Kotak Securities Ltd (KSL) today announced the launch of its start-ups investment and engagement programme dedicated to the fintech companies.
For kickstarting this, KSL has formed an exclusive Corporate Development Department (CDD) with an initial investment amount of Rs 50 crore.
“Through this programme, KSL will be incubating and investing in innovative fintech and technology startup companies,” said Kotak Securities in its official communique.
Jaideep Hansraj, MD and CEO of Kotak Securities stated that broking and distribution business has lately become a technology-driven game and the trend has acquired further acceleration in the new normal.
“We strongly believe technology innovation will gauge the competitiveness of a broking firm; however, developing technology involves money and time. It is with this purpose that we have launched our investment and engagement programme where we will partner and pick a minority stake in fintech companies that make strategic sense to Kotak Securities,” said Hnasraj.
Via this initiative, KSL will be launching incubation and accelerator programmes, hackathons, networking events, pitching sessions and demo day programmes for budding startups in-house along with other incubators.
As per the statement, there will be a separate section in the KSL website where interested star-tups will be able to register and submit innovative ideas and products for further evaluation and find various updates under this programme.