HDFC's $30 million Start-up Fund launched

HDFC's $30 million Start-up Fund launched

Posted by Vivek Nama on November 6th 2017

The country's second-largest private lender, HDFC Bank has launched a start-up fund to  support companies with easy access to capital and expand in the start-up ecosystem in India.  The fund has been started with an initial corpus of $25-30 million but  the plans are to increase this amount in the future.According to a report published in the Times the fund will be a  dynamic fund with clear objectives to start small but scale up based on the dynamics of the ecosystem. 

Through this route, the bank hopes to offer tailor-made banking solutions, in addition with legal and financial advice as well as mentoring by internal and external experts. 
This fund comes comes days after the bank extended its SmartUp Zones initiative to Bengaluru. HDFC SmartUp Zones are dedicated banking zones within a specific area inside the branch which deals exclusivels with the activities and interests of start-ups.
 
Over the next few years, HDFC Bank will be launching SmartUp Zones in 65 of its branches across 30 cities, including tier II and tier II cities.
 
Also as  part of its support to start-ups, the bank also launched an industry Academia programme, through its Centre of Digital Excellence (CODE)where it will work with the incubation and entrepreneurship cells at IIT Bombay, IIT Roorkee and IIM Ahmedabad to mentor start-ups at the institutions. In addition, the bank revealed plans to collaborate with other educational institutions for its Academia program. Source: Times of India 

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