Axis Bank Information : Latest Updates
Private sector lender Axis Bank has tied up with Venture Catalysts (VCAT) to provide corporate banking services to start-up companies.
“This partnership aims to provide financial support and tech-based solutions to enable start-ups scale up their businesses and manage their existing processes in a more cost-efficient and tech-savvy manner,” Axis Bank said in a statement on Wednesday, noting that the success rate of start-ups in India is low due to the unavailability or improper handling of funds.
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As an added benefit, Axis Bank will also waive off banking transaction fee for the first two years for start-ups at the bootstrapping stage.
“We continue to focus on this segment and provide emerging ventures with similar banking-related services that we offer to our big corporate clients. Axis Bank has also established an in-house innovation lab, ‘Axis Thought Factory’, which houses fintech-based start-ups,” said SM Sundaresan, Group Executive and Head Corporate Banking, Axis Bank.
As part of the tie-up, VCAT will provide mentoring to hone business ideation, apart from incubating and providing support to upcoming start-ups.
“Through this association, we aim to enable hassle-free access to customised corporate banking services for high-potential business ventures across the length and breadth of the country, giving entrepreneurship across India a big boost,” said Anuj Golecha, co-founder, Venture Catalysts.
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