HDFC Bank Ltd has launched SmartUp, a dedicated banking solution for startups, in association with Zone Startups India, a startup accelerator in Mumbai.
SmartUp is tailored to meet all the requirements of a startup – offering banking and payment solutions, along with advisory and forex services. The move is done in a bid to create an ecosystem to nurture the spirit of innovation and enterprise in the startup space.
SmartUp is a complete banking solution for startups. The key benefits of SmartUp current account include:
- Waiver of Average Monthly Balance for the first six months and extendable to 12 months
- Salary Account for employees by waiving the minimum number of employees criterion
- PayZapp for Business – a payment and collection solution
- Dedicated Relationship Manager, recommendation of a Chartered Accountant for Tax, Regulatory and Compliance issues
- Opportunity to showcase products on SmartBuy (HDFC Bank’s exclusive offers platform) to 37 Mn HDFC customers
Smita Bhagat, Branch Banking Head (North) and Co-head, ecommerce, HDFC Bank, said, “We believe startups in India need partners who will be with them right from the start of their entrepreneurial journey, creating solutions that evolve as the company grows.”
SmartUp will be available across India, even in tier-2 and tier-3 cities that are emerging as startup hubs. The product has been developed after talking to a lot of startups and incorporates feedback from young entrepreneurs.
As part of the launch five startups were selected to be on-boarded for HDFC Bank’s SmartBuy-an online marketplace that enables startups to showcase their products and offers to 37 Mn HDFC bank customers. These include-
- ArtZolo: An art marketplace that connects art lovers with art makers/suppliers/galleries.
- BabyChakra: Mumbai-based startup which helps young parents discover and select services for their kids.
- Planet Superheroes: Mumbai-based character merchandising startup.
- Lekiaan: Design furniture startup to make trendy furniture accessible to all.
- Kitki: An experiential education startup which aims to tranform learning through highly engaging broad games.
Zone Startups India (ZSI) is an Indo-Canadian joint venture of Ryerson University, Canada & Bombay Stock Exchange Institute. It accelerates technology startups, with a focus on enterprise technologies, and has already accelerated over 70 startups. Prior to this, in December 2015, it raised about $28 Mn registered with SEBI. Last month, it announced the expansion of its accelerator space with the support of the National Science & Technology Entrepreneurship Development Board (NSTEDB), Government of India.
Prior to this, in January 2016, The State Bank of India launched its first exclusive startup bank branch SBI InCube in Bangalore. It is a specialised branch to understand and address banking needs of startups.
