Citi seeks solutions by Indian startups, shortlists 8

American lender Citi is looking for solutions from Indian startups to be deployed in its global operations and has shortlisted potential companies with whom it may partner, senior officials said today.

The bank reached out to 900 Indian fintech companies, of which 200 responded with entries, they said, adding eight were shortlisted to present their solutions, they said.

The bank's global venture investment arm may also take a stake in some of the shortlisted companies.

"The objective is to see what new technologies the Indian ecosystem has to offer to enhance our global capabilities," its global head for payments and receivables, Manish Kohli, told reporters here.

The solutions being sought are for the institutional business of the bank.

Kohli declined to given any indication if there will be an investment in any Indian startup and did not answer a specific question on whether any budget has been earmarked for the same.

It can be noted that a slew of Indian lenders have embarked on similar ways of engagement with the startup ecosystem, with some announcing dedicated funds.

Kohli said the bank is not looking for exclusivity in any of the partnerships that it will be forging.

The ideas were pitched as part of what is called as 'Fintech Day' by the bank, officials said, adding that the last such day was held at New York in February this year.

When asked if the bank will make this a yearly affair in India, officials declined a specific comment.