Partnership: HDFC Bank & Startup India for Parivartan SmartUp Grants
The flagship initiative of the Indian government, “Startup India,” and HDFC Bank have partnered to establish the sixth annual grants programme for social enterprises. The Parivartan SmartUp Grants initiative seeks to find companies engaged in social impact and to support them by providing financial grants to their incubators.
The grants have been made available under Parivartan, the bank’s general name for its philanthropic projects. The bank has so far given more than Rs 30 crore to more than 45 incubators, supporting more than 165 start-ups in industries like waste management, healthcare, ed-tech, and skill development. Through its cutting-edge SmartUp programme, which offers businesses specialized banking and value-added services, the bank has been supporting startups. Through the bank’s recognised and highly sophisticated smart financial tools, consulting services, and technology, it seeks to help start-ups achieve their objectives.
As of FY22, we had a positive impact on the lives of nearly 9.6 crore individuals nationwide through our numerous CSR projects. Through direct and indirect interventions, such as Parivartan, we seek to enable individuals to transform their lives for the better and integrate them into society. According to Nusrat Pathan, Head of ESG & CSR at HDFC Bank, “We are pleased to announce our partnership with Startup India for our 6th Parivartan SmartUp Grants, which will assist socially responsible entrepreneurs in realizing their goals.”
Incubators and the Indian government have been instrumental in building an environment that supports entrepreneurs on their journey. The struggle is, to put it mildly, more difficult when the problem statement refers to a social purpose or reason. Through the SmartUp awards programme, we have contributed in some little way over the previous five years to filling the funding gap for these social impact enterprises. With the sixth edition, we work to provide more efficient and effective results for all, with the help of our incubator partners and support from Startup India.
The bank will put additional emphasis this year on enhancing the capabilities of entrepreneurs and incubators operating in tier-II and tier-III cities. The bank will provide financial support to social impact businesses working on cheap healthcare, sustainable rural economies, technologies for improved governance, SMEs’ economic growth, and gender diversity and inclusion. This support will come from a small group of incubator partners.
Applications for incubators can be submitted online by going to the Start Up India website. It will be announced who won in February 2023. Details about the application are available here:
https://www.startupindia.gov.in/content/sih/en/ams-application/challenge.html