DPIIT inks MoU with HDFC Bank to empower startups with world-class banking and financial services

Department for Promotion of Industrial and Internal Trade (DPIIT) has signed a Memorandum of Understanding (MoU) with HDFC Bank, India’s largest private sector bank in terms of its assets, to bring forth a partnership in providing Indian startups with world-class banking and financial services.

Objective

The collaboration stands to bolster the overall startup ecosystem by facilitating a systematic structure for knowledge sharing, mentorship, and capacity-building programs to eventually foster innovation and growth, the press release stated.

Benefits for startups

Startups will benefit from tailored banking and financial solutions designed to meet their unique needs, including working capital, credit access, and cash flow management. Additionally, they will gain access to HDFC Bank's extensive network and resources, empowering them to scale their operations, attract investments, and strengthen their market presence more efficiently.

Ms. Sunali Rohra, Head – Government & Institutional Business

Expressing her pleasure, she said, “We are pleased to collaborate with DPIIT to further boost the landscape of start-ups in India. Through this partnership, DPIIT-supported start-ups will seamlessly gain access to the Bank’s customized suite of products aimed to help accelerate their growth.”

DPIIT X HDFC Bank

Partnerships to drive innovation

Shri Sanjiv Singh, Joint Secretary of Startup India, stressed the importance of taking proactive measures, such as building strategic partnerships with key players like HDFC Bank, to create a robust environment that nurtures entrepreneurship, removes barriers to economic growth, and delivers impactful solutions across various sectors—addressing the pressing needs of the time.

He described India’s startup ecosystem as the foundation of the nation’s innovation-driven economy. He affirmed that empowering this ecosystem remains a top priority for DPIIT.

Tailored support system

Dr. Sumeet Kumar Jarangal, Director of Startup India, while talking about the objectives of collaboration stated that DIIPT aims to leverage the bank's expertise and resources to offer startups streamlined access to financial services and innovative solutions. This partnership is designed to address key challenges such as funding and financial management while fostering an environment that encourages innovation and sustainable growth for startups.

India’s startup ecosystem

The startup scenario in India is nothing less than booming and floating highs, these days. It ranks third largest in the world. It is home to around 67 unicorns within the boundaries and 109 unicorns outside the borders. I have pinned an article below, read it to know more about its performance in job generation.

The Government of India, apart from this collaboration, has taken plenty of other initiatives to boost the startup ecosystem and make India home to an engaging and diversified economy. Atal Innovation Mission (AIM) is one of them.