It can be said that India is truly a start-up nation, especially since the growth of innovative startups since 2010. Moreover, with the growth of e-commerce, it has become easier for people to start up any business, with less of a hassle and a lot more ease. However, what these startups in India really lacked was the resources to fuel their businesses; take it a step forward.
With an increased focus on digital banking and strong association with startups, HDFC Bank has realised the importance of adapting its services to meet market solutions. On March 16th, 2016 India’s premier private banking services – HDFC Bank (the best private bank in Asia) launched a financial product that would exclusively aid startups across the country by launching SmartUp. This banking solution that is specifically designed for startups is a one of a kind solution to the financial requirements of startups and HDFC Bank is the first bank in India to launch such a product/offer such a platform to its customers.
The launch was in association with Zone Startups India, which is a startup ecosystem in the country, and the event was held at the Bombay Stock Exchange (BSE). Zone Startups India- the collaboration between the BSE Institute, (a subsidiary of the Bombay Stock Exchange), Ryerson University’s accelerator Digital Media Zone, Ryerson Futures Inc., and Simon Fraser University.
The event had some of the top HDFC Bank officials such as Navin Puri-the country head-Branch Banking; Smitha Bhagat- Branch Banking head, North & West & Co-Head of e-commerce; Parag Rao- the Country Head- Card Payment Products, Merchant Acquiring Services and Marketing from HDFC Bank present. In addition to this, the Director of Zone Startups India- Ajay Ramasubramaniam was also present.
So what is SmartUp and is it beneficial?
SmartUp is a product or rather initiative that is not only a financial partner for startups in their early stages of growth but a source of encouragement in developing an ecosystem to encourage startups and innovation in the country.
SmartUp covers banking, payments and even forex services for startups. Having no ‘enhanced transactions limits’ with no minimum balance requirement for the first six months; this product offers customised salary accounts and a dedicated relationship manager who is available 24/7.
So, why SmartUp? What is so unique about it?
It is very simple to answer this question when you look at it, and that is mainly to scale up businesses. SmartUp is a product that offers a symbiotic relationship between the bank and its customer.
Benefits of SmartUp
- SmartUp offers a digital payment solution such as point-of-sale (PoS) solutions and payment gateway.
- HDFC Bank can also recommend a Chartered Accountant for regulatory, tax and compliance issues.
- SmartUp is a salary account for all employees, with no requirement of a minimum number of employee accounts.
- SmartUp is a chance for startups to showcase their products to over 32 million HDFC Bank customers on SmartBuy.
In fact, Smitha added, “We believe start-ups in India need partners, who will be with them right from the start of their entrepreneurial journey, creating solutions that evolve as the company grows. This offering has been created after working with them to understand their requirements and will be available across India, even in tier 2 and 3 cities which are emerging as startup hubs.”