Federal Bank partners with TANSIM to propel the start-up ecosystem in Tamil Nadu

Mumbai: Federal Bank, one of India's leading banks, TANSIM, the Tamil Nadu Government's startup initiative, and MindEscapes Innovation Center, Nilgiris, are collaborating to back start-ups in Tamil Nadu. The partnership aims to provide Tamil Nadu startups with loans and grants from Federal Bank, identified by TANSIM and pitched through sessions curated and run by MindEscapes  Knowledge Partners, across various centres in the state.

This partnership offers startups a variety of resources and support to aid in their growth and success. The ultimate goal is to support the Tamil Nadu government's vision of becoming a leading state for innovative startups across all sectors.

"We are ecstatic about joining forces with Federal Bank and MindEscapes to support startups in Tamil Nadu," stated Sivarajah Ramanathan, TANSIM's CEO. "By providing access to capital and other essential resources, we can assist startups in taking their businesses to new heights and spur innovation in the state."

"Our partnership with TANSIM represents our commitment towards young firms which are strengthening our economy and are creating employment opportunities. We are hopeful that this will give tailwind to more innovation in the country," said Shyam Srinivasan, MD & CEO of Federal Bank.

"At MindEscapes, our mission is to help individuals and teams unlock their full creative potential," said Dipali Sikand, MindEscapes' founder. "We are thrilled to be collaborating with Federal Bank and TANSIM to help Tamil Nadu startups to develop and present their ideas, increasing their chances for success. To facilitate this vision we have strategic knowledge partnerships with powerhouses of intellects we call our Board of Guardians, as well as a partnership with the premier Innovation Solution Organizations , KPMG ".

The partnership offers various services including:

·         Collateral-free loans, lower-cost loans, and grants to eligible startups basis Federal Bank's lending policies.

·         Curated pitch sessions and workshops

·         Access to a network of industry experts and potential investors

·         Opportunities for startups to work on real-world projects and increase their ideas' visibility

This partnership targets startups across all sectors and will aid in the state's efforts to foster innovation, create jobs, and drive economic growth in Tamil Nadu.

About Federal Bank

Federal Bank (NSE: FEDERALBNK) is a leading Indian private sector bank with a network of around 1,351 banking outlets and 1,896 ATMs/Recyclers spread across the country. The Bank’s total business mix (deposits + advances) stood at ? 3.69 Lakh Crore as on 31st December, 2022. Capital Adequacy Ratio (CRAR) of the Bank, computed as per Basel III guidelines, stood at 13.35% as on 31st December 2022. 

Federal Bank has its Representative Offices at Dubai and Abu Dhabi that serve as a nerve centre for Non-Resident Indian customers in the UAE. The Bank also has an IFSC Banking Unit (IBU) in Gujarat International Finance Tec-City (GIFT City). 

Federal Bank is transforming itself, keeping its principles intact, into an organization that offers services beyond par. It has a well-defined vision for the future as a guidepost to its progress. The Bank recently launched its "Innovation As a Service" initiative to drive innovation for businesses. The bank works with companies of all sizes and across all industries to help them create new products, improve operations, and enhance processes.

About TANSIM - TANSIM is the Tamil Nadu Government's startup initiative, dedicated to fostering innovation, creating jobs, and driving economic growth in the state. It provides an array of resources and support to help startups grow and succeed.

About MindEscapes- MindEscapes provides an immersive ecosystem to drive innovation, co-creation, collaboration and growth through its unique ideation as a service. MindEscapes first of its kind retreat is located in the Nilgiris, Tamil Nadu and provides a range of tools and resources to assist businesses and individuals in developing new ideas and strategies.