Odisha govt inks MoU with HDFC bank to boost startups

Bhubaneswar: In a bid to strengthen startup ecosystem in Odisha, the Micro Small & Medium Enterprises (MSME) Department of the State Government today signed a Memorandum of Understanding (MoU) with HDFC Bank Limited.

The MoU was signed in the presence of Chief Minister Naveen Patnaik at Kharavela Bhawan here. Under this MOU, HDFC Bank would provide smart banking solutions to startups recognized by Startup Odisha along with opportunity to pitch their solutions to requisite stakeholders and will work towards providing them an opportunity to showcase their solutions.

In addition, HDFC Bank will extend incubation and acceleration support to all startups banking with them. HDFC Bank is having third party alliances to provide discounts for startups across key business support functions like shared work spaces, digital marketing, content writing, tax and legal advisory, financial management, compliance among others. Also, HDFC Bank will enable startups to list on their Smart Buy platform for growth and visibility.

This apart, HDFC Bank would assist Startup Odisha Initiative in organizing Startup Yatras, Hackathons, acceleration programs and Startup Conclaves. As per the agreement, Life Skill will be imparted to the students of all the 49 Government ITIs of the state. 

On this occasion, the Chief Minister expressed his satisfaction with the progress made under the Odisha Startup Policy and reaffirmed commitment of the Government to make Odisha one of the top 3 Startup Hubs in the country. 

“Young entrepreneurs are engines of growth for new Odisha. I am sure this MOU between Start-up Odisha and HDFC Bank will open up new possibilities for startups,” said Patnaik.

A cheque of Rs 1 Crore was handed over to KIIT TBI, a state-based incubator, by the CM on behalf of HDFC Bank. The money will be used to support Odisha Startups incubated at KIIT TBI.