Yes Bank on Wednesday announced an investment of an undisclosed amount in the Venture Catalysts Group Funds (Venture Catalysts) which provides funding, mentorship and network to startup founders. The group supports startups in their journey from the idea inception to the growth stage. Yes Bank has also invested in two other associated firms- Beams Fintech Fund and 9 Unicorns Accelerator Fund. While the former invests in growth stage companies, the latter is an early stage sector agnostic investor.
The bank aims to further strengthen its mission of catering to the ‘Future Tech Businesses of India’ and bolster innovation in the tech and financial space, with these investments.
Speaking about the same, Ajay Rajan, the Country Head of Transaction Banking, at Yes Bank, said, “We are pleased to partner with Venture Catalysts and the allied platforms – Beams Fintech Fund and 9 Unicorns Accelerator Fund. We believe that this partnership is a step in the direction to becoming the go-to-bank for technology startups.”
He further added that the collaboration between banks and tech companies, especially fintechs, will play a critical role in India’s growth journey.
Through this partnership, Yes Bank reinforces its foothold in India’s growing tech markets. The bank has been a pioneer in the tech space and was the first in India to open up its APIs to various tech companies in 2015.
Naveen Surya, the Co-Founding Member of the Beams Fintech Fund, said that this is a great beginning for the tech ecosystem and they encourage other banks and fintechs to partner with groups like theirs. “We are aiming to create a large ecosystem consisting of banks, NBFCs and fintech companies to support the tech ecosystem. We are looking forward to working with Yes Bank and bringing positive outcomes for all our portfolio companies and founders,” he added.
Beams Fintech Fund was launched at the beginning of 2022 with a mission to build India’s largest fintech ecosystem. It actively invests in innovative technology companies at growth stages in the fintech space in India including in Embedded Finance, SAAS for Banks & FIs, SAAS for Businesses, Global Enterprise SAAS, Personal Finance Management and Neo Banking space.
9 Unicorns Accelerator Fund was launched by the founding members of Venture Catalysts. It is a sector agnostic VC that aims to disrupt the idea stage investing in India.
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Source: News18