DBS Bank India and IndiaFilings join forces to empower startups and SMEs in India
Through a co-branded portal, DBS Bank India will provide comprehensive financial solutions to help businesses managing their finances
The platform is expected to benefit around ~16000 to 25000 new SMEs and startups in India annually
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.
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About DBS
DBS is a leading financial services group in Asia across 19 markets. DBS is known for its global leadership, being recognised as the “World’s Best Bank” thrice by Global Finance since 2018. DBS was also recognised as the “World’s Best Bank” by Euromoney in 2021 for the second time in three years and “Global Bank of the Year” by The Banker in 2021. The bank is at the forefront of leveraging digital technology to shape the future of banking with its recognition as the “World’s Best Digital Bank” by Euromoney in 2021 and the world's “Most Innovative in Digital Banking” by The Banker in the same year. Apart from these accolades, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 14 consecutive years from 2009 to 2022. Additionally, DBS Bank was ranked among the top 3 on Forbes' list of the World's Best Banks in India for three consecutive years, from 2020 to 2022.
DBS Bank has been present in India for 28 years, opening its first office in Mumbai in 1994. DBS Bank India Limited is the first among the large foreign banks in India to start operating as a wholly-owned, locally incorporated subsidiary of a leading global bank. DBS provides a range of banking services for large, medium, and small enterprises and individual consumers in India. In 2016, DBS launched India's first mobile-only bank, digibank, which now has ~1 million savings accounts. In November 2020, Lakshmi Vilas Bank was merged with DBS Bank India Limited. The bank now has a network of ~530 branches in 19 Indian states.
DBS provides a full range of consumer, SME, and corporate banking services. As a bank born and bred in Asia, DBS understands the intricacies of business in the region's most dynamic markets. DBS is committed to building lasting relationships with customers and positively impacting communities. It established an SGD 50 million foundation to strengthen its corporate social responsibility efforts across Asia by supporting social enterprises: businesses with a double bottom line of profit and social and environmental impact. In 2020, DBS introduced the "Towards Zero Food Waste" initiative as part of a global sustainability practice to encourage a shift in behaviours and mindsets to reduce food waste. In 2022, DBS committed an additional SGD 100 million to deepen the ability to create an impact beyond banking, catalysing the bank's various philanthropic and crisis relief measures.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment, and can-do spirit of our 30,000+ staff representing over 40 nationalities. For more information, please visit: www.dbs.com/India.
About IndiaFilings
IndiaFilings is an online consulting web portal to simplify he entrepreneurial journey in India. Launched in 2014, we provide a plethora of services to enhance your business experience and enable an efficiently growing system. We successfully achieved that goal as we have 100,000+ loyal customers.
We have a strong network of professionals spread across 170+ cities and towns who have helped us serve 2 million users in the last five years. We currently have a team of 800+ employees working in 7 large offices. We have members from every state in India who are fluent in almost all Indian languages.
We have a wide range of services that cater to the growth of entrepreneurs right from their incorporation and continuing to the GST services, Intellectual Property, Income Tax Returns, Accounting and Compliance (and much more/and so on). Our customers, such as Flipkart help us reach various business ventures to provide them with these services.
We believe when customers find value in the products and services offered by a business, business would thrive. When customers do not find value in a business, a business would shut down. It is that simple. So, we place enormous importance on building value for our customers.
Reputed financial institutions and investors like ICICI Bank, BEENEXT, UDTARA Ventures and CreedCap have extended their support to us.
Media Contacts:
DBS Bank India Rohini Rego 99305 49207 | Adfactors PR Chennakeshav Shenoy 9819266998 |