IDFC First Bank to offer banking, fundraising solutions to startups, investors
- Under the MoU, IDFC First Bank will offer curated products and solutions to startup founders and investors, while LetsVenture will promote the bank as the preferred banker to all users across its Scalix platform.
IDFC First Bank on Wednesday signed an MoU with an early-stage platform for investors and founders, LetsVenture to explore synergies and support the startup ecosystem by offering curated products and solutions to startup founders and investors. The two companies will explore synergies and work together via the recently-launched SaaS product by LetsVenture, called Scalix. Under the MoU, IDFC First Bank will offer curated products and solutions to startup founders and investors, while LetsVenture will promote the bank as the preferred banker to all users across its Scalix platform.
The deal will enable IDFC FIRST Bank to offer bespoke banking solutions under its First Wings Program for Startups.
Bhavesh K Jatania, Head - of Startup Banking, IDFC FIRST Bank, said, “We are committed to building a strong presence in the startup ecosystem and be recognized as not just banking partners but also business partners. Startups are the backbone of India’s knowledge economy and are expected to play a pivotal role in driving our economic growth to the aspirational $5 trillion mark. In the last year, the number of DPIIT registered startups have increased from ~66000 to ~75000. Given the efforts Government has taken to boost the startup ecosystem in the country, it is likely to continue growing.”
Through the partnership with LetsVenture, IDFC First Bank will be able to reach out to startups and offer customized solutions that meet the unique needs of startups across life stages.
Both IDFC First Bank and LetsVenture via Scalix will support the startup ecosystem with banking support, fundraising solutions, knowledge series, and investor connect as part of the MoU.
Shanti Mohan, Co-Founder & CEO LetsVenture, said, “In the last decade when we founded LetsVenture, our vision was to make the process of discovery, connect, and fundraise easily for both the startups and investors. Having worked with thousands of founders, and a portfolio of 550+ companies, today our vision is to make the process of starting up easy and efficient for founders. IDFC FIRST Bank, with its focus on founders, along with the agility to adapt to a maturing ecosystem became a natural partner to how we could work together to deliver on this goal. We are excited to partner with the team at IDFC and be part of the FIRST WINGS for the next generation of entrepreneurs who will build the next billion-dollar business from India.”
The MoU was signed at the recently concluded flagship event of LetsVenture - LetsIgnite.
On BSE, IDFC First Bank was at ₹45.95 apiece up by 2%. The bank's market cap is around ₹28,577.62 crore.
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First Published:17 Aug 2022, 03:42 PM IST
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