: IDFC FIRST Bank, LetsVenture join hands to support early stage Startups #FinanceIndia #StockMarketNEWS IDFC FIRST Bank, LetsVenture join hands to support early stage Start-ups Bengaluru, Aug 10 (KNN)
@stockMarketNEWS Tue 16 Aug, 2022
IDFC FIRST Bank, LetsVenture join hands to support early stage Startups #FinanceIndia #StockMarketNEWS
IDFC FIRST Bank, LetsVenture join hands to support early stage Start-ups Bengaluru, Aug 10 (KNN) The IDFC FIRST Bank is collaborating with Lets Venture to assist early stage startups financially and help them develop linkages with the investors.
Under this partnership, LetsVenture will assist the start-ups by providing them with investor connections, knowledge series and fundraising solutions whereas the IDFC FIRST Bank will provide startups with customised solutions and offer financial assistance.
The partnership agreement was signed during the LetsIgnite event in Bengaluru.
To help startups grow, IDFC FIRST Bank has been offering customised solutions to startups under its ‘first wings’ Programme. The programme include providing Zero Balance Startup Current Account for three years, working capital solutions for pre-profit startups, business credit cards with stepup credit, a tailored Founder Success Program and 40+ Beyond Banking offers from its partners.
Speaking about the importance of the signed agreement, Bhavesh K Jatania, Head of Startup Banking, IDFC FIRST Bank, said, "Start-ups are expected to play a pivotal role in driving our economic growth to the aspirational USD 5 trillion mark. In the last year, the number of DPIIT registered start-ups have increased from around 66,000 to 75,000."
“The needs of the startup differ from traditional businesses as they are innovation-oriented and tech-driven. They invest aggressively in growth and quickly move across the life stages, hence from a banking perspective, the solutions and structures need to be aligned,” he added.
The bank through its Founder Success Program has been providing knowledge series, masterclasses and networking sessions to engage, groom and connect with start-ups and contribute to their success story.
LetsVenture, which began its operations in 2013 has been backed by Accel, Chiratae Ventures, Nandan Nilekani, Ratan Tata, Rishad Premji, Mohandas Pai, Sharad Sharma and Anupam Mittal. (KNN Bureau)