Axis Bank, one of the largest private sector banks in India, signed a Memorandum of
Understanding (MoU) with Next Bharat Ventures IFSC Private Limited, a subsidiary of
Suzuki Motor Corporation in Japan, to provide tailored Working Capital Financing
Solutions to impact-driven startups and Micro and Small Enterprises (MSME). This
collaboration will enable MSMEs to secure credit without the traditional collateral,
thereby reducing financial hindrances and simplifying access to capital needed for
business growth.
Through this initiative, Axis Bank will extend support to MSMEs across key sectors, who
are part of Next Bharat Ventures’ Residency Program. This four-month program,
launching its first cohort in October 2024, is designed to empower entrepreneurs
committed to driving impact in India’s rural and informal sectors. The startups selected
under the program will have access to Axis Bank’s comprehensive range of financial
services and solutions, tailored to meet their specific needs.
The partnership will leverage Axis Bank’s vast network of branches across India to
deliver these financing solutions and simplify the credit evaluation process, thereby
making it easier for startups to obtain debt financing. With a strong focus on Tier 2 and
Tier 3 regions, this initiative will not only promote financial inclusion but also foster longterm economic growth in these underserved areas.
Speaking on the occasion, Munish Sharda, Executive Director, Axis Bank, said,
“At Axis Bank, we recognize the pivotal role that entrepreneurs, especially those
in the underserved regions, play in driving India’s economic growth. This collaboration
with Next Venture underscores our commitment to foster innovation and empower the
entrepreneurial ecosystem, leading to the growth of India’s rural economy. By leveraging
our financial expertise and extensive branch network, we aim to help these
entrepreneurs scale their operations and achieve sustainable growth. This strategic
collaboration reinforces our commitment to financial inclusion, giving us the
opportunity to support the next generation of socially impactful business leaders.”
Vipul Nath Jindal, MD and CEO of Next Bharat Ventures, commented,
“This partnership with Axis Bank marks an advancement to build a sustainable financial ecosystem for impact-driven entrepreneurs in India. By combining Axis Bank’s financial expertise in providing debt funding with Next Bharat’s tailored support for innovative social
ventures, we are excited to see the advancement of high-impact startups in Bharat.”
By integrating Axis Bank’s financial capabilities with Next Bharat Ventures’ focus on
nurturing social enterprises, the partnership aims to build a more inclusive and
sustainable financial ecosystem for entrepreneurs while positioning them for long term
success as self-sustaining MSMEs. The collaboration will ensure that essential financial
support reaches entrepreneurs in underserved regions, empowering them to drive
meaningful economic progress and create lasting impact in their communities.
