(MENAFN- KNN India) New Delhi, Oct 24 (KNN) The Department for Promotion of Industry and Internal Trade (DPIIT) has entered into two strategic Memoranda of Understanding (MoUs) with Kotak Mahindra Bank Ltd. and Primus Partners Pvt. Ltd.

These partnerships are designed to bolster India's startup ecosystem by providing enhanced financial, technical, and institutional support.

Under the collaboration with Kotak Mahindra Bank, DPIIT seeks to establish a robust framework enabling startups to access customised financial solutions, credit facilities, and capacity-building initiatives.

The partnership also includes support for digital and payment infrastructure, underscoring the government's vision to promote an innovation-driven economy and bolster India's position as a global startup hub.

Kotak Mahindra Bank will extend a suite of specialised offerings for DPIIT-recognised startups, including zero-balance current accounts, working capital and term loans, API-based banking services, digital payment systems, and startup-focused cards.

The bank will further facilitate mentorship, investment advisory, incubation support, and networking opportunities to help startups scale effectively.

Speaking at the signing ceremony, Sanjiv, Joint Secretary, DPIIT, said the initiative represents the government's efforts to build a vibrant and inclusive innovation ecosystem.

“By strengthening linkages between policy, industry, and innovation, we aim to empower startups to drive sustainable growth and job creation,” he said

Raghavendra Singh, President, Kotak Mahindra Bank Ltd., highlighted that the collaboration would deepen engagement with the startup community through tailored financial products and mentorship opportunities, fostering enterprise growth and resilience.

In a parallel move, DPIIT signed an MoU with Primus Partners Pvt. Ltd. to advance collaboration in capacity building, technology integration, policy awareness, expert mentorship, and market access for early- and growth-stage startups.

The partnership aims to enhance structured engagement between government and industry to accelerate innovation.

Commenting on the initiative, Davinder Sandhu, Co-Founder and Chairman, Primus Partners, said the agreement would enable knowledge sharing, mentorship, and industry partnerships that are essential for developing a robust entrepreneurial environment.

(KNN Bureau)

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