In a bid to assist startup with financial services, Kerala government-backed Kerala Startup Mission (KSUM), on Friday, signed a Memorandum of Understanding (MoU) with HDFC bank. According to a media report, the aid is going to be provided by SmartUp, HDFC’s banking solution for startups.
HDFC claims that the banking solution helps startups to achieve their goals with smart financial tools, advisory services and technology. In accordance with MoU, KSUM will refer startups to SmartUp so that they can avail the facilities. The MoU is expected to remain valid for a year.
While signing the agreement, Saji Gopinath, CEO, KSUM said that this initiative will help startups get support from HDFC bank on evaluating their products, get market access and scale their product globally. “We look forward to a fruitful association with them,” he added.
Further, HDFC claims that the bank will provide opportunities for startups to pitch their offerings to capital firms. Additionally, the bank will extend its support incubation and acceleration of all startups enrolled in the SmartUp programme.
Arun Mediratta, branch banking head, south India, HDFC Bank emphasied that this is part of the bank’s ongoing effort to support and strong commitment towards the startup culture in Kerala.
How KSUM Is Promoting Startup Ecosystem In Kerala?
With its KSUM programme, the Kerala government is promoting entrepreneurship at different levels — from promoting entrepreneurship in schools to incubating and accelerating startups in the state.
At the school level, KSUM promotes entrepreneurship with schemes such as Atal Tinkering Laboratories, Startup Box and more, which target young entrepreneurs and school innovations.
In addition to promoting the startup ecosystem in the state, KSUM also helps startups to reach out to global states, helping local startups onboard international clients, meet established investors, figure out market needs and know the competition in the international market.
KSUM has further tied up with international institutes, accelerators and tech conferences to take Indian startups to international markets. With the help of the programme, 130 startups from Kerala till July were able to reach to take their products or services to the international level.