State Bank of India IT Innovation Start-up Engagement Programme (IT-ISEP)

State Bank of India has launched an ‘IT Innovation Start-up Engagement Programme’ with the following objectives:

  • To gather deeper and collaborative understanding of the startups.
  • To encourage IT start-ups to leverage the benefits of “Digital India” and “Make in India’ programs and in the process contribute to the development of products and services for the banking sector.
  • To harness the capabilities of innovative young entrepreneurs for developing ground breaking ideas at a low cost to the Bank.
  • Encourage these startups to transfer technology to SBI in particular and to the industry and society at large

Highlights

The IT Innovation Start-up Engagement Programme (IT-ISEP) has been established with an initial outlay of Rs. 50 crore. Under the programme, SBI shall consider investments and debt/structured engagements of up to Rs.3 crore to an Indian registered entity for promoting their business innovations using IT in India for banking and related technology.

The type of financial assistance can be in any one or combination of the following:

  • Equity / Quasi Equity / Mezzanine Equity.
  • Loan of Long term / Structured Financing.
  • Joint IPR / Restricted IPR.
  • Perpetual unlimited free license for use of technology across State Bank Group.
  • Resources and skilled manpower costs for POCs and innovation.
  • Purchase of the product/service from the start-up.
  • Any other form satisfying the objectives of the program.

Application Process

Entities who qualify the below mentioned conditions will be eligible for being considered under this programme

  • You should be an Indian firm/company.
  • The firm/company should not be older than 5 years as on the date of making this application.
  • The turnover of the firm/company should not have been greater than Rs. 25 crore in any of the years of its operation.
Preference will be given to entities which are registered with an Incubator recognised by the Government of India (list published at http://startupindia.gov.in).

 


If you have already applied, you can check the status of your application


No documents are required to be submitted at the stage of filling the application.


Evaluation

Applications which meet the criteria of the Bank will be taken up for evaluation through a multi-stage process, and the outcome of the evaluation will be advised to the applicants through email.


Further Information

Should you need any further clarification, please write to us at startup@sbi.co.in or call us at 022-27576827 during office hours.