Beyond funding: How can startups benefit from IDFC FIRST WINGS?

Startups are powerhouses of creativity and innovation. In India, startups have played an integral role in fueling economic growth and generating employment. However, the journey of a startup is far from easy. Startups across industries are often faced with multiple challenges and setbacks when trying to scale their business – from obtaining funds to attracting the right investors and talent.

Recognizing the crucial role startups play in generating employment and economic opportunities, the Government has launched the ‘Startup India’ Program under the InvestIndia.org initiative to boost growth in the startup ecosystem.

These initiatives have been foundational in the creation of an ecosystem that includes nearly 87,000 recognized startups across the country. But as startups begin to rise in different parts of the country, there is a need to look at their requirements differently and offer curated solutions to support their exponential growth. Proactive measures are required by different stakeholders in the startup ecosystem, including financial institutions and government bodies.

IDFC FIRST Bank has showcased its commitment to support India’s startup story by creating FIRST WINGS, a dedicated banking service for startups, which offers curated financial solutions through their ‘Early’ and ‘Growth’ stages.

Let's take a closer look at FIRST WINGS and everything it has to offer. 

What is IDFC FIRST Bank’s FIRST WINGS program?

IDFC FIRST Bank's Startup Banking program - FIRST WINGS is designed to meet the unique needs of startups. With a suite of customized offerings, FIRST WINGS offers unique solutions for startups that include Zero-Balance Startup Current Account with unlimited free IMPS, NEFT and RTGS transactions, Founder Success Program, Working Capital Solutions for pre-profit Startups, Business Credit Card with step-up credit and much more. Additionally, FIRST WINGS provides access to mentorship and fund raising opportunities, helping startups to grow and succeed at every step of the way.

Founder Success Program:
 

Leap-To-Unicorn, Founder Success Program is a perfect springboard for startups, giving them access to mentors, investors, and venture capitalists. Some of its features include:

· Mentoring: Startups can attend curated boot camps conducted by startup ecosystem experts.

· Networking: Network with India's top unicorn founders and investors.

· Fundraising : Fund raising is one of the most important aspects for startups in the early stages. With FIRST WINGS, you can avail opportunities to pitch business ideas to marquee investors.

· Media coverage: Through this program, startups and Founders can get featured in prominent media platforms.

· Recognition: Startups can get an opportunity to feature in the IDFC FIRST Bank 'Top 100 Startups to Watch Out For' report.

· Exclusive access: By participating in the program, startups can attend virtual master classes with industry veterans.

·  Zero cost: The program works selflessly in your interest, no fees or mentorship equity is required.

Startup Current Account

IDFC FIRST Bank’s Startup Current Account is designed especially for startups keeping their business requirements in mind. It provides the following benefits:

· No minimum balance requirement for the first 3 years of account opening

· Unlimited and free IMPS/NEFT/RTGS transactions

· Free doorstep banking for one location

· Amazon Cloud credits worth of $5000 to help you manage your website

· VISA Signature Debit Card with best-in-class benefits

· Cash deposit facility up to Rs 30 lakh per month

· Digital banking platform to monitor all accounts in a single view

· Free set up of payment gateways, UPI/QR, NACH, etc. without any annual maintenance charges

Corporate Salary Account
 

FIRST WINGS Startup Banking by IDFC FIRST Bank comes with India's most advanced, employer-friendly, and employee-driven Corporate Salary Account Program. It provides the startup and its employees with a host of benefits, including:

· Startups are not required to have a minimum number of employees to avail of the Corporate Salary Account offerings.

· Employees earn more with monthly interest credit to their salary accounts. IDFC FIRST Bank Savings Account offers monthly interest credits instead of quarterly, generating higher returns.

· Startups can be provided with separate accounts for reimbursement and salary to manage tax.

· Employees can get preferential interest rates on various loans such as personal, vehicle, consumer durables, among many other product categories.

· Employees get a debit card that provides exciting discount offers in categories such as dining and entertainment, in addition to free and unlimited access to ATMs.

· Employees also get credit card basis eligibility which is free for lifetime and up to 10x never expiring reward points.

Beyond Banking support
 

FIRST WINGS by IDFC FIRST Bank provides access to over 100+ offers and packages across various categories through 80+ Beyond Banking Partners. These offerings include:

· Assistance in incorporating the startup at a special price

· Attractive offers on co-working spaces

· Great deals on accounting, payroll, ERP, and HR solutions

· Tools for easy bookkeeping and invoicing with discounted legal services

· Discounts on web and app building solutions 

· Preferential discounts and offers by our partners

· Assistance with DPIIT registration at a special price

These value-added benefits meet many of your basic business requirements, allowing startup owners to scale their businesses at a rapid pace.

Debit Card
 

We understand that as a startup owner, you are constantly on the move and meeting new people. IDFC FIRST Bank offers a VISA Signature Debit Card with best-in-class benefits to suit these very needs of startup owners.

· Enhanced ATM and POS withdrawal limits

· Free airport lounge accesses up to two times per calendar quarter

· Free insurance coverage (death or permanent disability) up to Rs 1 crore

· Amazing discounts on various categories such as food & beverages, shopping, travel, and much more

Working capital
 

FIRST WINGS Startup Banking by IDFC FIRST Bank also offers a curated Working Capital solution for  pre-profit startups that helps you to scale as your business grows. Below are some of its salient features:

· Industry-First Program that provides working capital to pre-profit startups for managing day-to-day functioning in a hassle-free way

· Avail lending up to Rs. 5 crore without any physical collateral, based on an internal credit assessment

· Minimum requirement on numbers of documents for processing

· A quick and convenient solution - be it for growth, liquidity, cash flow management, capital expansion projects or forex and trade requirement

In conclusion

At IDFC FIRST Bank, we want to empower startups with the support they need from early beginnings through every stage of growth and beyond. This Startup Day, we’ve joined hands with Moneycontrol and CNBCTV18 to introduce ‘Leap To Unicorn’ - a one-of-its-kind Founder Success Program that provides mentoring, networking, and fundraising opportunities for India’s most promising startups through a meticulously planned journey.

By participating in this program, you get the chance to be one of the top 5 startups to compete for raising funds, mentorship, and the opportunity to get featured in the IDFC FIRST Report ‘Top 100 Startups To Watch Out For.’ To know more and participate, simply visit our website.

Note: The products and benefits mentioned in this article are subject to terms and conditions. Some of the products mentioned above are under development and may not be available in some locations. For more details, please speak to our customer representative.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.