The Department for Promotion of Industry and Internal Trade (DPIIT) has signed a Memorandum of Understanding (MoU) with HDFC Bank to offer startups comprehensive banking and financial services. This collaboration aims to bolster India’s startup ecosystem through knowledge-sharing, mentorship, and capacity-building programs that promote innovation and growth.
Under this partnership, startups will gain access to customized banking solutions tailored to their unique needs, including working capital, credit access, and cash flow management. HDFC Bank’s extensive network and resources will enable startups to scale operations, attract investments, and strengthen their market presence.
Sanjiv Singh, Joint Secretary of Startup India, emphasized the initiative’s significance, stating, “India’s startup ecosystem is a cornerstone of the country’s innovation-driven economy. Empowering startups remains a top priority for DPIIT, and strategic alliances like this are critical for creating a robust entrepreneurial ecosystem.”
Dr. Sumeet Kumar Jarangal, Director of Startup India, highlighted the partnership’s role in addressing key challenges such as funding and financial management. He stated, “By leveraging HDFC Bank’s expertise and resources, we aim to provide startups with easy access to financial services and innovative solutions, fostering an environment conducive to success.”
Sunali Rohra, Head of Government & Institutional Business, Start-ups & Gig Banking at HDFC Bank, expressed the bank’s commitment to enhancing the startup landscape. She noted that DPIIT-supported startups would benefit from a customized suite of products designed to accelerate their growth and development.
This alliance marks a significant step forward in positioning India as a global hub for startups, strengthening the support system for innovation-driven growth.
