Startup India has partnered with private lender, RBL Bank in order to ensure funding to top 20 innovative startups which will be initiated via a three-month intensive programme named InFinIT20. The programme aims to boost emerging startups working in sectors like artificial intelligence (AI), machine learning, financial inclusion, digital payments, digital contracts, digital lending, blockchain and more.
As per a statement released by RBL Bank, 55 percent of funded startups failed last year indicating that mentorship and good strategising plays a critical role in contributing to the success of a startup. Rajeev Ahuja, Executive Director, RBL Bank adds, “Experienced mentors can help the founding start-up 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.”
Through this tie-up the bank will be able to collaborate with startups for about seven years and offer their domain expertise which could help the startups grow their respective businesses. Reportedly, RBL Bank is already in partnership with 1,000 startups in India. Startups can apply to enroll in InFinIT20 up till February 28.
“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.