IDFC FIRST Bank and IIM Calcutta Innovation Park Launch ₹2 Crore National Incubation Program to Accelerate Sustainable and Circular Economy Startups

Kolkata, August 24, 2026: IDFC FIRST Bank, has partnered with IIM Calcutta Innovation Park (IIMCIP) under IGNITE, a startup incubation program of FIRST IMPACT, to launch a Pan-India Incubation Program for Sustainable Business Solutions, aimed at nurturing and scaling innovative startups addressing critical environmental and sustainability challenges. The initiative will provide a total support of ₹2 crore, including a startup grant corpus of ₹1.36 crore, to help emerging enterprises strengthen their business models, expand market reach, and create measurable environmental and social impact.

The program will focus on startups working in areas such as green manufacturing, recycling and upcycling of waste, cleantech solutions, renewable energy, water and wastewater management, environmental technologies, and sustainable use of local and indigenous resources.

Through a structured incubation journey, 16 startups from across the country will be selected and provided with business diagnostics, mentoring, bootcamps, expert guidance, networking opportunities, and access to ecosystem stakeholders. Following a competitive evaluation process, the top-performing startups will receive performance-linked grant support to accelerate their growth and scale.

The initiative seeks to address some of India’s most pressing sustainability challenges by supporting entrepreneurs developing innovative solutions that promote resource efficiency, waste reduction, climate resilience, and sustainable livelihoods.

Expected Outcomes

The program aims to:

• Facilitate scale-up of 16 environmentally sustainable products or services.
• Enable diversion of waste from landfills through recycling, upcycling, composting, and circular economy solutions.
• Improve business capabilities and operational readiness of participating enterprises.
• Contribute to livelihood creation through employment growth within incubated startups.
• Enable revenue growth and market expansion for participating enterprises.
• Strengthen India’s sustainability ecosystem through innovation-led entrepreneurship.

 Saptarshi Bapari, Head – Investor Relations and ESG – IDFC First Bank said, “At IDFC FIRST Bank, we believe that entrepreneurs can play an important role in addressing some of our country’s most pressing challenges. Through IGNITE, we have been supporting impact-driven startups over the last two years. We are pleased to partner with IIM Calcutta Innovation Park as we expand the program’s reach to entrepreneurs working in areas such as waste management, circular economy, resource efficiency, and clean technology. We look forward to supporting the next generation of founders as they build and grow their businesses.”

 Ajay Jain, Chairman, IIM Calcutta Innovation Park Board, said, “IIM Calcutta Innovation Park has always stood steadfast with entrepreneurs and go-getters who leverage innovation as a means to address real world challenges. We are enthused to partner with IDFC FIRST Bank, in enabling impact-first startups with innovative solutions in sustainability, circular economy and resource efficiency. By providing such founders with the right mentorship, market access and ecosystem support, we hope to accelerate innovations and create commercially sustainable enterprises that contribute to a sustainable future for India.”

About IIM Calcutta Innovation Park

The IIM Calcutta Innovation Park (IIMCIP) is a not-for-profit (Section 8) company established under the aegis of the Indian Institute of Management Calcutta to promote entrepreneurship and innovation in India. Recognised by the Department of Science & Technology, Government of India, IIMCIP’s mission is to nurture innovative, socially impactful entrepreneurs who can drive inclusive growth.

Its core offerings span structured mentoring, capacity building, seed funding and access to markets and investors. To date, IIMCIP has supported over 2,000 startups and seed-funded 136 ventures, which have collectively raised more than ₹2,000 crore and built a cumulative portfolio valuation of nearly ₹8,000 crore.

IIMCIP also works closely with government bodies, corporates and academia to strengthen India’s innovation ecosystem, foster high-impact collaborations and promote women’s entrepreneurship, with a special focus on underserved regions of the country.

About the Bank

1. Vision: To build a world-class Bank in India, founded with principles of Ethical, Digital, and Social Good Banking.
2. Scale: IDFC FIRST Bank is one of India’s fast-growing private banks, building its UI, UX, and tech stack like a fintech. As of June 30, 2026, the Bank serves 39 million customers, with a customer business at Rs. 6,04,776 crore ($65.9b) comprising customer deposits of Rs. 2,99,405 crore ($32.6b) and loans & advances of Rs.3,05,370 crore ($33.3b). Customer deposits grew 16.6% YOY and loans 20.6% YOY. We reach over 60,000 cities, towns, and villages, operate through 1,155 branches.
3. Scope: We are a universal Bank offering complete range of services, including Retail, MSME, Rural, Startups, Corporate Banking, Cash Management, Credit Cards, Wealth Management, Deposits, Government Banking, Working Capital, Trade Finance, and Treasury solutions.
4. Ethical Banking: We are committed to doing right even when customers are not watching. We have simplified descriptions, calculations, and legal jargon to avoid confusing customers.
5. Digital Banking: The Bank’s modern technology stack delivers high-quality services across all channels like mobile, branch, internet banking, call centers and relationship managers. Built on cloud-native, API-led, microservices architecture, supported with data, analytics, AI, and fine aesthetics, we strive to deliver fintech-grade experiences on banking platform.
6. Social Good: We work for society. We have impacted over 40 million lives including 3.6 million women entrepreneurs. We have financed over 7.5 million lifestyle improvement loans (for laptops, washing machines, refrigerators etc. that enhance the quality of life of middle class), 2.5 lakh electric 2W and 3W vehicles, 2.7 lakh water, sanitation, and hygiene loans, 2 million livelihood (cattle) loans, and 300,000+ SMEs. On deposits, we provide access of premium investment research, which is usually reserved for the wealthy, even to those holding balances as low as Rs.5,000. Our ESG scores are high and improving.
7. Customer Friendly Banking: We make banking easy by having a customer first approach. We have waived fees on 36 essential savings account services which are commonly charged in the market, the first and only bank in India to do so. We create “pull” products that customers actively seek out.
8. Governance: We adhere to regulatory guidelines in letter and spirit and actively work with regulators to make things better. We take pride in maintaining highest levels of corporate governance.
9. Shareholders: We are building a well-diversified universal banking portfolio designed to deliver consistent ROE of 16%+.
10. Employees: IDFC FIRST Bank is designed to be a happy place to work, with cutting-edge roles, meaningful growth opportunities, and a culture of meritocracy. Compensation is healthy, efforts are recognized, and employees experience the pride and excitement of creating a world-class Bank in India

About IDFC FIRST Bank CSR

IDFC FIRST Bank’s CSR initiatives focus on creating sustainable and inclusive social impact through strategic investments in education, healthcare, livelihoods, entrepreneurship, environmental sustainability, and community development. Through partnerships with credible institutions and ecosystem enablers, the Bank aims to support innovative solutions that address critical developmental and environmental challenges.