HDFC Bank Announces Recipients of Parivartan Startup Grants

HDFC Bank, the premier private sector bank in India, revealed the victors of its Parivartan Startup Grants initiative for FY2024. The bank disclosed in a statement today, May 8, that this year, 41 incubators and accelerators dedicated to social impact entrepreneurship will be bestowed with grants amounting to Rs 19.6 crore to bolster 170 startups operating within specific focal areas.

Geographical Diversity of Awardees

While the majority of the funded startups hail from Maharashtra, a significant number also originate from various other states such as Uttar Pradesh, Tamil Nadu, Karnataka, Rajasthan, Delhi, and Haryana. Surprisingly, over 60 tier II/III cities serve as the base for more than half of these 170 startups.

Emphasis on Social Innovation

Nusrat Pathan, the head of CSR at HDFC Bank, underscored the significance of the Parivartan Startup Grants program in nurturing social innovation and fostering positive societal transformation. Pathan remarked, “Innovation is paramount in addressing the developmental needs of society. Through strategic partnerships and focused investments, we aspire to nurture and amplify the impact of innovative social startups across pivotal sectors, ultimately contributing to a more sustainable and inclusive future for all.”

Focus Areas of Grants

The grants for the year 2024 are allocated towards initiatives encompassing climate innovation, financial inclusion, agriculture, sustainable rural economy, accessible and affordable healthcare, education and livelihood enhancement, and gender diversity and inclusion.

Recipients and Collaborations

Leading and emerging incubators like HTIC at IIT Madras, Awadh at IIT Ropar, T-Hub (Hyderabad), FITT – IIT Delhi, RISE Foundation at IISER (Kolkata), VJTI (Mumbai), Forge Forward (Coimbatore), and NTIBIF at NIFTEM (Kindli) were among the beneficiaries of this year’s grants. Notably, several high-impact tracks were developed in partnership with the Goa Startup Mission, MoFPI, NSDC, RBI-H, and other pivotal organizations.

Commitment to Social Transformation

Arup Rakshit, the group head of treasury at HDFC Bank, reiterated the bank’s commitment to supporting social startups catalyzing positive change in communities. Rakshit affirmed, “We are dedicated to nurturing and strengthening India’s entire startup ecosystem by extending support to sponsoring incubators and accelerators. With the HDFC Bank Parivartan Startup Grants, our aim is to empower these forward-thinking initiatives to make a substantial impact and forge a brighter future for all.”