HDFC Bank Parivartan unveils grants for 30 incubators
HDFC Bank is set to fund 30 incubators and accelerators through the Parivartan Startup Grants, fostering support for over 100 social impact startups. These initiatives will focus on addressing key national challenges in alignment with the United Nations' Sustainable Development Goals. In collaboration with the Atal Innovation Mission, this year's grants will center on themes like Climate Innovation, Financial Inclusion, Agriculture, Sustainable Rural Economy, Accessible Healthcare, Education, Livelihood Enhancement, and Gender Diversity.
Smita Bhagat, Group Head of Retail Branch Banking at HDFC Bank, expressed the bank's commitment to facilitating funding for government-approved startups through the Parivartan Startup Grants. With a focus on supporting technology-based startups aligned with Sustainable Development Goals (SDGs), the initiative aims to empower entrepreneurs in remote areas, fostering a sustainable and inclusive future for India.
Launched in 2017, the Parivartan StartUp Grants is HDFC Bank's annual grants program that identifies and supports startups operating in the social impact sector through monetary grants to their respective incubators. As of March 31, 2023, HDFC Bank, through Parivartan, has allocated grants totaling Rs 45 crore to over 75 incubators and 250 startups in the past seven years. The bank is recognized among the top corporate social responsibility (CSR) spenders in the country, with an expenditure of Rs 820.89 crore on CSR initiatives for the financial year ending March 2023. The cumulative impact has reached over 9.93 crore beneficiaries as of March 2023.
