An agreement was signed by Indian Bank and SRM University-AP to lend up to 50 crores for startups.

Indian Bank has joined the IND Spring Board to launch the IND Spring Board . The bank will issue loans of up to Rs 50 crore to start-ups that have been incubated at SRM Hatchlab .

Andhra Pradesh, India, August 6 (Augmented by the Hatchlab Research Centre, TBI of SRM University-AP, the Indian Bank has joined the IND Spring Board to launch the IND Spring Board, an initiative for funding start-ups and MSMEs.For their working capital requirements or equipment purchase, the bank will issue loans of up to Rs 50 crore to start-ups that have been incubated at SRM Hatchlab.Udayan Bakshi, Associate Director-Entrepreneurship, Department of Entrepreneurship and Innovation, highlighted the successful student ventures from SRM University-AP, which have gained 1Cr revenue.The SRM AP is an active participant in the local economy.

N K Sharma, GM – MSME Indian Bank, expressed delight in collaborating with SRM University-AP and other premier institutions like IITs and IIMs around the region, said N K Sharma GM – MSME Indian Bank.C. D. Ramarao, the Zonal Manager of Indian Bank Guntur, described the genesis of the Ind Spring Board initiative and said that Andhra Pradesh has a start-up-friendly ecosystem to foster innovation.Hatchlab Research Center-SRM University-AP's technology and livelihood incubator supports the development of student startups.To eligible student ventures, 10,000+ square feet of state-of-the-art incubator space and Seed Funding are available.

Oureye.ai, an alumnus startup, was given an additional $50,0000.The SRM E-cell's entrepreneurship-based clubs and programs such as Socio Impacto, Explorer Hive, Saurvi, Research Clan, and others combine global vision and grassroots connection.The university also supports student-run labs such as the Next-Tech Lab and Ennovab, where students work collaboratively to translate their ideas into products that benefit society, according to Jaya Prakash Narayana, the university's Director of International Collaboration and Publication, C Jagan Mohan Rao, Deputy Zonal Manager, Raghavendra, Senior Manager, and M S Sagar, Chief Manager.