On Wednesday, Yes Bank invests in Venture Catalysts Group Funds (Venture Catalysts), which is an integrated incubator that offers funding, mentorship, and network to startup founders from the idea inception stage to the growth stages of the startup journey. With this investment, the bank aims to further its mission of catering to the ‘Future Tech Businesses of India’, bolster innovation in the technology space including the financial sector, and potentially partner with leading tech startups that Venture Catalysts has invested in.
Also, the fresh capital sponsored two platforms, Beams Fintech Fund which invests in growth Stage companies operating at the intersection of Financial Services and Technology; and 9 Unicorns Accelerator Fund, an early-stage sector agnostic investor.
Ajay Rajan, Country Head – Transaction Banking, Yes Bank said, “We are pleased to partner with Venture Catalysts and the allied platforms – Beams Fintech Fund and 9 Unicorns Accelerator Fund. We believe that this partnership is a step in the direction to becoming the go-to bank for technology startups. India is at the cusp of a massive growth and the collaboration between banks and tech companies – especially with fintechs – will play a critical role in this journey.”
Further, the partnership is in line with Yes Bank’s long-term growth strategy of strengthening its foothold in India’s growing tech markets through investments.
Naveen Surya, Co-founding member, Beams Fintech Fund, said “This partnership is a great beginning for the tech ecosystem. YES BANK has always been a visionary bank and a harbinger of innovation related to anything tech. We hope this will encourage other banks and fintechs in the market to partner with groups like Beams Fintech Fund and 9 Unicorns Accelerator Fund. We are aiming to create a large ecosystem consisting of banks, NBFCs and fintech companies to support the tech ecosystem. We are looking forward to working with YES BANK and bringing positive outcomes for all our portfolio companies and founders.”
Beams Fintech Fund (Beams), a CAT II AIF, was launched at the start of 2022 with a mission to build India’s largest fintech ecosystem. It will be actively investing in innovative technology companies at growth stages in the fintech space in India including in Embedded Finance, SAAS for Banks & FIs, SAAS for Businesses, Global Enterprise SAAS, Personal Finance Management, and Neo Banking space.
9 Unicorns Accelerator Fund (9 Unicorns), a CAT I AIF, launched by the founding members of Venture Catalysts is a sector agnostic VC that aims to disrupt idea stage investing in India. 9 Unicorns has already raised $100 mn and is actively deploying from its maiden fund. It invests seed capital of $300K – $500K in the first round, with larger follow-on capital in fast-growing deserving portfolio companies. Along with idea stage investing, the fund participates in a select few growth stage opportunities, generally Series C and beyond.