In a bid to strengthen its commitment towards the Indian startup ecosystem, HDFC has announced its aim to invest ₹100crore every year in technology startups.
HDFC Chairman Deepak Parekh said that the company will create an in-house team at its headquarters to take charge of investments. This team would dedicatedly work on understanding the startup ecosystem to do the investments. Parekh was confident that his team will be functional in just two months. “At the last board meeting, I took an idea of investing INR 100 Cr per year in startups,” Parekh said.
Parekh further added that he believes there is a need to invest in ideas of the future in the tech space. In his advice to entrepreneurs, Parekh was optimistic about the slowdown and advised youngsters to not get “consumed” by the ongoing economic slowdown believing that the tide will change soon.
HDFC has been actively involved with startups as an investor as well as an enabler for fintech solutions and emerging technologies. The HDFC Chairman is now looking at dedicated investments in tech startups as a growth strategy.
Several other corporations across the globe have nowadays ramped up their investments in new-age startups including Google, Walmart, Alibaba, Reliance and Times Internet providing them the required support.
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