In recent years, the Indian entrepreneurial landscape has been showing signs of dynamic growth. With more new startups being added to the roster each year, India has no doubt firmly established itself as one of the best ecosystems for startups in the world. But despite the huge numbers, what the country’s startups lacked was a dedicated banking partner who fulfilled more than merely their banking needs. 

ICICI Bank has now succeeded in bridging this gap. With the launch of iStartup 2.0, the industry’s first and the country’s most comprehensive program for startups, ICICI Bank has, once again, established itself as a pioneer of sorts. The program focuses on improving the ease of doing business for startups in the country – not just for the ones established recently, but even for the startups established up to ten years earlier.

Here, we take a sneak peek into this first-of-its-kind package and get a better look at what it offers the country’s startups.

What is iStartup 2.0?

iStartup 2.0 is an all-inclusive program for startups that offers customers the winning combination of banking and beyond banking services from the comfort of a single, seamless platform. Customers can choose a current account in any one of three variants, namely Platinum, Gold and Silver. New startups that have been in the business for 10 years or fewer can apply for the iStartup 2.0 current account from ICICI Bank. This includes the following forms of business organization.

• Partnerships
• Private limited companies
• Public limited companies
• Limited liability partnerships

Account opening is easy for startups that join the iStartup 2.0 program, since the bank has integrated its APIs with the website of the Ministry of Corporate Affairs (MCA). This makes it possible for eligible startups to apply for a current account online right after their company has been incorporated. To further amp up the convenience factor, the bank also has an official visit the startups in-person at a time that’s convenient for them to verify the original documents for KYC purposes.

What are the banking benefits of the iStartup 2.0 current account from ICICI Bank?

ICICI Bank’s iStartup 2.0 account offers startups a number of beneficial, across-the-board banking features. Here’s a preview of what the iStartup 2.0 account comes with.

• Access to the cutting-edge InstaBIZ mobile application, which offers over 115 business banking solutions digitally, including instant payment of GST, easy collection and payments of funds in bulk through multiple modes and inward or outward remittances, among others
• A corporate internet banking platform and Trade Online, a specialized digital platform for export-import transactions
• Automatic bank reconciliation via connected banking with over 40 popular accounting and ERP platforms
• Preferential pricing on Loan Against Securities (LAS) and overdraft facility against Fixed Deposits (FDs)
• A business debit card and FD-backed business credit cards
• Zero processing fees and commitment charges on FDs/overdrafts
• Group health and personal accident cover
• A premium savings account for promoters
• Preferential pricing for trade and banking transactions
• Exclusive salary accounts for employees
• Waiver of quarterly account balance (QAB) up to one year

Beyond banking: How the iStartup 2.0 program doubles as a comprehensive startup package

In a never-before-seen, industry-first move, ICICI Bank’s iStartup 2.0 moves beyond regular bank-related services and offers wide-ranging holistic solutions for startups beyond banking. These solutions are available to startups under an exclusive umbrella named Startup Assist, which consists of a bundle of specialized services that simplify business operations for startups. 

The Startup Assist alliance package includes three kinds of offerings, namely a business concierge, a digital concierge and a specialized bouquet of offerings. Here’s a closer look at the details.

Business concierge: Powered by SuperSeva

Exclusively curated to assist startups in the set-up stage, the business concierge from Startup Assist offers a single point service to startups at special, discounted prices for ICICI Bank customers. The services included in this package are made available to customers through a dedicated concierge helpline, via an app, or through email. Here’s what the services in the business concierge bundle includes.

• Company registration
• Taxation
• Compliance
• Income tax and GST-related services 
• Logistics
• Facility management 
• Marketing support 
• Property registration

Digital concierge: Powered by NowFloats

The digital concierge from iStartup 2.0 is a one-stop solution for 360-degree digital enhancement of a startup’s business processes. The services in this bundle include an identity pack, an ecommerce pack and a digital marketing pack, and they’re easily accessible through a dedicated concierge helpline or via an app or an email. Here’s a preview of the services from the digital concierge that benefit startups.

• Website development 
• Website hosting
• Social media marketing
• Search Engine Optimization (SEO) 
• Search Engine Marketing (SEM)

A specialized bouquet of offerings

In this segment, ICICI Bank has collaborated with various other companies in a bid to bring the benefits offered by those companies to the startups in the iStartup 2.0 program. This gives startups easy access to a variety of attractive offers. Some of these offerings include:

• IT hardware deals from industry leaders like Dell
• Advertising offers from streaming platforms like Disney + Hotstar
• Discounts on office supplies 
• Deals on work-from-home kits
• Affordable accounting services from top vendors like IndiaFilings
• Deep discounts on software, web hosting and cloud solutions
• Attractive accounting subscription plans
• Offers on business communication services from pioneers like Tata Teleservices

The way ahead

Given the multilayered, holistic offerings that iStartup 2.0 brings to the table, it’s the one-stop solution for all kinds of startups, be they in the healthcare industry, the IT and services sector, real estate, manufacturing, or even education. By putting across such a wide-ranging and comprehensive startup pack that gives budding businesses easy access to services in banking and beyond, ICICI Bank has become a kind of torchbearer for the way ahead. On that path, India’s startups will likely find the support system that’s been a long time coming. And this may well be the sure and steady step that we need to make the transition to a self-reliant India. 

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[1] 

30 Startups to Watch: The Startups That Caught Our Eye In February 2020

[2]

ICICI Bank introduces ‘iStartup2.0’, the country’s most comprehensive programme for start-ups