YES BANK invests in Venture Catalysts Group Funds to support start-ups

• ByStartupStory     |    August 18, 2022

YES BANK announced an investment in Venture Catalysts Group Fund (Venture Catalysts), an integrated incubator that provides finance, mentorship, and a network to startup founders from the concept ideation stage to the growth stages of the startup journey. The fund has also sponsored two platforms: Beams Fintech Fund, which invests in development stage firms at the interface of Financial Services and Technology, and 9 Unicorns Accelerator Fund, which is a sector-neutral early stage investor.

With these investments mentioned, the bank hopes to advance its mission of catering to India’s “Future Tech Businesses,” boost innovation in the technology space, including the financial sector, and potentially partner with leading tech startups in which Venture Catalysts has invested — Beams Fintech Fund and 9 Unicorns Accelerator Fund.

Mr. Ajay Rajan, Country Head – Transaction Banking, YES BANK, stated on the occasion, “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 of 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.”

This collaboration is consistent with YES BANKS’ long-term growth strategy of increasing its footprint in India’s growing tech marketplaces by investing in tomorrow’s founders. Collaborating with and supporting tech companies to innovate and experiment on a variety of use cases, including agriculture, healthcare, commerce, education, logistics, open banking, supply chain finance, payments, and digital banking, among others, has been a key driver of YES BANK’s innovation strategy. YES BANK has been a tech pioneer, being the first bank in India to give up its APIs to numerous tech businesses in 2015.

“This partnership is a great beginning for the tech ecosystem. YES BANK has always been a visionary bank and a harbinger of innovation related to anything tech. We hope this will encourage other banks and fintech in the market to partner with groups like Beams Fintech Fund and 9 Unicorns Accelerator Fund. 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.” said Mr. Naveen Surya, Co-founding member, of Beams Fintech Fund. 

Beams intends to invest US$ 180 million in 10 to 12 startups in Series B and C rounds over the next three years.

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