Mumbai, February 10: With an aim to help and empowering social sector startups in India, HDFC Bank has launched an initiative and has invited applications for the same. We are aware that India is home to one of the largest startup ecosystems in the world.The HDFC Bank has invited applications from startups across all sectors and solo entrepreneurs for its SmartUp grants.
The SmartUp grants by HDFC Bank under #Parivartan --the bank's umbrella CSR brand. It is aimed at finding and deploying long-term, sustainable solutions at scale, to address social issues and contribute to the economic and social development of the country, the bank said in a statement.
This year, the HDFC bank informed that it will focus on start-ups creating social impact at scale in sectors such as Education - technology (ed-tech) and skill development, among others. Reports inform that the startups will be evaluated basis their market reach, penetration and scalability of the product, degree of social impact in beneficiaries’ lives and economic viability of product at scale.
The HDFC Bank has partnered with nine start-up incubators registered with Govt of India's MeitY platform to screen, mentor, and monitor start-ups. The nine incubators are from premier institutes and include IIT - Delhi, IIT - BHU, AIC BIMTECH Noida, IIM Kashipur, GUSEC Gujarat, C-CAMP Bangalore, Banasthali University - Jaipur, Villgro Incubation - Chennai, and T-HUB Hyderabad.
Here’s how startups can apply for the HDFC Bank’s SmartUp grants:
- The startups in India can apply for the HDFC Bank’s SmartUp grants on February 16.
- After the application process, the bank and incubators will jointly reach out and engage with them through the SmartUp portal hosted on Ministry of Electronics and Information Technology's website.
- The incubator partners will then screen and shortlist applications and the SmartUp team will select finalists.
- Thereafter, finalists will pitch their startups to a jury comprising the senior management of the bank.
- It must be noted that the startups will be evaluated basis their market reach, penetration and scalability of the product, degree of social impact in beneficiaries’ lives and economic viability of product at scale.
Smita Bhagat, Country Head - Government, E-commerce and Start-ups, HDFC Bank, said: "Enterprises working in the social sector are doing commendable work in changing the lives of millions of Indians. SmartUp grants is one way of offering our support and encouragement in this journey. We want to be a pillar of support for social entrepreneurs who want to bring a positive change to the society."