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HDFC Bank signs MoU with 100X.VC for start-up support
June 15, 2022
Private sector lender HDFC Bank has announced the signing of a memorandum of understanding with 100X.VC, a notably early-stage venture capital firm, to further its engagement with the start-up ecosystem in the country.
The bank announced the provision of its comprehensive package of specific services and facilities customized for start-ups, branded as ‘Smart Up’, for all endeavors partnered with the investment firm. It likewise reported it would give extra credits to these start-ups and assess their investment potential.
HDFC Bank and 100X.VC will collaborate in mutually advantageous areas because of this MoU. All of the funding company’s investee firms will be advised to use HDFC Bank as their primary bank. The bank looks to work on the ecosystem by fostering innovation and entrepreneurship through such partnerships, the statement from the organizations said.
The bank will also access 100X.VC-recommended start-ups for investment and loan extension opportunities. Furthermore, HDFC Bank and 100X.VC will likewise work together on initiatives, for example, Master Classes for start-up enterprises in the country.
The MoU was signed within the presence of Abhishek Deshmukh, Branch Banking Head – Maharashtra, and Yagnesh Sanghrajka, pioneer and CFO, 100X.VC and Sanjay Mehta, founder and Partner, 100X.VC; Ninad Karpe, Partner,100X.VC, among other senior bank officials.
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