RBL Bank has partnered with Startup India campaign to provide funding for top 20 innovative startups through its three-month intensive programme, InFinIT20.
The programme aims at boosting emerging startups working in areas like Artificial Intelligence, Machine Learning, financial inclusion, digital payments, digital contracts, digital lending, blockchain etc.
“As per recent statistics, 55% of funded startups failed last year which indicates that investment is not the primary factor contributing to a successful business – mentorship and good strategy play a critical role as well. Experienced mentors can help the founding startup 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.
Through this programme, RBL Bank will collaborate with startups for seven years and also provide their domain expertise to grow their business.
According to Ahuja, the professional expertise the startups gain through this programme is likely to catalyze their growth in future. RBL bank already has partnership with nearly 1,000 Indian startups.
“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.
Startups can apply for the programme till February 28.