Yes Bank, a retail banking firm, has announced that it has made an undisclosed investment in Venture Catalysts Group Funds in an effort to raise its profile within the start-up ecosystem. The bank has already made investments in Beams Fintech Fund and 9 Unicorns, two of its affiliated companies.
Venture Catalysts Group Fund
Venture Catalysts Group Fund is an integrated startup incubator that provides capital, mentorship, and a business network to startup entrepreneurs. Over 110 start-ups in various industries have received funding from Venture Catalysts since 2016. BharatPe, Supr Daily, Fynd, Beardo, and other well-known start-ups are just a few of those it has backed.
Beams Fintech Fund (Beams), which was launched at the beginning of 2022, has made investments in a number of fintech growth stage start-ups, particularly in the fields of SaaS for banks and financial institutions, SaaS for businesses, global enterprise SaaS, personal finance management, and neobanking. The accelerator programme 9 Unicorns Accelerator Fund has raised about $100 million and is currently actively investing from its first fund.
To assist these start-ups in transitioning from the conception stage to the growth stage, Venture Catalysts is providing cash, mentorship, and a networking basis.
“This cooperation is something we are very excited about because it will be a tremendous start for the tech ecosystem. We anticipate that this will motivate additional banks and fintech firms to collaborate with organisations like Beams Fintech Fund and 9 Unicorns Accelerator Fund. To support the digital environment, we want to build a sizable ecosystem made up of banks, NBFCs, and fintech firms, according to Naveen Surya, a co-founding member of the Beams Fintech Fund.
Yes Bank, a private lender, has recently experienced several positive improvements. 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 lender has always wanted to make investments in India’s developing tech markets and work with tech companies that support them to develop ideas and conduct experiments in a variety of industries, including, among others, agriculture, healthcare, e-commerce, education, logistics, open banking, supply chain finance, payments, and digital banking. According to Ajay Rajan, Country Head, Transaction Banking, Yes Bank, the partnership with Venture Catalysts is a step in the direction of this endeavour.
This collaboration is a step in the right path for us to become the preferred bank for tech businesses. India’s fintech industry is poised for rapid expansion. This will be important to this voyage, he continued.
India and six other nations, including the UAE, Hong Kong, the UK, the US, Canada, and Singapore, are all served by Venture Catalysts. It typically invests between Rs 2 and Rs 15 crore through a network of HNIs, Family Offices, and CXOs in any start-up.
Read more about startups on feedmystartup.com
