Billionaire Venture signs MoU with DBS Bank

Mumbai: Billionaire Venture Incubation on Wednesday said that it has signed a MoU with DBS Bank to facilitate investment in the fast-growing startups in India through a Special Purpose Vehicle (SPV) formed by this joint venture in the form of equity.
Dr. Subhash Sukumar, Board Member, Billionaire Venture Incubation said, “The newly formed joint venture will earmark about $200 million in collaboration with DBS Bank to extend capital for about 150+ startups in Tamil Nadu, Karnataka and Maharashtra initially. Plans are also underway to expand to the northern part of the country at a later date.”
Besides creating thousands of jobs through this initial initiative, the JV will fulfil the dream of many young entrepreneurs to promote more such Startups in the country and create millions of jobs in the years to come.
Mr. Charan Kumar, Regional Segment Head – South India, DBS Bank said, “The JV will facilitate the knowledge sustenance within our country and additional contribution to GDP as more entrepreneurs including IIT graduates are eager to promote startups. The encouragement given by both the Centre and State Governments in the form of subsidy on investment will also encourage new entrants.”
Detailing the mode of operations of the 16 verticals identified, the JV will immediately focus on certain verticals such as Fintech, Edutech and other critical areas. Besides extending capital, the JV would provide technology and education related to the business of new entrants.
”The system of funding has been designed in such a way to safeguard the JV as well as Startups. The JV would waive dividends for the first two years. But it will monitor the functioning of the Startups concerned during the two-year period. Even if there is disruption in functioning, JV will take over and transfer the operations to other successful Startups, though it will offer profit sharing during the remaining period. This protection in the initial period will attract more Startups.’ Mr. Kumar added. (UNI)         {pic credits Fobe’s India)