Startups to get huge funding from HSBC India14 June 2022, 11:10 am
Foreign lender HSBC India on Monday announced that it will lend $250 million to startups in the country.
The bank did not specify the timeframe for disbursal of the amount The lending will be done to high-growth, tech-led startups in the third largest startup ecosystem in the world, the lender said in a statement.
The lending, which comes amid increased focus on startups’ debt needs by financial intermediaries locally and a ‘funding winter’ impacting equity funding to the sector, will be managed by the lender’s commercial banking vertical.
The commercial banking vertical in India had witnessed a 42 per cent jump in its profit for 2021 at $265 million as against $187 million in the year ago period.
Loans to small and medium enterprises tripled to $1 billion in 2021 as against $300 million in 2018, the bank said.