The second largest lender by assets ICICI has initiated a move to fund startups. It is going to tie up with 22 educational institutes to fund student’s ideas for their startups. ICICI has partnered with renowned top institutes including IIT-Delhi,, Indian Institute of Information Technology-Hyderabad, Birla Institute of Technology-Mesra and PEC Chandigarh in the past two years.
More than three thousand students participated in ICICI bank’s program. Around 650 new ideas for the startups came into the existence for which ICICI will raise fund from Rs 5 lakh to 25 lakhs.
Ideas have to be in the area of finance.” This fund can be used as seed money for the venture. Each student team receives a dedicated mentor from ICICI Bank.
While the India Prime Minister Modi also initiated a move for welcoming innovative ideas for startups that is India-US Startup Konnect 2015. Now entrepreneurs can showcase their skills to strength start-up ecosystem.
“Last year we had screened 200 applications and shortlisted six,” said the person. “We keep the IPR and instead the students get ICICI Bank as their first client, which is a big name on the client list.
Including ICICI SBI and City group is also planning to raise fund for the startups.
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