HDFC Bank today opened applications for its fifth edition of SmartUp grants. This annual programme awards funds to social start-ups and incubators under #Parivartan, HDFC Bank’s umbrella for its corporate social responsibility. This year the bank has allocated up to Rs 15 crore toward SmartUp grants. The Bank intends to select 12-15 incubators and around 50 start-ups working in the environment, healthcare, gender and diversity sectors. The deadline to submit applications is the third week of November, 2021 and winners will be declared in February, 2022. So far, the Bank has disbursed Rs 20 crore through 22 incubator partners to 90 start-ups cumulatively across segments like agri business, ed-tech, waste management, healthcare, and skill development.
For the current year, the bank is proposing two different approaches to disburse up to Rs 15 crore. They are :the eligible incubators as per Schedule VII of The Companies Act, 2013 and The Companies (Corporate Social Responsibility Policy ) Rules 2014 will pitch their capabilities to execute the grant process based on the CSR program requirements, in the application the incubators will also provide a long list of startups that align with program focus areas, Startups eligible under Schedule VII of The Companies Act, 2013 and The Companies (Corporate Social Responsibility Policy) Rules 2014 and working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation can apply.
“SmartUp grants are meant to support and nurture social entrepreneurs,” said Ashima Bhat, Group Head CSR, Business Finance and Infrastructure, HDFC Bank. “India needs innovative businesses to address needs of the society. We strive to discover and nurture both start-ups and incubators working in three focus areas: Environment – Conservation of the natural world; Health – Improving Healthcare; and Gender Diversity – Improving gender equality.This is aligned with some of the larger strategic goals of our Parivartan programme,” she added.
