IDFC First Bank signs memorandum with LetsVenture To Support Startups

IDFC FIRST Bank and LetsVenture, India’s leading early-stage platform for investors and founders, announced a partnership to explore synergies and support the startup ecosystem by offering curated products and solutions to startups founders and investors. 

The MoU was signed at the recently concluded flagship event of LetsVenture – LetsIgnite. 

With this MoU, IDFC First Bank and LetsVenture will explore synergies and work together via the recently-launched SaaS product by LetsVenture, called Scalix. IDFC FIRST Bank will offer curated products and solutions to startup founders and investors. As part of the MoU, LetsVenture will promote IDFC FIRST Bank as the preferred banker to all users across its Scalix platform. This will enable IDFC FIRST Bank to offer bespoke banking solutions under its First Wings Program for Startups. 

“In the last decade when we founded LetsVenture, our vision was to make the process of discovery, connect, and fundraise easily for both the startups and investors. Having worked with thousands of founders, and a portfolio of over 550 companies, today our vision is to make the process of starting up easy and efficient for founders,” Shanti Mohan, Co-Founder & CEO LetsVenture, said. “We are excited to partner with the team at IDFC and be part of the FIRST WINGS for the next generation of entrepreneurs who will build the next billion-dollar business from India,” he added.

The partnership with LetsVenture will enable IDFC FIRST Bank to reach out to startups and offer customized solutions that meet the unique needs of startups across life stages. Both IDFC FIRST Bank & LetsVenture via Scalix will support the startup ecosystem with banking support, fundraising solutions, knowledge series, and investor connect as part of the MoU.

“We are committed to building a strong presence in the startup ecosystem and be recognized as not just banking partners but also business partners,” Bhavesh K Jatania, Head – Startup Banking, IDFC FIRST Bank, said. “In the last year, the number of DPIIT registered startups has increased from ~66000 to ~75000. Given the efforts Government has taken to boost the startup ecosystem in the country, it is likely to continue growing,” he added.

The partnership with LetsVenture will enable IDFC FIRST Bank to reach out to startups and offer customized solutions that meet the unique needs of startups across life stage. Both IDFC FIRST Bank & LetsVenture via Scalix will support the startup ecosystem with banking support, fundraising solutions, knowledge series, and investor connect as part of the MoU.

Founded in 2013, LetsVenture is a leading angel platform organizing India’s private market by making the process of fundraising easy, efficient, and transparent for both startups and investors through its proprietary tech platform and bringing value-added products to the market. 

LetsVenture is backed by Accel, Chiratae Ventures, Nandan Nilekani, Ratan Tata, Rishad Premji, Mohandas Pai, Sharad Sharma, and Anupam Mittal.