The Department for Promotion of Industry and Internal Trade (DPIIT) has signed a Memorandum of Understanding (MoU) with HDFC Bank and Tally Solutions Pvt Ltd to support startups in India. The partnership aims to provide financial services and technological tools to help new businesses grow and thrive. HDFC Bank, India’s largest private sector bank, will offer customized banking products for startups.
These include working capital, credit access, and cash flow management solutions. Startups will also have access to the bank’s extensive network and resources. Tally Solutions, a leading business management software company, will provide startups with a free one-year license for its Tally Prime software.
This includes tools for accounting, tax compliance, marketing, digitization, and investment readiness. Tally will also offer training modules to help entrepreneurs effectively use the software. Shri Sanjiv Singh, Joint Secretary of Startup India, emphasized the importance of empowering startups for India’s economic growth.
DPIIT supports startups with partnerships
He noted that DPIIT plans to form more strategic alliances with partners like HDFC Bank and Tally Solutions to foster entrepreneurship and innovation. Dr.
Sumeet Kumar Jarangal, Director of Startup India, stated that the collaboration will address critical challenges faced by startups. These include funding, financial management, and creating a supportive environment for innovation. Ms.
Sunali Rohra, Head of Government & Institutional Business, Start-ups & Gig Banking at HDFC Bank, expressed the bank’s commitment to supporting the startup ecosystem in India. Shri Tejas Goenka, Managing Director of Tally Solutions, highlighted the importance of equipping entrepreneurs with the right tools and knowledge to grow their businesses. The initiative is expected to greatly benefit startups, particularly those in the manufacturing sector.
It will provide them with the necessary skills, support, and resources to compete effectively in domestic and international markets. The collaboration reflects a growing trend of public-private partnerships aimed at promoting entrepreneurship and innovation in India’s thriving startup scene.
