HDFC Bank gives SmartUp Grants worth Rs 5 cr to 20 social sector start-ups

HDFC Bank has disbursed SmartUp grants cumulatively worth Rs 5 cr to start-ups working in the social sector, a company release said. Offered under the aegis of Parivartan -- the umbrella name for the bank’s social initiatives -- these grants are helping to nurture start-ups that offer unique solutions to bring about sustainable change in society and the environment, the release claimed.

In Bengaluru, 20 start-ups were awarded these grants taking the total tally to over 60 starts-ups, the release said.  The grants were awarded after 30 shortlisted start-ups made presentations to a jury panel.

The Bank works through incubators such as IIT Kanpur, T -Hub, KIIT TBI, Villgro, IIM Ahmedabad, IIM Bangalore, BITS Pilani, to name just a few, to identify start-ups in the social sector.

These start-ups were shortlisted on the basis of sustainability of the idea, potential to scale up, how does it benefit the society and environment and uniqueness of the project, the release said.

In the past, Smart-Up grants have been given to some unique ideas by start-ups working on innovative solutions in tackling climate change, waste management, skills training and enhancing livelihood, the release said.

Previously, these grants were given to startups from Mumbai, Pune, Delhi, Jamshedpur, Kalahandi in Odisha, Kochi, Thiruvananthapuram and Hyderabad, among others.

One of the companies to receive a grant is Bleetech, a start-up that works on need-based technological solutions in the social sector for the deaf.

Another example is Kriya Labs, that’s developing a processing technology to convert agro-waste like rice straw into pulp — which can then be used to make several biodegradable products like cups, plates and other tableware, the release said.

“The SmartUp grants are part of Bank’s endeavor to further deepen our relationship with the start-up eco-system in India, " Smita Bhagat, Country Head, Government & Institutional Business, e-commerce and start-ups at HDFC Bank said.

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"We realize there are start-ups who are working on innovative solutions to bring a sustainable change in the society. Therefore, these grants are a small token of our appreciation and encouragement to start-ups in social sector to pursue ideas that’s benefits the society,” she said.