HDFC Bank gives SmartUp Grants worth Rs 5 cr to 20 social sector start-ups
Over 60 start-ups in Social change space offered grants over last 3 years; grants given to start-ups in Mumbai, Pune, Delhi, Jamshedpur, Kalahandi in Odisha, Kochi, Thiruvananthapuram and Hyderabad
HDFC Bank has disbursed SmartUp grants cumulatively worth Rs 5 cr to start-ups working in the social sector, a company release said. Offered under the aegis of Parivartan -- the umbrella name for the bank’s social initiatives -- these grants are helping to nurture start-ups that offer unique solutions to bring about sustainable change in society and the environment, the release claimed.
In Bengaluru, 20 start-ups were awarded these grants taking the total tally to over 60 starts-ups, the release said. The grants were awarded after 30 shortlisted start-ups made presentations to a jury panel.
The Bank works through incubators such as IIT Kanpur, T -Hub, KIIT TBI, Villgro, IIM Ahmedabad, IIM Bangalore, BITS Pilani, to name just a few, to identify start-ups in the social sector.
These start-ups were shortlisted on the basis of sustainability of the idea, potential to scale up, how does it benefit the society and environment and uniqueness of the project, the release said.
In the past, Smart-Up grants have been given to some unique ideas by start-ups working on innovative solutions in tackling climate change, waste management, skills training and enhancing livelihood, the release said.
Previously, these grants were given to startups from Mumbai, Pune, Delhi, Jamshedpur, Kalahandi in Odisha, Kochi, Thiruvananthapuram and Hyderabad, among others.
One of the companies to receive a grant is Bleetech, a start-up that works on need-based technological solutions in the social sector for the deaf.
Another example is Kriya Labs, that’s developing a processing technology to convert agro-waste like rice straw into pulp — which can then be used to make several biodegradable products like cups, plates and other tableware, the release said.
“The SmartUp grants are part of Bank’s endeavor to further deepen our relationship with the start-up eco-system in India, " Smita Bhagat, Country Head, Government & Institutional Business, e-commerce and start-ups at HDFC Bank said.
See Zee Business Live TV Streaming Below:
"We realize there are start-ups who are working on innovative solutions to bring a sustainable change in the society. Therefore, these grants are a small token of our appreciation and encouragement to start-ups in social sector to pursue ideas that’s benefits the society,” she said.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
PM Modi has invested in this post office scheme; know his total worth as per Lok Sabha elections 2024 affidavit
SRH vs GT IPL 2024 Ticket Booking Online: Where and how to buy SRH vs GT tickets online - Check IPL Match 66 ticket price, other details
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
Gold and Silver rate today (May 13, 2024): Precious metal under pressure; yellow metal near Rs 72,400, white metal above Rs 84,600
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
TBO Tek IPO Listing LIVE Update: Bumper Debut! Share list at 55% premium - Buy, sell or hold? Check Anil Singhvi's view
06:21 PM IST