Axis Bank, India’s third largest private bank is organising a networking event ‘Axis Start-up Social’ for Indian entrepreneurs where they can share knowledge and also get assistance from the banking ecosystem.
Last year, the private sector lender launched an innovation lab to hone startups and announced that it will create a dedicated fund to invest in these new-age companies that would benefit its business.
The bank provided a facility of 10,000-sqft lab in Bengaluru with an in-house innovation team, to host a three-month accelerator programme.
Starting today in Bengaluru, the objective of this platform is to provide an opportunity for startups to network and share knowledge. Through its innovation lab, Thought Factory, Axis bank looks to aid startups to expand, besides opening up avenues with potential investors and companies.
“We hope to provide the much required, ‘extra edge’ to the start-up community by handholding them, sharing knowledge and providing the required financial solutions,” said Sidharth Rath, Group Executive, corporate and transaction banking, Axis Bank.
He further added, “Through Axis Start-up Social, we endeavour to create an ecosystem to encourage innovation and the next-level- of-growth opportunities to start-ups that are ready to take that leap.”
Last month, HDFC Bank launched a fund for startups with an initial corpus of $25-30 million. Prior to that, the bank launched SmartUp zones in its branches across India to provide tailor-made banking and advisory solutions to start-ups through these SmartUp zones.
Launched by NITI Aayog Additional Secretary Yaduvendra Mathur, SmartUp zones is dedicated to start-ups and will be launched in over 65 branches in 30 cities across India, including tier 2 and 3 cities that are emerging as startup hubs in its first phase.
The report was first published in ET.