YES Bank announces investment in Venture Catalyst Group Funds to support start ups
Yes Bank has long aspired to make investments in India's expanding IT marketplaces and work with supporting tech businesses.
Retail banking company YES Bank has announced on Wednesday that it has invested with Venture Catalysts Group Funds (Venture Catalysts) in a bid to increase its visibility in the start-up ecosystem. The Venture Catalysts Group Funds (Venture Catalysts), an integrated incubator that provides capital, mentorship, and a network to company founders from the concept ideation stage to the growth stages of the startup journey. The fund has also supported two platforms: 9 Unicorns Accelerator Fund, an early-stage sector-neutral investor, and Beams Fintech Fund, which invests in growth-stage businesses at the convergence of financial services and technology.
YES BANK aims to further its mission of catering to the ‘Future Tech Businesses of India’, bolster innovation in the technology space including financial sector, and potentially partnering with leading tech startups that Venture Catalysts has invested in — Beams Fintech Fund and 9 Unicorns Accelerator Fund.
“We are very keen on this partnership as it will be a great beginning for the tech ecosystem. We hope this will encourage other banks and fintech companies in the market to partner with groups like Beams Fintech Fund and 9 Unicorns Accelerator Fund. We are aiming to create a large ecosystem consisting of banks, NBFCs, and fintech companies to support the tech ecosystem,” said Naveen Surya, co-founding member, Beams Fintech Fund.
Ajay Rajan, country head, transaction banking of Yes Bank said, “We believe that this partnership is a step in the direction to becoming the go-to-bank for technology startups. India is at the cusp of massive growth and the collaboration between banks and tech companies – especially with fintech — will play a critical role in this journey.”
Yes Bank, a private lender, has recently experienced several positive developments. The bank recently received Rs 9,000 crore in funding from private equity behemoths Carlyle and Advent, giving investors and staff members confidence for a prosperous future.
The tie-up with Venture Catalyst is a step towards the initiative to invest in India’s growing tech markets and collaborate with supporting tech companies to ideate and experiment in different sectors, such as agriculture, healthcare, e-commerce, education, logistics, open banking, supply chain finance, payments, etc.
"This partnership is a step in the direction of becoming the go-to bank for tech startups. India is at the cusp of massive growth in the fintech sector. This will play a critical role in this journey,” Ajay Rajan added.