Mumbai, NFAPost: HDFC Bank announced signing a memorandum of understanding with 100X. VC, a leading early stage venture capital firm, to engage more deeply with the start-up community.
The Bank will extend its full-suite of specialised services and facilities tailored for start-ups, known as Smart-Up, to all the firms associated with 100X.VC. It will also extend additional credit facilities and evaluate investment opportunities in these start-ups.
With this MoU, HDFC Bank and 100X.VC will work together in mutually beneficial areas. The venture capital firm will recommend HDFC Bank as primary Bank to all its investee companies. Through such collaboration, the bank hopes to enhance the ecosystem by supporting innovation and entrepreneurship.
HDFC Bank and 100X.VC will also conduct joint programs for startups such as Master Classes. Additionally, the bank will evaluate start-ups referred to it by 100X.VC for investment and extending loans.
The MoU was signed by HDFC Maharashtra Branch Banking Head Abhishek Deshmukh and 100X.VC Founder & CFO Yagnesh Sanghrajka in the presence of 100X.VC Founder & Partner Sanjay Mehta, 100X.VC Partner Ninad Karpe and other senior bank officials.
Speaking on the occasion, HDFC Bank Branch Banking Head – Maharashtra Abhishek Deshmukh said India is among the largest and fastest-growing start-up ecosystems in the world.
“In the first half of 2022 alone, 15 start-ups have emerged as unicorns. In the past decade, we have seen the rebirth of the start-up ecosystem with a more sustainable business model in the form of venture capital,” said HDFC Bank Branch Banking Head – Maharashtra Abhishek Deshmukh.
HDFC Bank Branch Banking Head – Maharashtra Abhishek Deshmukh said 100X.VC has done transformational work in the early-stage ecosystem since their launch 3 years ago and HDFC hopes to leverage their expertise in mentoring startups identified by HDFC bank.
“Together, we hope to continue growing our objectives of contributing to the Indian start-up ecosystem,” said HDFC Bank Branch Banking Head – Maharashtra Abhishek Deshmukh.
Commenting on the collaboration with HDFC Bank, 100X.VC Founder and CFO Yagnesh Sanghrajkaat said the company is excited to join hands with HDFC Bank in line with the Bank’s ‘SmartUp’ initiative.
“Under this programme, we will jointly nurture emerging start-up ideas, cultivate them with 100X.VC first cheque seed capital and HDFC Bank’s banking services and access to credit seamlessly. 100X.VC and HDFC Bank are fully invested in the development of great ideas. The mentoring & resources provided under this program will ensure that tomorrow’s entrepreneurs are given the freedom to innovate and prosper,” said Yagnesh Sanghrajka.
