Taking Startup India initiative further, RBL Bank has collaborated with Startup India and Invest India to mentor and provide funds to the startups under their initiative- InFinIT20.
InFinIT20 is a three-month intensive programme where RBL Bank will provide funding and mentorship opportunity to 20 promising startups for their early stage hurdles.
The initiative aims to empower and educate companies while driving sustainable economic growth.
InFinIT20 will also channelise opportunities to generate large-scale employment opportunities in sectors like insurance tech, wealth management, agri-finance, financial inclusion, artificial intelligence, blockchain etc.
Rajeev Ahuja, RBL Bank Executive Director, said, “With InFinIT20, RBL Bank will provide its domain expertise through seven years of engagement with startups and help them in achieving their goals by employing the best financial tools, resources and technology.
Anil Agrawal, Joint Secretary, Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, further believes that Corporates are one of the most important stakeholders in the startup ecosystem, and have the potential to create the most impact.
“This program will assist startups in receiving full-fledged guidance from experienced professionals in the fintech space. The goal is to help the startups create meaningful strategies and successful businesses,” he added.
With Startup India leading the way for the rising brigade of the Indian entrepreneurs, the Indian banks have also fastened their seat belts to ride along.
Prior to RBL, banks such as YES Bank (YES Fintech Accelerator, YES: Head-STARTUP), HDFC (Startup Fund with $30 Mn corpus), State Bank Of India (launched exclusive startup bank) have also taken significant initiatives to support the entrepreneurs at early stage and give their support in nurturing the Indian startup ecosystem.
Taking a step ahead, in October 2017, HDFC Bank announced launch of SmartUp Zones in 65 of its branches across 30 cities, including tier II and tier II cities. In November 2017, HDFC Bank also partnered with Rajasthan Government to provide end-to-end solutions like current accounts, credit cards and other solutions to startups under its SmartUp programme.
According to Inc42 DataLabs report, the Indian tech startups raised about $13.5 Bn in funding across 885 deals in 2017. While earlier, the startups were majorly dependent on VC and angel financing, now the banks have opened doors for the debt financing opportunities as well.
With InFinIT20, it is to be seen which new and innovative 20 startups earn the funds and mentorship for their idea. The initiative from RBL in support with Invest India, however, is worth an applause.