Kerala Startup Mission (KSUM) has entered into a memorandum of Understanding (MoU) with HDFC Bank to facilitate an array of banking services to startups in the state through its smart solution SmartUp.
SmartUp is leveraged to assist in achieving startup goals with smart financial tools, advisory services and technology.
HDFC Bank has developed a specialized end-to-end banking solution for startups, which includes corporate salary accounts, forex advisory services, payment and collections solutions and point of sale terminals (POS) at preferred rates and nodal accounts for market places among others.
Dr Saji Gopinath, CEO, KSUM, and Mr. Arun Mediratta, Branch Banking Head – South, HDFC Bank, signed the agreement at a function held at Thiruvananthapuram.
As per the MoU, which has a time-frame of one year, KSUM will refer various startups to HDFC Bank to avail, inter-alia, financial and other facilities and HDFC Bank shall provide the necessary facilitation to the startups.
“This initiative will help startups get support from HDFC bank on evaluating their products, get market access and scale their product globally. We look forward to a fruitful association with them,” Dr Saji said.
Mr Arun said, “We thank KSUM for giving us an opportunity to work with them. Through this tie-up, we will not only offer a host of banking services but also offer startups access to customers of the bank through the SmartBuy platform. This is part of our ongoing effort to support the startup culture in Kerala, and it is another sign of our strong commitment to the state.”
The bank would provide an opportunity for startups registered with KSUM to pitch their solutions to requisite stake holders and will work towards providing them an opportunity to showcase their solutions.
In addition, HDFC Bank will extend incubation and acceleration support to all startups banking with them. The bank is having third party alliances to provide discounts for startups across key business support functions like shared work spaces, digital marketing, web services, patent filing, content writing, tax and legal advisory among others.
HDFC Bank will enable startups to list on their Smart Buy platform, which provides them access to 40 million-plus customers of the bank, for growth and visibility.
Through its mentorship programme, the bank can help startups get mentoring by its senior management. It will also set up fintech innovation centre and run corporate innovation programme with KSUM to scout startups.
KSUM is the nodal agency of Government of Kerala for entrepreneurship development and incubation activities in the state.