As a preferred banker on LetsVenture's Scalix platform, IDFC FIRST Bank will offer customised solutions to start-ups
IDFC FIRST Bank and LetsVenture, an early-stage platform for investors and founders, have announced a partnership to support the start-up ecosystem by offering curated products and solutions to start-ups, founders and investors. Through this partnership, LetsVenture will enable IDFC FIRST Bank to reach out to start-ups and provide customised solutions that meet the unique needs across a start-up's life stage.
The two signed a Memorandum of Understanding during the LetsIgnite event in Bengaluru, making IDFC FIRST Bank a preferred banker to all start-ups on LetsVenture's Scalix. This platform supports the start-up ecosystem through fundraising solutions, knowledge series, and investor connections.
IDFC FIRST Bank offers customised solutions to start-ups under its FIRST WINGS programme. It includes providing Zero Balance Startup Current Account for three years, working capital solutions for pre-profit start-ups, business credit cards with step-up credit, a tailored 'Founder Success Program' and 40+ 'Beyond Banking' offers from its partners.
The Bank's 'Founder Success Program' offers knowledge series, masterclasses and networking sessions to engage, groom and connect with start-ups and contribute to their success story. Bhavesh K Jatania, Head - of Startup Banking, IDFC FIRST Bank, said, "Start-ups are expected to play a pivotal role in driving our economic growth to the aspirational $5 trillion mark. In the last year, the number of DPIIT registered start-ups have increased from around 66,000 to 75,000."
He added that start-up needs differ from traditional businesses as they are innovation-oriented and tech-driven. They invest aggressively in growth and quickly move across the life stages; hence from a banking perspective, the solutions and structures need to be aligned.
"The LetsVenture team has done commendable work in bridging the gap between start-ups and investors, and we believe that such collaborations will enable the Bank to support founders in their entrepreneurial journey," Jatania added.
Founded in 2013, LetsVenture is organising India's private market to make fundraising efficient and transparent for start-ups and investors. It is backed by Accel, Chiratae Ventures, Nandan Nilekani, Ratan Tata, Rishad Premji, Mohandas Pai, Sharad Sharma and Anupam Mittal.