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.
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.