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HDFC Bank rolls out smart zone for startups
Private sector HDFC Bank on Wednesday rolled out SmartUp Zone for startups in Hyderabad. Established at the bank’s Gachbowli branch in the city, this dedicated zone will offer tailor-made banking and advisory solutions to the new age entrepreneurs.
Hyderabad: Private sector HDFC Bank on Wednesday rolled out SmartUp Zone for startups in Hyderabad. Established at the bank’s Gachbowli branch in the city, this dedicated zone will offer tailor-made banking and advisory solutions to the new age entrepreneurs. It will also help startups secure The launch is a part of HDFC Bank’s plan to open such exclusive zones for startups at more than 65 branches in 30 cities across India. Some of these zones will come up in tier 2 and 3 cities as well, with an aim to encourage startups in fintech, meditech and other areas.
“We will soon have two more SmartUp Zone facilities at Hitech City and Silicon Valley branches in the city. Our plan is to eventually roll out such zones in 15 branches in Andhra Pradesh and Telangana,” Madhusudan Hegde, Branch Banking Head (South), HDFC Bank, told the media here on Wednesday.
He said specially-trained staff would be deployed at the zone to handle the requirement of startups and their founders. The bank fine-tuned the SmartUp product suite to include escrow accounts for investors and demat shares for these unlisted companies for raising funds.
As per the bank’s estimates, there are 1,200 startups in two Telugu states. Of them, 225 startups already have relationship with the bank. “This new initiative is part of a larger effort by HDFC Bank to create an ecosystem to nurture the spirit of innovation and enterprise in the startup space. It will help the bank to extend its support to more startups in the Telugu states,” he explained.
