Axis Bank has signed a Memorandum of Understanding (MoU) with Next Bharat Ventures IFSC, 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 Indias 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 long-term economic growth in these underserved areas.

Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.