MUMBAI, India | 15th November 2022: HDFC Ltd. India’s leading housing finance company, and IvyCamp, an initiative of IvyCap Ventures Advisors Pvt Ltd, have jointly launched the second phase of their Finnovation program.
Finnovation is an annual corporate engagement program that seeks to identify innovative startups with solutions that help solve business problems and add strategic value to HDFC’s core lending business. Just like the first phase, the second phase of the program will continue to support and mentor startups by providing opportunities to interact with the senior leaders and decision-makers at HDFC Ltd.
The second phase of the program will scout for startups with solutions for Metaverse applicability for delivering superior customer experience and the use of AI and ML for fraud detection.
The use cases that HDFC would be evaluating solutions for this phase:
- Applicability of Metaverse: Metaverse Solutions for improving the customer experience, interactions, service quality and implementing a virtual branch/office, etc.
- AI and ML for Fraud Detection – Solutions that can help the organization identify and eliminate fraudulent activities in the financial services domain.
Startups will be evaluated based on the solution offerings, scalability of the solutions & founding team and will get the opportunity to pitch to the management of HDFC Ltd. to validate the product and secure a proof of concept. Post selection the startup will enter into a strategic alliance with HDFC and/ or receive investment.
This program will also help them to work together with industry experts and HDFC units. Based on the initial pilot, avenues will be created for future probable business deals. The biggest advantage would be startups getting direct access to key decision-makers that will help them gain and build domain expertise.
For HDFC Ltd., such programs provide an opportunity for faster technology development and business models for relevant problems and futuristic customer and stakeholder requirements.
Ms Renu Sud Karnad, Managing Director – HDFC Ltd. said, “Integrating leading edge technologies in our offerings has always been our foremost priority. The pandemic brought about a permanent shift in consumer behaviour that pushed organizations across sectors to keep technology at the centre of all their offerings. Finnovation has been instrumental in bringing future-ready solutions to our lending ecosystem that has helped us maximise efficiency, enhance customer experiences and reduce costs.”
IvyCamp leverages its global alumni network to power India’s startup ecosystem. The Engagement Platform has more than 6000 startups, 500 mentors, and 30 accelerators, with whom they engage to support the unique needs of entrepreneurs, and encourage the flow of innovative ideas that bring about real and lasting impact.
Commenting on the partnership, Anju Gupta, Co-founder, and President, IvyCamp said, “We have been working closely with the HDFC Group companies since last year on Finnovation to facilitate meaningful startup-corporate engagements. During the first phase of the program, 20 startups were shortlisted to present their solutions to HDFC management. After several rounds of discussion three startups got the go-ahead to do the proof of concept. This program is a great opportunity for founders to pitch the solutions to engage with organizations and validate and scale their solutions, at the same time adding value to the core business of organizations and complementing their core competencies. We leverage our Alumni networks to find and evaluate high-potential entrepreneurs and solutions for such programs.”
Phase 2 is live at https://ivycamp.in/finnovation
PRN Fincon and RecoSense were startups that received POC opportunities from HDFC Ltd. through phase 1 of the Finnovation program.