New Delhi, Oct 9 (SocialNews.XYZ) HSBC India on Thursday announced the launch of its 'Innovation Banking' in India, which offers banking and financing solutions to support entrepreneurial businesses throughout their lifecycle, from seed to IPO, as well as their investors.
The bank plans to allocate $1 billion in non-dilutive debt capital to support Indian startups. The funding targets growth companies in early- to late-stage growth companies to scale their operations without diluting equity, helping founders and investors to retain greater control over their businesses, a release from the bank said.
HSBC India said that it already has a substantial balance sheet allocation for fund financing across venture capital and domestic private equity funds. With the launch of Innovation Banking, the bank aims to expand this offering, encompassing a broader range of funds and propositions, the release said.
The bank announced that its launch in India expands its global Innovation Banking platform, providing tailored financing and connectivity through over 900 experts worldwide.
David Sabow, Global Head of HSBC Innovation Banking, said that the $1 billion allocation signals a long-term commitment to India's innovation economy, job creation, and skills development.
“With the launch of HSBC Innovation Banking in India, we are deepening our support for the vibrant startup ecosystem, where we have a proven track record of partnering with clients on their growth journeys,” said Ajay Sharma, Head of Banking, HSBC India.
Through the combined strength of our global connectivity and significant venture network, HSBC Innovation Banking is well placed to support Indian startups to scale internationally and access new markets, he added.
As India is the fastest-growing major economy and a tech and talent hub, Indian start-ups are expected to contribute $1 trillion to the domestic economy and generate 50 million new jobs by 2030, HSBC India said.
Source: IANS
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