Axis Bank opens innovation lab to create investment fund
Posted on: 01 Jul 2016 17:58:31
01 July 2016 Current Affairs: Private sector lender Axis Bank has launched an innovation lab to hone startups and announced that it will create a dedicated fund to invest in these new-age companies that would benefit its business.
The bank launched the 10,000-sq ft lab at Bengaluru with an in-house innovation team, which will host a three-month accelerator programme where companies will get mentored.
When asked if the bank has created a dedicated fund, like the recent announcement by country's largest lender SBI of a Rs 200 crore facility.
The idea behind the initiative called 'Thought Factory' is to take innovation to a next level and also keep abreast of changes in technologies.
The bank will work with companies in various stages of maturities, including those at the ideation level.
The bank has already appointed about eight people to work in the lab and plans to take it up to 20 by the end of the year while Anand said the investments into the initiative called 'Thought Factory' are not too large as the space is a leased one.
The bank will be looking at disruptive solutions in technologies such as block-chain, artificial intelligence, mobility and cloud as part of the 'Thought Factory.
Axis Bank already has a dedicated team called 'New Economy Group' serving the banking needs of such new-age companies.
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