HDFC Bank announced on Wednesday its commitment to fostering social sector startups in India, revealing grants totaling Rs 19.6 crore in FY24, in collaboration with the Atal Innovation Mission under NITI Aayog.
In the financial year 2023–24, 170 social startups were beneficiaries of funding through 41 incubators, receiving a cumulative of Rs 19.6 crore under the 'Parivartan Start-up Grants programme.'
The areas of focus for the grants in 2024 encompassed climate innovation, financial inclusion, agriculture, sustainable rural economies, accessible and affordable healthcare, education, livelihood enhancement, and gender diversity and inclusion.
Nusrat Pathan, Head CSR at HDFC Bank, expressed, "Through strategic collaborations and targeted investments, we aim to nurture and amplify the impact of innovative social startups across key sectors, ultimately contributing to a more sustainable and inclusive future for all."
Of the 170 startups, more than half originate from over 60 Tier 2 and Tier 3 cities.
The grants were disbursed to various incubators, including HTIC at IIT Madras, Awadh at IIT Ropar, T-Hub in Hyderabad, FITT-IIT Delhi, RISE Foundation at IISER Kolkata, VJTI Mumbai, Forge Forward in Coimbatore, and NTIBIF at NIFTEM Kundli.
Since its establishment in 2017, the initiative has supported over 400 startups selected from more than 120 incubators nationwide, as per HDFC Bank's statement.
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