Matribhumi Samachar English
IDFC FIRST Bank is first bank in India to launch such an initiative
November 2024: IDFC FIRST Bank, today announced the launch of startup lounge an exclusive space designed to support entrepreneurs and empower early-stage startups in India. Located in Koramangala, Bangalore, this unique space aims to provide essential resources, mentorship, and networking opportunities for entrepreneurs looking to scale their businesses.
On the occasion Mr. Bhavesh Jatania, Head Start-up Banking, IDFC FIRST Bank said “We are excited to announce the IDFC FIRST Bank Start-up Lounge, a first of its kind initiative by a bank in India. The Start-up Lounge will serve as meeting and collaboration point, providing entrepreneurs a conducive environment to innovate and grow. IDFC FIRST Bank will also partner with leading incubators, accelerators, venture capitalists and angel investors, creating synergies that will help startups gain competitive edge in a fast-evolving business environment.”
The FIRST Wings Start-up Lounge is equipped with state-of-the-art facilities, including meeting rooms and advanced video conferencing solutions, creating an ideal environment for entrepreneurs, and investors to connect, collaborate and grow.
To provide additional support to the entrepreneurs the Start-up Lounge will also host events:
Knowledge Sessions: Access to a curated knowledge resources and mentorship sessions conducted by industry experts.
Networking Events: Events that connect startups with investors and industry experts.
Pitch Presentations: Present business ideas to potential investors and receive valuable feedback.
Key features of the First Wings Startup Banking Program by IDFC FIRST Bank:
* FIRST Start-up Current Account: Zero fee current account with free banking services with no minimum balance requirement for initial three years for early-stage startups.
* FIRST Bravo Feature: A smart sweep facility that allows startups to earn returns up to 7.25% on idle funds by automatically transferring excess amounts over Rs 2 lakhs into fixed deposits.
* FIRST Business Corporate Credit Card: Designed to help start-ups manage their business expenses with a flexible step-up credit feature.
* Founder Success Program: “LeapToUnicorn” one of its kind initiatives that provides access to mentorship, networking and fundraising opportunities through a meticulously planned journey.
Conclusion
With the support of various ecosystem partners, including investors, government bodies, and accelerators, the FIRST Wings Start-up Lounge aims to act as a catalyst for start-up growth. By bringing together key players in one space, IDFC FIRST Bank is helping startups navigate the complexities of growth and innovation.
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