Memorandum of Understanding signed between HDFC Bank and 100X

HDFC Bank, a private sector bank, has inked an agreement with 100X.VC, a premier early-stage venture capital firm, to support start-ups. The bank will extend its full array of specialised services and facilities targeted for start-ups, known as Smart-Up, to all enterprises linked with 100X.VC under the terms of the deal. In addition, the bank will issue further credit lines and assess investment potential in these businesses.

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KEY POINTS:

• HDFC Bank and 100X.VC will collaborate in mutually advantageous areas under the terms of the agreement. For all of its investee companies, the venture capital firm will propose HDFC Bank as the primary bank.
• India is one of the world’s largest and fastest-growing start-up ecosystems, said Abhishek Deshmukh, Branch Banking Head – Maharashtra, HDFC Bank.
• 15 unicorn start-ups have developed in the first half of 2022 alone. A resurgence of the start-up ecosystem in the last decade has been seen, with a more sustainable business model in the shape of venture capital.
• Since their founding three years ago, 100X.VC has done transformative work in the early-stage ecosystem, and aim to benefit from their expertise in mentoring start-ups chosen by HDFC bank.
• 100X.VC are pleased to join hands with HDFC Bank in accordance with the Bank’s ‘SmartUp’ programme, stated Yagnesh Sanghrajka, Founder and CFO of 100X.VC.
• They will work together to develop promising start-up concepts, providing them with 100X.VC first cheque seed funding as well as HDFC Bank’s banking services and credit access.
• 100X.VC and HDFC Bank are both totally committed to the growth of great ideas.

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