HDFC Bank announced the launch of its sixth annual grants program for social startups in partnership with the Government of India’s flagship initiative ‘Startup India’. Known as Parivartan SmartUp Grants, the program aims to identify startups working in the social impact space and support them through monetary grants to their incubators.
HDFC’s Social Initiatives:
The grants have been offered under the aegis of Parivartan, the umbrella name for the bank’s social initiatives. So far, the bank has disbursed over INR 30 crore to more than 45 incubators which supported over 165 startups working in areas like environment, agri-business, ed-tech, waste management, healthcare, and skill development sectors.
This Year’s Focus:
This year the bank will also focus on building capacities of incubators and startups working in tier-II & III cities. Through selected incubator partners, the bank will fund social impact startups developing solutions in environmental conservation, affordable healthcare, sustainable rural economy, technologies for better governance, economic growth of SMEs, gender diversity and inclusion space.
Its Startup Fund:
The bank has been enabling startups through its state-of-the-art SmartUp program, which provides specialised banking and value-added services to entrepreneurs. It aims to assist startups in achieving their goals through the bank’s well renowned and highly advanced smart financial tools, advisory services, and technology.
Extent Of These Initiatives:
Through various CSR initiatives, It has impacted the lives of over 9.6 crore people across the country. It aimed to achieve positive change in people’s lives through direct and indirect interventions through Parivartan, empowering them to become self-sufficient and integrated into society. By announcing partnership with Startup India for the 6th Parivartan SmartUp Grants which would help socially conscious businesses to achieve their vision and mission.