Mumbai, April 15, 2023: DBS Bank India has announced its partnership with IndiaFilings, a leading platform for start-ups and small businesses in India. The partnership will enable the Bank to provide end-to-end financial services support to new companies and startups through a co-branded portal. The partnership reaffirms its commitment to serving startups profitably while finding new ways to deliver value.
A common challenge faced by new businesses in India include the need for more awareness on incorporation, GST registration, setting up of financial management and operations-related infrastructure, building the brand value proposition, and accessing the ecosystem comprising investors and tech partners. Through the co-branded portal, DBS Bank India and IndiaFilings will provide a free company incorporation process to statups along with a cashback of up to 100% on their incorporation costs, up to INR 8000.
In addition, the co-branded portal will provide new enterprises with a DBS Business account that offers end-to-end financial services support for the company and its employees. This includes comprehensive solutions to help manage business finances and employee expenses. The co-branded portal is now live and is expected to benefit around ~16,000 to 25,000 new SMEs and startup businesses incorporated in India annually.
Sudarshan Chari, Executive Director & Head Business Banking, DBS Bank India, said, “India’s burgeoning startup ecosystem has the potential to contribute 4-5% of the country’s GDP over the next three to five years. The sector has also seen increasing participation from tier 2 and 3 markets recently. By combining our financial expertise and the value-added services of India Filings, we aim to provide startups with the necessary support and guidance to navigate today’s complex and competitive business landscape. This partnership reflects our continued commitment to enabling entrepreneurship in India and delivering seamless, hassle-free banking solutions designed for business owners.”
The portal will also offer non-banking solutions, such as company cap table management, employee welfare solutions, HR payroll system, and more. These additional services will enable startups to streamline their operations, improve their efficiency and boost their productivity while freeing up time and resources to focus on their core business objectives.
Lionel Charles, Founder & CEO, IndiaFilings said, “Our mission at IndiaFilings has always been to simplify the process of starting and managing businesses for entrepreneurs. We are excited to partner with DBS Bank India to provide startups with a comprehensive suite of financial services, which will help them overcome the initial hurdles and scale their businesses to new heights. With DBS Bank India’s expertise and hassle-free solutions, we are confident that we can help young businesses realise their ambitions and contribute to India’s vibrant startup ecosystem.”
DBS Bank India provides a full range of consumer, SME, and corporate banking services. The new partnership will expand the bank’s offering beyond traditional banking, and cater to the requirements of SMEs and MSMEs, not only with loans, but also with services like payroll, cash management, insurance, and third-party products.
In line with its vision to support promising startups in India, DBS Bank India joined hands last year with startup venture capital fund Anthill Ventures and evangelist network Headstart Network Foundation to launch DBS Business Class foundED. The bank also announced the launch of a new grant programme to support SMEs looking to kickstart their transition towards becoming more sustainable businesses.