HDFC mulls 100 cr per yr investment in tech startups: Deepak Parekh
Mortgage finance major HDFC is mulling to invest up to Rs 100 crore per year in technology startups, its chairman Deepak Parekh said on Tuesday.
Mumbai: Mortgage finance major HDFC is mulling to invest up to Rs 100 crore per year in technology startups, its chairman Deepak Parekh said on Tuesday.
The largest mortgage lender will install a dedicated team understanding the startup ecosystem to do the investments, he said. The announcement comes at a time when there is a lot of focus on the policy front to encourage startups with an objective of encouraging innovation and creating employment opportunities.
Many corporate entities and also the largest lender SBI have been creating in-house funds to invest in startups. "At the last board meet, I took an idea of investing Rs 100 crore per year in startups," Parekh said, speaking at the annual Tiecon event here.
He said just like the idea to branch out into universal banking, the board had reluctance with the idea of investing in startups as well but underlined that he believes there is a need to invest in ideas of the future in the tech space.
The company will be creating an in-house team at the headquarters to take charge of investments and exuded confidence that they will start operating in two months.