Indian Bank inks MoU with SRM-AP

Neerukonda (Guntur District): Indian Bank has collaborated with Hatchlab Research Centre, TBI of SRM University-AP to launch 'IND Spring Board', an initiative for financing start-ups and MSMEs. The bank will extend loans of up to Rs 50 crore to start-ups incubated at SRM Hatchlab for their working capital requirements or purchase of machinery and equipment. This collaboration is one of its kind in the state of Andhra Pradesh.

Introducing the ventures at Hatchlab Research Centre, which will be availing of the IND Spring Board scheme, Associate Director of Department of Entrepreneurship and Innovation Udayan Bakshi highlighted the successful student ventures from SRM University-AP that has crossed turnover of Rs 1 crore. "SRM-AP is actively engaged in business through the local community. This collaboration will further strengthen the MSME sector," stated Registrar Dr R Premkumar, signing the MoU. Speaking on the occasion, Indian Bank general manager N K Sharma expressed delight in collaborating with SRM University-AP along with other premier institutes like IITs and IIMs across the country. Zonal Manager CD Ramarao described the genesis of the IND Spring Board project and said Andhra Pradesh has a start-up-friendly ecosystem to nurture innovations.

Hatchlab Research Centre, the technology and livelihood business incubator of SRM University-AP facilitates the incubation of student start-ups. The alum entrepreneurial venture Oureye.ai received an additional investment of $50,000. Integrating global vision and grassroots connect, the entrepreneurship-based clubs and activities like Socio Impacto, Explorer Hive, Saurvi and Research Clan are vital elements of SRM E-cell. The university further promotes student-run labs such as Next-Tech Lab and Ennovab, where students share their ideas to curate those into applications that benefit society. Head of International Collaboration and PR-Hatchlab Research Centre Jaya Prakash Narayana, Deputy Zonal Manager C Jagan Mohan Rao, Senior Manager Raghavendra, Branch Manager Satya Dev and Chief Manager M S Sagar were also present on the occasion.