Governance, News

President Launches SIDBI Startup Mitra & CCAvenue Kickstarts its Own Finance Services For Startups

President Pranab Mukherjee Announces SIDBI Startup Mitra to Incubate Startups

President Pranab Mukherjee on Thursday announced online ecosystem platform ‘SIDBI Startup Mitra’. This scheme will be controlled and funded by the state governments to empower the startup culture in their respective states.

This mission is closely associated with central government’s objective of forging innovation led growth through various schemes like startup action plan and Atal Innovation Mission, President stated.

presidentThe government in this program will be acting as an ecosystem i.e helping startups connect with incubators, angel investors, venture capital funds etc, stated SIDBI in a statement. Greater participation by banks in financing innovation and creating policy at board level, enhancing domestic pool of capital for start-ups, establishment of the National Innovation Promotion Board will be a part of this plan.

CCAvenue Launches CCAvenue Finance to Assist Startups Financially

In other news, Payment Gateway – CCAvenue announced the launch of ‘CCAvenue Finance’, a financial assistance program to help startups. To kickstart the project, CCAvenue partnered with Lendingkart, a New Delhi-based platform for small businesses loans.

Securing funds for a startup is one of the biggest challenges that entrepreneurs face. To make the cash flow easy, Mr. Vishwas Patel, Chief Executive Officer, Avenues Group said, “SMEs and startups on our platform gain quick access to loans within minimum turnaround-time, with basic documentation and zero collaterals, thereby simplifying the entire capital fund gathering process.”

The release further stated, “in addition to offering ‘Merchant Finance’, CCAvenue will soon be launching ‘Consumer Finance’ for over 8 million CCAvenue Checkout customers.”

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