Yes Bank on Wednesday announced it has invested an undisclosed amount in Venture Catalysts Group Funds (Venture Catalysts), an integrated incubator that helps startup founders across all stages of their businesses and also sponsored two other platforms — Beams fintech fund and 9 Unicorns accelerator fund.
The Beams fintech fund invests in growth stage companies primarily dabbling in the fintech space while the 9 Unicorns accelerator fund is an early stage sector-agnostic investor.
With these investments, Yes Bank aims to further its mission of catering to the ‘Future Tech Businesses of India’, bolster innovation in the technology space including the financial sector, and possibly partner with other tech startups.
Ajay Rajan, country head, transaction banking of Yes Bank said, “We believe that this partnership is a step in the direction to becoming the go-to-bank for technology startups. India is at the cusp of massive growth and the collaboration between banks and tech companies – especially with fintech — will play a critical role in this journey.”
The increased focus on startups from the private lender comes a day after State Bank of India inaugurated a branch dedicated to startups in Bengaluru while aiming to become the ‘go-to-place’ for all banking needs of startups.