Approximately 25 early-stage startups will be provided a grant for scaling up activities
The lender has tied up with IIT-Kanpur and technology incubator T-Hub for the initiative
American lender Citi announced on Monday that it will provide a grant to Indian startups to help them scale up activities with a positive societal impact in agriculture, healthcare, and financial technology.
According to an official statement, the lender has partnered with IIT-Kanpur and technology incubator T-Hub to launch a’social innovation lab’ that will carry the initiative forward.
The lab has invited applications from early and growth-stage startups across the country to submit proposals by December 2021 in order to receive support such as mentoring, business model development, go-to-market strategy, funding, and scaling opportunities, according to a press release.
Approximately 25 early-stage startups will be provided a grant for incubation and five growth-stage startups will be provided a grant for scaling their business further,” the statement said, without specifying an amount which will flow as grants to the companies.
Mridula Iyer, Citi South Asia’s head of treasury and trade solutions, stated that the lender is celebrating its 120th anniversary in India and is continuing to invest in the growth of institutions, corporates, and the startup ecosystem.
“This collaboration with IIT-Kanpur and T-Hub reaffirms our commitment to economic growth and enabling progress across communities in India by supporting grants towards the incubation and acceleration of innovative startups in key areas,” Iyer said.
According to the statement, the grant will be given primarily to companies that have demonstrated proof of concept, established an existing customer base, and demonstrated the potential for national scale.
