem in Tamil Nadu resulting in innovation and entrepreneurship-driven employment and economic growth.

The partnership between DBS Bank India and StartupTN also addresses the need to provide customised solutions to help startups navigate specific challenges during their early stages like funding and legal queries, among others.

DBS Bank would offer a host of value-added services through its partner networks to emerging entrepreneurs.

Commenting on the partnership, DBS Bank India Executive Director and Head - SME Banking Sudarshan Chari said, "India's startup ecosystem is at a critical juncture. There is a clear need for a more personalised approach to help boost the success rate of enterprises in the early stages of their growth cycle."

Speaking about DBS Bank India's activities, he added, "With our local business insights, digital capabilities and access to global markets, we enable startups to achieve their potential. Our partnership with StartupTN will further strengthen our ability to provide a meaningful platform for businesses and entrepreneurs to thrive and scale up their ventures."

The partnership will impact and engage more than 1,000 startups in Tamil Nadu through StartupTN's regional hubs in the state.

"StartupTN is keen to work with banks to identify and meet the needs of startups across the state. Our partnership with DBS Bank India is an exciting development and we are confident that the association will help accelerate the growth of startups in Tamil Nadu," StartupTN Mission Director and Chief Executive Officer Sivarajah Ramanathan said.