RBL Bank Joins Hands With Startup India, Invest India Under InFinIT20

RBL Bank Joins Hands With Startup India, Invest India Under InFinIT20

SUMMARY

InFinIT20 Will Mentor And Provide Funds To Select Startups

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.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
Unlock 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
Unlock 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

RBL Bank Joins Hands With Startup India, Invest India Under InFinIT20-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

RBL Bank Joins Hands With Startup India, Invest India Under InFinIT20-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

RBL Bank Joins Hands With Startup India, Invest India Under InFinIT20-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

RBL Bank Joins Hands With Startup India, Invest India Under InFinIT20-Inc42 Media
RBL Bank Joins Hands With Startup India, Invest India Under InFinIT20-Inc42 Media
You’re in Good company