HDFC Announces Eighth Edition of Grants Program to Support Social Impact Startups Through the program, startups are poised to collect grants of up to INR 50 lakh, with a total program budget being INR 20 crore.
By Maya Ghatge
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HDFC Bank has announced the launch of the eighth edition of its flagship 'Parivartan Start-up Grants' program, with more than 15 incubators and accelerators onboarded to support close to 60 startups operating in the social impact sector
Through the program, startups are poised to collect grants of up to INR 50 lakh, with a total program budget being INR 20 crore.
IIT Madras, IIM Ahmedabad Ventures, Villgro, ICAR Pusa Krishi, IIT Guwahati Bionest, ASPIRE – University of Hyderabad, IIM-Calcutta Innovation Park, i-Hub Gujarat, Kerala Start-Up Mission, IFMR Catalyst AIC are among the incubators shortlisted so far for the program.
HDFC said that the incubators would accept applications from social BIZ Experiencess, with the initiative culminating in a series of 'Demo Day' events with startups showcasing to the bank, investors, corporates, and members of the media for wider visibility.
HDFC also mentioned that in line with its commitment to sustainable development and the UN's Sustainable Development Goals (SDGs), the program will focus on AI for social good, climate innovation, financial inclusion, agriculture and sustainable rural economy, education, livelihood enhancement, gender diversity, and inclusion.
Selected start-ups will be representing various regions of India, including Maharashtra, Karnataka, Tamil Nadu, Rajasthan, Uttar Pradesh, Delhi, Haryana and the North-East region states.
"Our Parivartan Start-up Grants program is a testament to our commitment to fostering innovation and addressing critical societal needs. By nurturing social start-ups that are implementing solutions aimed at achieving SDG targets, we aim to support the creation of sustainable, inclusive solutions for communities across India," said Kaizad Bharucha, DMD, HDFC Bank.
"Through strategic partnerships with incubators and accelerators, we are building a robust start-up ecosystem. The program empowers BIZ Experiencess with resources and visibility, enabling them to scale impactful solutions and contribute to India's development journey. Through the Parivartan Start-up Grants program we aim to empower these innovative ventures to make a meaningful impact and create a better future for all," said Arup Rakshit, Group Head, Treasury, HDFC Bank.
Since 2017, the program has supported over 400 start-ups through more than 120 incubators nationwide.
