DPIIT Partners with Yes Bank, Kyndryl to Strengthen India’s Startup Ecosystem

In a significant move towards enhancing the startup ecosystem of India, the Department for Promotion of Industry and Internal Trade (DPIIT) partnered with Yes Bank in an attempt to serve innovators and entrepreneurs in the country. This association intends to offer substantial support to startups by providing access to finances, mentorship, and infrastructure benefits.

The partnership targets enabling early-stage companies and assisting them in scaling up their business successfully.

The Memorandum of Understanding (MoU) between DPIIT and Yes Bank aims to merge the strengths of DPIIT’s Startup India initiative and the financial expertise of Yes Bank.

The collaboration will be working towards facilitating startups with market linkages, funding, and customized banking products and services.

The lender’s large network and strategic industry alliances will also benefit the startups. The connection will enable investors to attract investments and grow their businesses.

With Yes Bank’s HeadStartup programme, the startups will get access to vital financial solutions like working capital, credit, and cash flow management, which are pivotal for their development.

Sanjiv, Joint Secretary, DPIIT, stressed the significance of this alliance, adding that India’s manufacturing and startup ecosystem is at a transformative stage and needed such initiatives.

“India’s manufacturing and startup ecosystem is at a turning point, and collaborations such as this are important to fuel innovation-led growth”, he added.

In another key development, DPIIT has also signed an MoU with Kyndryl Solutions Private Limited to further step up innovation and growth in the startup ecosystem.

The alliance will center around the promotion of startups within manufacturing and IT space, capitalizing on Kyndryl’s experience in digital transformation and Gen AI.

Startups will gain access to their solutions’ integration into large enterprise ecosystems, which cut across various industries including automotive, pharmaceutical, BFSI, oil and gas, and government services.

Product development, readiness for markets, and resilience of cybersecurity are all areas in which startups will get support.

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