HDFC Bank offers Parivartan Grants to 25 social sector start-ups

Last Updated: Thu, Jun 06, 2019 20:26 hrs

Mumbai: HDFC Bank on Thursday in a note suggested that it disbursed close to Rs 10 crores on socially relevant startups and incubators as part of a program named Parivartan.

The bank explained that with the Parivartan grants, it had reached out to at least 25 socially relevant initiatives.

The bank has offered help to startups located across India operating in a wide-variety of streams such as fisheries, food, biodegradable probiotic manufacturer, consulting etc.

The bank said that Parivartan, which means change, was it's endeavor to bring about a sustainable change in society. The change is not just about supporting various CSR initiatives, but also encouraging the entrepreneurial eco-system in India under CSR to create long-term solutions to social issues, be it environment, WasteManagement, health and well-being.

Such Parivartan grants have been offered not just to start-ups based in Mumbai, Pune and Delhi, but also from Jamshedpur, Kalahandi in Odisha, Kochi, Tiruvanathapuram, Hyderabad to name a few.

Ashima Bhat, Group Head for CSR at HDFC Bank was quoted in the note as explaining, "Parivartan Grants is our commitment to bring long-term positive change in the society we operate in. We are happy to announce that the start-ups identified for this grant are in line with one of our core values of the Bank – Sustainability. Our efforts are also a reaffirmation to further align with the Sustainable Development Goals (SDGs) by UNDP (United Nations Development Programme) on the occasion of World Environment Day. Through our dynamic start-up fund, we will scale up on a consistent basis and invest in ideas that build value. This is the first phase, and we will continue to work with our partners to build a strong pipeline of social start-ups whom we can support."

Smita Bhagat, Country head – Government, e-commerce and start-ups at the bank said, "Start-ups today are reimagining and reshaping the world we live in. Those working in the social sector are doing commendable work in the endeavour to change the lives of millions of Indians. #Parivartan Grants is one way of offering our support and encouragement in this journey. For this is a journey towards making a real difference in society and we want to be part of the eco-system that’s making a sustainable change."

Some of the startups the bank has helped include Phycolinc and Onganic. Phycolinc Technologies uses sustainable, green and chemical-free technologies to provide effluent treatment and bio-remediation solutions to complex waste water management problems, which conventional technologies cannot address. The company is working on Phycoremediaton technology which is based on applications of Micro Algae in Industrial Effluent Treatment, Polluted Lakes and rivers remediation.

Onganic is social enterprise that connects small and marginal organic farmers with urban consumers. Onganic promotes organically grown indigenous variety of non-perishable food products including cereals, pulses, flours, spices, dairy and other health products both through ecommerce and offline platforms.

The bank did not mention the exact value of grants given to individual startups but via a youtube video shared the level of assistance and the nature of work done by the startups.

The bank released two videos. Here are they: