DPIIT and Yes Bank Join Hands to Boost Startup Ecosystem in India

DPIIT and Yes Bank Join Hands to Boost Startup Ecosystem in IndiaThe Department of Promotion of Industry and Internal Trade (DPIIT) has entered into a Memorandum of Understanding (MoU) with Yes Bank, a private sector lender.

The partership is to promote innovation and extend essential assistance to product startups, innovators, and entrepreneurs nationwide.

The collaboration will utilize DPIIT's Startup India program and Yes Bank's financial capabilities to provide market linkages, access to funding, mentorship, and infrastructure support to early-stage startups.

Joint Secretary, DPIIT, Sanjiv, emphasized the significance of the collaboration, stating, "India's manufacturing and startup ecosystem is at a transformative juncture, and partnerships like this play a crucial role in driving innovation-led growth. We are delighted to collaborate with YES BANK to offer emerging startups the right resources and opportunities to scale and thrive."

The startups will benefit from Yes Bank's HeadStartup initiative, which provides customized banking and financial services, such as working capital, credit availability, and cash flow management. They will also be exposed to the bank's large network, strategic collaborations, and domain knowledge, helping them scale businesses and raise funds efficiently.

DPIIT has also collaborated with Kyndryl Solutions Pvt. Ltd. in order to promote innovation in India's startup ecosystem. The partnership aims to enhance the nation's manufacturing and IT industry ecosystems by providing mentorship, technology assistance, and access to enterprise-level solutions.