SBI Capital Markets opens office in Bengaluru
By Team Startupcity | Tuesday, 31 January 2023, 09:49 IST
SBI Capital Markets the investment banking division of SBI, opened an office in Bengaluru to focus on fostering and advancing the startup ecosystem and focusing on pertinent opportunities across the state's infrastructure, real estate, and defence sectors. The business provides services like mergers & acquisitions, capital markets products, ESG advisory, project advisory, and structured financing.
The opening of the SBI office comes shortly after the largest lender opened a special branch for startups in Bengaluru's Koramangala neighbourhood in August of last year. In the presence of his colleague and MD Swaminathan J, as well as SBI Capital managing director and chief executive Amitava Chatterjee, SBI chairman Dinesh Khara, opened the office. According to Khara, Bengaluru is a hub for major IT enterprises.
"Additionally, Bengaluru presents abundant potential across a variety of industries from the perspective of capital markets and portfolio firms of private equity (PE) coverage. The first state to create a specialised Startup Cell to promote its ecosystem was Karnataka. Being the birthplace of about 30 of India's 100 unicorns, Bengaluru stands head and shoulders above all other cities, according to Khara.
As per Swaminathan, the public and private ecosystems offer a variety of opportunities for business funding, particularly in the real estate, infrastructure, defence, and technology sectors, including start-ups in Karnataka. "The SBICAPS dedicated presence in Bengaluru is a step forward in establishing this link, he added. Both SBI and SBICAPS have been working jointly to tap into this.
Chatterjee added the decision to select Bengaluru for coverage of southern India was guided by opportunities linked to infrastructure and real estate investments, proximity to major players in the defence sector, the role of information technology in national building, and the need to support the startup ecosystem.
With a corporate office in Mumbai and regional offices in New Delhi, Kolkata, Chennai, Hyderabad, and Ahmedabad, SBICAPS now operates. The sixth regional office of SBICAPS, located at Lady Curzon Road, has a designated senior vice-president who will oversee operations and be in charge of covering all of Southern India.
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