Kotak Mahindra to invest in promising start-ups

Kotak Mahindra to invest in promising start-ups

Posted by 2 on August 27th 2016

The latest to jump in the start-up wagon is Kotak Mahindra Bank. This private sector bank has started an 'Innovation Lab' in Bengaluru to tap into the best technology that impacts its operations, and is open to investing in start-ups, a senior company official has said.

The initiatives being undertaken by the bank include launching dedicated funds to invest in start-ups, starting incubation centres, organising 'hackathons' and ideation contests.

"We started an 'Innovation Lab' recently which is right now a dedicated space from where we are partnering with start-ups in the fintech space to test concepts and launch them into commercial products," said Kotak Bank chief digital officer- Deepak Sharma.


The bank’s core team is already working with an equal number of start-ups in the artificial intelligence, analytics, biometric or iris scanning and machine learning space.

Domestic lenders, especially those in the private sector, have been increasing their engagement with the fledgling fintech start-up community to tap into the technologies of the future which will help them stay relevant. Making clear that the bank's lab located in its office on MG Road in the garden city is not an incubation centre, Sharma said the bank is open to investing in other start-ups as well. "We are open to investments in other start-ups as well but do not have a dedicated fund now," he said.The bank will keep evaluating possibilities on investing, partnering and incubating start-ups through this initiative and will also hire more people for the lab in the next three to six months, he said.


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