India’s largest private life insurer teams up with startups to secure its own future

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Published: December 4, 2019 2:00:52 PM

Large enterprises globally engage with startups in various formats including such programmes, accelerators, incubators, venture capital funds etc to seek access to their talent, ideas, and technology.

Earlier this year HDFC Bank had partnered with the Bombay Stock Exchange to support startups list on its BSE Startups platform.

Life insurance company HDFC Life is seeking startups support to create new solutions around multiple areas. HDFC had tied-up with venture capital fund IvyCap Ventures’ networking platform IvyCamp earlier this year to pick startups under the first phase of the programme Futurance — its short term corporate engagement programme. For the second phase, the programme is looking at startups in areas including health monitoring and diagnostic solutions for assessing future medical conditions, behavioural science tools for employees and customers, sales, and alternate data sources, the company said.

“To keep pace with the changes is imperative for success. It is necessary to explore fresh talent and collaborate with them,” said Prasun Gajri, Chief Investment Officer – HDFC Life.  Startups can play the role of catalysts in this area, according to Gajri. Out of over 100 applications in phase 1, only four startups — Gnani.ai, Fluid AI, Quantum Data Engines, and Syntizen were shortlisted. IvyCamp is a network of 5,000 alumni from IIT, IIMs and other institutes to support entrepreneurs.

Also read: Microsoft’s rival Indian cloud startup achieves this major milestone serving Fortune 500 companies

Large enterprises globally engage with startups in various formats including such programmes, accelerators, incubators, venture capital funds etc to seek access to their talent, ideas and technology and perhaps acquire them at a later stage to strengthen their business verticals. Google Microsoft, Reliance, SoftBank, Times Group, Qualcomm, Intel, P&G, Naspers  Flipkart, Samsung etc. are some of the businesses belonging to this large enterprise pool.

Earlier this year HDFC Bank had partnered with the Bombay Stock Exchange to support startups list on its BSE Startups platform followed by backing 25 social sector startups through grants as part of its corporate social responsibility programme. In July, the bank had also launched a co-branded credit card in partnership with the government’s Common Service Centre focusing on rural or village-level entrepreneurs. The bank also has a startup portal called SmartUp to offer financial and technology support to startups.

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