New Delhi, Oct 23 (NationPress) The Department for Promotion of Industry and Internal Trade (DPIIT) has entered into a Memorandum of Understanding (MoU) with Kotak Mahindra Bank and Primus Partners to bolster the startup ecosystem in the country, as announced by the Ministry of Commerce and Industry on Thursday.

This strategic alliance with Kotak Mahindra Bank is designed to create a robust framework that allows startups to access tailored banking solutions, credit and funding options, digital and payment infrastructure, alongside capacity-building initiatives.

This collaboration underscores the DPIIT’s dedication to fostering an innovation-driven economy and propelling India towards its goal of becoming a global startup hub.

As part of the MoU, Kotak Mahindra Bank will offer a variety of specialized services for DPIIT-recognized startups, which include zero-balance current accounts, working capital and term loans, API-based banking platforms, digital payment solutions, and specialized startup cards.

Raghavendra Singh, President of Kotak Mahindra Bank, mentioned that this partnership would enhance interaction with the startup community through personalized financial solutions, mentorship programs, and access to networks that can empower founders to scale their businesses effectively.

The bank will also assist with mentorship, investment advice, incubation support, and networking platforms, aiding startups in their journey from idea conception to market scaling.

"This collaboration embodies the DPIIT’s continuous efforts to cultivate a vibrant and inclusive innovation ecosystem that supports startups at every phase of their journey. By aligning policy, industry, and finance, we aim to strengthen the connection between entrepreneurial aspirations and sustainable impacts, ensuring that India’s innovators have the necessary resources to expand globally," stated Sanjiv, Joint Secretary of DPIIT.

The partnership with Primus Partners Pvt Ltd aims to boost support for early-stage and growth-stage product startups through structured capacity-building initiatives, expert mentorship, market access programs, policy awareness efforts, and technology integration facilitation.

Davinder Sandhu, Co-Founder and Chairman of Primus Partners, indicated that this partnership would promote structured engagement with the startup community through mentoring, knowledge sharing, and industry connections.

The MoUs exemplify the DPIIT’s commitment to fostering industry-led engagement to reinforce India’s startup ecosystem, advancing innovation, self-reliance, and inclusive economic development.