Private lender RBL Bank has partnered with Start-Up India campaign, in a bid to ensure funding for top 20 innovative start-ups. This funding will be initiated via three-month intensive programme, InFinIT20.
The programme is aimed at boosting the emerging start-ups working in sectors such as Artificial Intelligence, Machine Learning, financial inclusion, digital payments, digital contracts, digital lending, blockchain etc.
“As per recent statistics, 55 per cent of funded startups failed last year which indicates that investment is not the primary factor contributing to a successful business – mentorship and good strategy plays a critical role as well. Experienced mentors can help the founding start-up team address the unique challenges of each stage of growth. We are a young bank and a lot of our own growth and scaling up has been because of our own startup mentality,” said Rajeev Ahuja, Executive Director, RBL Bank.
The initiative will enable the bank in collaborating with start-ups for seven years and also offer domain expertise that will help them in growing their business.
The professional expertise that the start-ups will avail through the programme will catalyse its growth in future. The bank is already in partnership with 1,000 Indian start-ups.
“This program will assist startups in receiving full-fledged guidance from experienced professionals in the fintech space. The goal is to help the startups create meaningful strategies and successful businesses,” said Anil Agrawal, Joint Secretary, Department of industrial policy and promotion, Ministry of commerce and industry.
The enroll in InFinIT20, start-ups can apply till February 28.