Odisha Govt Inks MoU With HDFC Bank To Strengthen Startup Ecosystem

Bhubaneswar: With the objective of strengthening the Startup ecosystem in Odisha, the Micro Small & Medium Enterprises (MSME) Department of the State government today signed a Memorandum of Understanding (MoU) with HDFC Bank Ltd at the Kharavela Bhawan here.

The MoU was inked in the presence of Chief Minister Naveen Patnaik.

Under the MoU, HDFC Bank would provide smart banking solutions to startups recognized by Startup Odisha along with opportunity to pitch their solutions to requisite stakeholders and will work towards providing them an opportunity to showcase their solutions.

In addition to the above, HDFC Bank will extend incubation and acceleration support to all startups banking with them.

HDFC Bank is having third party alliances to provide discounts for startups across key business support functions like shared work spaces, digital marketing, content writing, lax and legal advisory, financial management, compliance among others.

Also, HDFC Bank will enable startups to list on their Smart Buy platform for growth and visibility.

In addition, HDFC Bank would assist Startup Odisha Initiative in organizing Startup Yatras, Hackathons, acceleration programs and Startup Conclaves.

As per the agreement, Life Skill will be imparted to the students of all the 49 Govemment ITIs of the state.

The agreement was signed by Reghu G, Director Industries cum CEO IED and Smita Bhagat, Group Head, HDFC Bank.

Speaking on the occasion Chief Minister Naveen Patnaik expressed his satisfaction with the progress made under Odisha Startup Policy and reaffirmed commitment of the Government to make Odisha one of the top 3 Startup Hubs in the country.

“Startup Odisha Initiative was launched with an aim to make Odisha as one of the top three Start-up Hubs in the country and support 1000 Start-ups. I am pleased to note that 570 Start-ups have already been registered in the state out of which one third are led by Women entrepreneurs. My Government is working relentlessly to support the young Start-ups in every possible way. We are going to set up a world class Start-up Hub in Bhubaneswar and launch a Fund-of-Funds for Start-ups this year to further boost the ecosystem,” said Patnaik.

“Young entrepreneurs are engines of growth for New Odisha. I am sure this MOU between Start-up Odisha and HDFC Bank will open up new possibilities for Start-ups,” he added.

Expressing his pleasure, Chairman, Odisha Skill Development Authority (OSDA), Subroto Bagchi said “we are extremely delighted with the partnership with India’s leading Banks. This can provide the boost required by Young Startups in the State.”

Minister of MSME Dibya Shankar Mishra mentioned “Odisha is one of the fastest growing Startup ecosystems in the country and we invite more such partners to collaborate with us in this journey creating a holistic support system for startups”.

Principal Secretary, MSME Department Hemant Sharma, said, “This unique collaboration between, Startup Odisha and HDFC Bank will be a big step forward in providing smart support system to our Startups.”

A cheque of Rs 1 Crore was handed over to KIIT TBI, a state-based Incubator by Chief Minister on behalf of HDFC Bank on this occasion.

The money will be used to support Odisha Startups incubated at KIIT TBI.

Chief Secretary Asit Kumar Tripathy, APC P K Mahapatra, Chief Adviser to Chief Minister R Balakrishnan, Secretaries of different departments, senior officials, Evangelist Startup Odisha Prasanta Biswal were present among others at the MoU signing ceremony




Naveen Patnaik, Chief Minister, Odisha

Dibya Shankar Mishra, Minister, MSME, Odisha

Smita Bhagat, Group Head, HDFC Bank