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Which Bank 100X.VC sign MoU to collaborate on start-up support?
Axis Bank
Kotak Mahindra Bank

Correct Answer : Option (A) - HDFC Bank

Private sector lender HDFC Bank has announced the signing of a memorandum of understanding with 100X.VC, a notable early-stage venture capital firm, to further its engagement with the start-up ecosystem in the country.
The bank announced the provision of its comprehensive package of specialised services and facilities customised for start-ups, branded as ‘Smart-Up’, for all enterprises affiliated with the venture capital firm. It also announced it would issue additional loans to these start-ups and evaluate their investment potential.
HDFC Bank and 100X.VC will collaborate in mutually advantageous areas as a result of this MoU. All of the venture capital firm's investee firms will be advised to use HDFC Bank as their primary bank. The bank seeks to improve the ecosystem by fostering innovation and entrepreneurship through such partnerships, the statement from the companies said.
The bank will also assess 100X.VC-recommended start-ups for investment and loan extension opportunities. Additionally, HDFC Bank and 100X.VC will also collaborate on initiatives such as Master Classes for start-up enterprises in the country. 
The MoU was signed in the presence of Abhishek Deshmukh, Branch Banking Head - Maharashtra, and Yagnesh Sanghrajka, founder & CFO, 100X.VC and Sanjay Mehta, founder & Partner, 100X.VC; Ninad Karpe, Partner,100X.VC, among other senior bank officials..

Source : Business Today

Published On : June 16, 2022
Category : Banking