ICICI Bank Launches iStartup 2.0 for Startups' Banking & beyond Banking Needs
In a bid to lend a helping hand to early stage as well as growth stage startups, ICICI Bank announced the launch of iStartup 2.0, a comprehensive program designed to cater to startups’ banking and beyond banking needs such as regulatory assistance, analytics, staffing, accounting, customer acquisition and digital outreach to customers, among others. Associating with relevant partners, the program offers these beyond banking services under ‘Startup Assist’ and provides startups with a one stop shop to get in touch with several service providers at once. Companies can make use of the ‘Set up’ concierge to get in contact with expert service providers and avail discounted prices for a plethora of administrative services.
Explaining the aim of the program, Pankaj Gadgil, Head- Self Employed Segment, ICICI Bank said “Our research shows that startups also need immense hand-holding initially for other areas of business like website development, digital marketing, staffing solutions, regulatory and tax solutions and accounting. Armed with this insight, we have tied up with companies who are leaders in their fields to offer services under ‘Startup Assist’. It provides a ‘one-stop shop’ for nearly all the early stage as well as growth stage needs of a startup.”
The program offers customers with an eponymous Current Account that can be availed by new businesses (up to 10 years old) including partnerships, private and public limited companies & limited liability partnerships. Having integrated its APIs with the website of Ministry of Corporate Affairs (MCA) allows startups to get the account number instantly at the time of incorporation. Eligible for conducting domestic and international trade transactions through the same account, startups can pick and choose the services required for their needs.
Pnakaj Gadgil also said, “…the startup segment in the country is poised for rapid growth with favourable regulations in the ecosystem and high spirit of entrepreneurship. …We believe that this ‘all-inone’ and comprehensive iStartup 2.0 programme will provide easy banking and beyond- banking services to start ups, free up their bandwidth from paper-intensive procedures and thus boost their business growth by improving overall productivity and efficiency”.