HDFC Bank to cater to needs of startup ecosystem, signs MoU with 100X. VC
HDFC Bank on Tuesday announced that it has signed a memorandum of understanding (MoU) with early-stage venture capital 100X.VC in order to engage more deeply with India’s startup ecosystem.
It aims to do so through Smart-Up, a full suite of specialised services and facilities tailored for the needs of startups that will be extended to “all the firms associated with 100X.VC”. The bank will also extend additional credit facilities and evaluate investment opportunities in these startups.
With this MoU, HDFC Bank and 100X.VC plan to conduct joint programmes for startups. HDFC Bank will be the recommended bank for portofolio startups of 100X.VC, and will also evaluate startups for investment and extending loans.
The MoU was signed by Abhishek Deshmukh, Branch Banking Head of Maharashtra, and Yagnesh Sanghrajka, Founder and CFO of 100X.VC.
“India is among the largest and fastest growing startup ecosystems in the world…100X.VC has done transformational work in the early-stage ecosystem since their launch three years ago and we hope to leverage their expertise in mentoring startups identified by HDFC Bank. Together, we hope to continue growing our objectives of contributing to the Indian startup ecosystem,” Abhishek said.
Mensa Brands acquires smart wearable brand Pebble
D2C House of Brands forays into the wearable tech segment with its latest acquisition of Delhi-based Pebble that offers affordable lifestyle electronics. With this acquisition, Pebble hopes to strengthen its online footprint and amplify marketing and branding efforts to become a household digital brand.
Founded in 2013 by the father-daughter duo Ajay Agarwal and Komal Agarwal, Pebble has nationwide offline distribution with marquee products like the Cosmo line of smartwatches, Wireless Audio, and devices like the Comet and Buds Pro.
Komal Agarwal, Co-founder of ,said, “Being part of Mensa Brands will help strengthen our position in the wearables market and open up new opportunities for us to leverage. While maintaining our commitment to innovative design and affordable prices, Mensa Brands will provide us with technological innovations and digital brand building capabilities to disrupt the global smart wearable market.”
Mumbai Angels and DLabs at ISB come together as co-investment partners, sign MoU
Mumbai Angels on Tuesday announced that it has signed an MoU with DLabs Incubator Association (DLabs) at the Indian School of Business, which is backed by the Department of Science and Technology, Government of India.
Through this partnership, DLabs aims to further strengthen its infrastructural offerings to entrepreneurs to interact, engage, and collaborate with mentors, investors, and academia.
The partnership enables unrestricted access to Mumbai Angels’ Multiplier Programme, an exclusive marketplace for its portfolio companies, for availing services like advertising, cloud storage, and marketing solutions, among others.
Nandini Mansinghka, Co-founder and CEO of Mumbai Angels, said, “DLabs offers the ideal platform to interact and engage with one another as startups, and with founders and academia. Their fostering infrastructure has enabled several student entrepreneurs and startups to rise, and there are yet many more ventures that need nurturing.”
