DBS Bank India has partnered with tech business incubator Social Alpha to mentor enterprises that focus on sectors such as inclusion, healthcare, and environment.
Under the partnership, DBS will mentor and support three firms focused on the aforementioned areas over the next 18 months in addition to an annual grant of one crore rupee ($141,000).
The three firms include women-focused e-commerce firm Even Cargo, mental healthcare startup Trust Circle, which leverages mobile AI tech for emotional resilience, and affordable medical device startup Incredible Devices.
We want to encourage social entrepreneurs who are sustainable by generating enough returns to build scale"
"We have been working with social enterprises for several years. But our experience showed that some of these entrepreneurs could not scale their businesses or remained somewhat sub-optimal in their ability to grow. So, we want to encourage social entrepreneurs who are sustainable by generating enough returns to build scale, and we decided to look for a partnership with somebody who was working with scaled or scaleable social entrepreneurs," said Surojit Shome, CEO, DBS Bank India.
Social Alpha is an organisation that focuses on incubating social impact startups, which received seed funding from Tata Trusts and also from the Department of Science and Technology. It has around 50 startups under its portfolio.