Private sector bank, HDFC Bank on Tuesday signed a memorandum of understanding (MoU) with a leading early-stage venture capital firm, 100X.VC to support start-ups. Through the agreement, the bank will extend its full suite of specialized services and facilities tailored for start-ups, known as Smart-Up, to all the firms associated with 100X.VC.
Also, the bank will extend additional credit facilities and evaluate investment opportunities in these startups.
Under the agreement, HDFC Bank and 100X.VC will work together in mutually beneficial areas. The venture capital firm will recommend HDFC Bank as the primary bank for all its investee companies.
Abhishek Deshmukh, Branch Banking Head – Maharashtra, HDFC Bank, said, “India is among the largest and fastest-growing start-up ecosystems in the world. In the first half of 2022 alone, 15 start-ups have emerged as unicorns. In the past decade, we have seen the rebirth of the start-up ecosystem with a more sustainable business model in the form of venture capital. 100X.VC has done transformational work in the early-stage ecosystem since their launch 3 years ago and we hope to leverage their expertise in mentoring start-ups identified by HDFC bank. Together, we hope to continue growing our objectives of contributing to the Indian start-up ecosystem.”
HDFC Bank intends to enhance the ecosystem by supporting innovation and entrepreneurship.
Yagnesh Sanghrajka, Founder and CFO at 100X.VC said, “We are excited to join hands with HDFC Bank in line with the Bank’s ‘SmartUp’ initiative. Under this program, we will jointly nurture emerging start-up ideas, cultivate them with 100X.VC first check seed capital and HDFC Bank’s banking services and access to credit seamlessly. 100X.VC and HDFC Bank are fully invested in the development of great ideas. The mentoring & resources provided under this program will ensure that tomorrow’s entrepreneurs are given the freedom to innovate and prosper.”
Furthermore, the duo will also conduct joint programs for start-ups such as Master Classes. Additionally, the bank will evaluate start-ups referred to it by 100X.VC for investment and extending loans.
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