Guwahati: HDFC Bank announced today the signing of a memorandum of understanding with 100X. VC, a premier early-stage venture capital company, to deepen its engagement with the startup ecosystem.
HDFC Bank and 100X.VC will collaborate in mutually advantageous areas under this MoU.
The MoU was signed in the presence of Mr. Sanjay Mehta, Founder & Partner, 100X.VC; Mr. Ninad Karpe, Partner, 100X.VC; and other senior bank officials by Mr. Abhishek Deshmukh, Branch Banking Head – Maharashtra, and Mr. Yagnesh Sanghrajka, Founder & CFO, 100X.VC.
All of the venture capital firm’s investee firms will be recommended to use HDFC Bank as their primary bank. The bank seeks to improve the ecosystem by fostering innovation and entrepreneurship through such partnerships. HDFC Bank and 100X.VC will also collaborate on start-up initiatives like as Master Classes. Furthermore, the bank will review start-ups suggested to it by 100X.VC for investment and loan extension.
Mr. Abhishek Deshmukh, Branch Banking Head – Maharashtra, HDFC Bank, stated on the occasion, “India is among the world’s largest and fastest-growing start-up ecosystems.” 15 start-ups have emerged as unicorns in the first half of 2022 alone.
We have witnessed the resuscitation of the start-up ecosystem in the last decade, with a more sustainable business model in the shape of venture capital.
Since its inception three years ago, 100X.VC has done transformative work in the early-stage ecosystem, and we want to use their experience in mentoring start-ups chosen by HDFC bank. Together, we intend to expand our goals of contributing to the Indian start-up ecosystem.” Mr. Yagnesh Sanghrajka, Founder and CFO of 100X.VC, commented on the partnership with HDFC Bank, saying, “We are thrilled to join hands with HDFC Bank in accordance with the Bank’s ‘SmartUp’ strategy.”
Under this initiative, we will grow budding start-up concepts in collaboration with 100X.VC first cheque seed funding and HDFC Bank’s banking services and credit access. 100X.VC and HDFC Bank are entirely committed to the creation of exceptional ideas. This program’s coaching and tools will ensure that tomorrow’s entrepreneurs have the flexibility to create and flourish.”