Kochi: Kerala based Federal Bank, one of the premier private sector banks in the country, today launched Launchpad, an exclusive outlet for start-ups in Kochi, Launchpad will be a one stop facility providing a range of advisory services in addition to customized banking offerings to budding entrepreneurs who wish to set up start-up ventures.
The startup ventures can be in diverse sectors like Digital Financial Services, Biotechnology, Hi-Tech Farming, Healthcare, Logistics, e-Commerce / e-Markets etc. The initiative is in alignment with the Startup India initiatives of the Government of India.
The Launchpad at Kochi, which is located within the premises of the Federal Bank branch at Kundannoor, was inaugurated today in the presence of several CEOs of startups and senior executives of the Bank.
The second outlet at Bangalore, which will function within the premises of the Bank’s branch at St. Marks Road, will be opened shortly.
These outlets offer counselling and guidance on key aspects involved in setting up of start-ups like registration, regulatory compliances, investments and accounting, Intellectual Property Protection, trading and taxation. Launchpad will also provide customized banking offerings for Start-up ventures to run their business seamlessly which includes exclusive Startup Account, digitally powered Payroll accounts, payment / collection solutions and Forex services, apart from facilitating space and required infrastructure to needy start-ups to incubate their ideas. The Bank has plans to open Launchpad in more locations in the coming months.
The Bank will also consider investing in eligible start-ups with innovative ideas, potential for high growth and ability to bring socio-economic impact. Federal Bank is one of the very few banks to have created a Corpus exclusively for investment in Start-ups.
Sunny K P, Addl. General Manager and Strategic Initiative & Optimization Head, Federal Bank; K I Varghese, CGM & Kerala Network Head; Babu K A, Head – Digital Banking; and Sunny N V, Ernakulam Zonal Head; were among those present on the occasion.
Kerala Biz News