Odisha MSME Dept signs MoU with HDFC Bank

In a bid to strengthen the startup ecosystem in the state, the Odisha government on Wednesday signed a memorandum of understanding with HDFC Bank Ltd.

According to the agreement, the startup units will be able to showcase their products to stakeholders while the lender will extend incubation and acceleration support to the firms banking with them.

The MoU was signed between the state Micro Small & Medium Enterprises (MSME) department and the bank in presence of Chief Minister Navin Patnaik, an official said.

On the occasion, Patnaik reaffirmed the state's government's commitment to make Odisha one of the top three Startup Hubs in the country.

"Young entrepreneurs are engines of growth for new Odisha. I am sure this MoU between Start-up Odisha and HDFC Bank will open up new possibilities for startups," Patnaik said.

The lender has third party alliances to provide discounts for startups across key business support functions such as shared work spaces, digital marketing, content writing, tax and legal advisory, financial management, compliance among others, he said.

It will enable startups to list on its 'Smart Buy' platform for growth and visibility, he said.