HDFC Bank offers Parivartan Grants to 25 social sector startups
Parivartan approved the Grants of Startups from Odisha, Jharkhand, Telangana, Rajasthan, & Kerala.
A biochemical engineer from IIT Kharagpur, Sumeet Mohanty went to Jharkhand for a trip to a small village. He was shocked when the news hit his eardrums that three children died from the town after consuming water from the nearby lake that lacked adequate sewage facilities. The incident forced him to look for a solution that could be implemented universally, and as a result, leads his interest in clean-tech projects in the field of waste-water treatment. After working few years in space, he set up a startup of phycilinc technologies, for treatment of waste-water by using algae, for both industrial or domestic sewage, thereby restoring lakes and other water bodies. The solution can be easily implemented and was organic, as well.
Phycolinc Technologies are among the 25 startups, which is the recipients of HDFC privartan grants. The grant focuses on helping the startups working to bring a sustainable change to offer unique solutions in the social sector. In the first phase, the bank has disbursed Rs 10 crore to the startups in India.
Apart from Mumbai, Pune, Delhi, Privartan Grants have been offered to Jamshedpur, Kalahandi in Odisha, Kochi, Thiruvananthapuram, Hyderabad as well.
In an interview, Ashima Bhat, group head, CSR, HDFC Bank, said: “ This is the first phase, and we are planning to work with our partners to build a strong pipeline of social start-ups whom we can support.”