This collaboration will empower IIIT Delhi and its Incubation Centre to enhance their mentoring programs for startups, gain valuable insights from industry experts, and discover additional avenues for investment and funding that can be advantageous for startups.
In a significant stride towards nurturing the growth of the startup ecosystem in India, the IIITD Innovation and Incubation Centre (IIITD-IC), a section 8 company backed by the Indraprastha Institute of Information Technology Delhi (IIITD), has formalized a Memorandum of Understanding (MoU) with YES BANK.
In the framework of this collaboration, YES BANK is set to extend top-tier banking services to startups in their developmental stages at IIITD-IC through its YES HeadStartup program. This dedicated program is tailored to meet the specific needs of startups and offers a versatile range of solutions.
Among these offerings are a unique salary account proposition designed for startups with as few as five employees, a flexible credit card limit for both business and personal purposes, and access to an API Sandbox facility, which allows for seamless integration of financial services into digital applications.
"YES BANK has brought the bank to startups, adopting a horizontal approach and bundling up the most lucrative features possible. Our aim is to bridge the gap between startups and corporates with the right and in-time mentorship. This initiative will enable entrepreneurs with validation and market traction, along with the knowledge and skill required to thrive in this mushrooming economy,” he adds.
This collaborative effort is aimed at enhancing the performance and success of selected startups, enabling them to achieve higher revenue generation, growth, and the ability to attract top talent. By combining the strengths of both organizations, startups will gain improved access to larger networks, industry collaborators, and essential resources, which will contribute to their scaling journey.
YES BANK stands as one of the pioneering financial institutions in the nation to develop a specialized program dedicated to startups, having carefully assessed their unique banking requirements. The YES HeadStartup program is an innovative initiative tailored to address the banking needs of the new-age economy. It offers a range of exceptional solutions for startups, encompassing traditional bank accounts as well as cutting-edge digital banking services like API banking.
Through appropriate banking solutions, entrepreneurs can now better manage their finances and utilize allocated funds effectively. YES BANK is also among the early adopters of the Credit Guarantee Scheme for Startups (CGSS), offering budding enterprises support to scale up and progress along their trajectory from ideas to initial public offerings (IPOs).
In addition to the foundational support provided through their engagement with IIITD-IC, startups will gain access to domain-specific mentors with expertise in financial prudence, business knowledge, financial operations, regulatory compliance, and more.
Moreover, angel investors and venture capitalists (VCs) will have the opportunity to connect with well-equipped startups. This guidance and industry-driven expertise will assist startups in overcoming operational and growth-related challenges, leading to informed decision-making. These introductions will expand the startups' network within the entrepreneurial ecosystem, unveiling new avenues for business opportunities, collaborations, partnerships, and potential customer connections.
