Banks' collaboration with startups to improve the digital banking experience for consumers isn't new. What was once presumed as a ‘potential threat’, has gone beyond the realms, and is increasingly finding new ways to be associated with startups.
Jumping on the bandwagon, Axis Bank recently launched an exclusive networking property, Axis Start-up Social, an event aimed at supporting the country's start-up ecosystem. The event was unveiled at WeWork’s co-working space, and saw participation from the banking and startup community of Bengaluru.
Speaking about the initiative, Sidharth Rath, Group Executive, Corporate, and Transaction Banking, Axis Bank said:
“We are excited to launch Axis Start-up Social, a platform through which we hope to provide the much required, ‘extra edge’ to the start-up community by hand-holding them, sharing knowledge, and providing the required financial solutions.”
He added, “Today, the Indian ecosystem is flooded with innovative ideas but what is missing is the presence of the right channel and guidance in terms of acceleration, scaling up and funding. Through Axis Start-up Social, we endeavor to create an ecosystem to encourage innovation and the next-level-of-growth opportunities to start-ups that are ready to take that leap.”
MN Prakash, Regional head for Axis Bank’s new economy group for Karnataka and Kerala said, “Startup Social is primarily themed to bring in a social essence to the whole community to network, learn and grow together. Banks have always had a traditional approach to any industry and Axis has taken the first step to change that. The new economy group is a startup within the bank, making it relatable for the community. We curate solutions for the startups.”
Karan Virwani of WeWorks said, “We at WeWorks are trying to push the boundaries for the people in the way they work. WeWork as a platform has been successful in creating and building the ecosystem which helps each other. With the same ethos, Axis Bank is trying to create a support system for all the startups and businesses to push growth and accelerate a lot further.”
The event also saw Vivek Gupta, CEO of Licious, and Rohit Rohtgi, Founder of Divert, sharing their journey, tips, and tricks with entrepreneurs.
The unveiling of 'Axis Start-up Social' comes on the heels of the launch of the bank's innovation lab, Thought Factory, which looks to aid start-ups to expand, besides opening up avenues with potential investors and companies.
Axis Bank had launched Axis Start-up Banking product earlier this year, which is bundled with all key technology-enabled products and caters comprehensively to banking needs of start-ups.