Page 24 - Banking Finance September 2022

PRESS RELEASE

IDFC FIRST Bank Partners LetsVenture to Support Startups

IDFC FIRST Bank and LetsVenture, India’s leading early-stage expected to play a pivotal role in driving our economic
platform for investors and founders have announced a growth to the aspirational $5 trillion mark. In the last year,
partnership to explore synergies and support the startup the number of DPIIT registered startups have increased
ecosystem by offering curated products and solutions to from ~66000 to ~75000. Given the efforts Government has
startups, founders and investors. taken to boost the startup ecosystem in the country, it is
likely to continue growing.”
A Memorandum of Understanding to work on areas of
mutual interest was signed between IDFC FIRST Bank “Startup needs are different from traditional businesses as
LetsVenture Technologies at LetsVenture’s flagship event, they are innovation oriented and tech-driven. They invest
‘LetsIgnite’, for startups and founders in Bengaluru. aggressively in growth and quickly move across the life
stages, hence from a banking perspective the solutions and
The partnership makes IDFC FIRST Bank a preferred banker
structures need to be aligned. The LetsVenture team has
to all startups on LetsVenture’s Scalix, a newly launched
done commendable work in bridging the gap between
platform that supports the startUp ecosystem through
startups and investors and we believe that such
fundraising solutions, knowledge series, and investor connect.
collaborations will enable the Bank, to support founders in
IDFC FIRST Bank offers customized solutions to startUps
their entrepreneurial journey,” he added.
under its FIRST WINGS program, dedicated to powering the
Shanti Mohan, Co-founder & CEO LetsVenture said, “In the
startup ecosystem. Offerings under FIRST WINGS range
last decade when we founded LetsVenture, our vision was
from providing Zero Balance Startup Current Account with
to make the process of discovery, connect and fundraise
unlimited free IMPS, NEFT, RTGS transactions and doorstep
easy for both the startups and investors. Having worked with
banking for three years, uniquely designed Working Capital
thousands of founders, and a portfolio of 550+ companies,
solutions for Pre-Profit startups, Business Credit Cards for
today our vision is to make the process of starting up easy
Startups with step-up credit, a tailored ‘Founder Success
and efficient for founders. IDFC FIRST Bank, with its focus
Program’ and 40+ ‘Beyond Banking’ offers from its
partners. The Bank’s special ‘Founder Success Program’ on founders, along with the agility to adapt to a maturing
offers knowledge series, masterclasses and networking ecosystem became a natural partner to how we could work
sessions to engage, groom and connect with startups and together to deliver on this goal. We are excited to partner
contribute to their success story. with the team at IDFC and be part of the FIRST WINGS for
the next generation of entrepreneurs who will build the
Bhavesh K Jatania, Head - Startup Banking, IDFC FIRST Bank
next billion-dollar business from India.”
said, “We are committed to building a strong presence in
the startup ecosystem and be recognized as not just The partnership with LetsVenture will enable IDFC FIRST
banking partners but also business partners. Startups are Bank to reach out to startups and offer customised solutions
the backbone of India’s knowledge economy and are that meet the unique needs of across life stage.

Bank of Maharashtra participates in “Swarajya Mahotsav” under the
aegis of ‘Azadi Ka Amrit Mahotsav’

Bank of Maharashtra, participated in “Swarajya Mahotsav” as per the directives of Government of Maharashtra, in its
Head Office, Lokmangal, at Shivajinagar, Pune. Shri A B Vijayakumar and Shri Asheesh Pandey, Executive Directors, Bank
of Maharashtra, led the “Swarajya Mahotsav”. General Managers, Executives and other staff members were present in
the event.
To commemorate “Swarajya Mahotsav” all the staff members assembled and sang the National Anthem at 11.00 am.
This was followed by interaction of Executive Directors with staff members. Bank of Maharashtra has been celebrating
‘Azadi Ka Amrit Mahotsav’ in full fervour across the country through its Branches and Zonal Offices participating in various
programs Viz. Bike Rally with Tiranga, Distribution of Tiranga by staff members to underprivileged people, awareness
programs like flash dance, Nukkad Natak, various social security scheme campaigns etc.

24 | 2022 | SEPTEMBER | BANKING FINANCE