How IndusInd Bank is helping early-stage start-ups in India
What's the story
IndusInd Bank has launched 'Indus StartUp Banking,' a comprehensive initiative aimed at supporting early-stage start-ups in India. The program offers a range of banking facilities and credit services. These include current accounts with no non-maintenance charges for three years, API access through a developer portal, payment and collection solutions, corporate salary accounts for employees, as well as tax filing and legal advisory services.
Additional perks
Access to premium lounges, personal banking benefits
The 'Indus StartUp Banking' program also provides exclusive access to premium PIONEER lounges in several Indian cities. These include Delhi-NCR, Mumbai, Bengaluru, Chennai, Pune, Chandigarh, Jaipur, and Kolkata. The spaces can be used for meetings with clients and investors. The program also offers exclusive PIONEER personal banking benefits as well as expert-led sessions for founders of start-ups under 10 years old.
Mission statement
'Start-up founders can scale confidently'
Soumitra Sen, the Head of Consumer Banking & Marketing at IndusInd Bank, said the new offering is designed to simplify day-to-day operations and reduce financial friction. He added that it provides a platform for start-up founders to scale confidently. "As India's start-up ecosystem continues to drive innovation and economic transformation, IndusInd Bank is proud to play a key role in nurturing their journey," Sen said.
Growth forecast
Number of start-ups to double by 2030
According to a report by executive search firm Longhouse, India's start-up ecosystem is set for rapid growth. The number of start-ups is tipped to double from 1.2 lakh in 2023 to 2.4 lakh by 2030. This growth will likely lead to an increase in high-value enterprises, with the number of unicorns (start-ups valued at over $1 billion) expected to rise from the current count of 120, to around 280 by the end of this decade.