NSRCEL which is the start-up hub at the IIM Bangalore or Indian Institute of Management Bangalore has publicized a list containing twenty-five shortlisted fintech startups for a fifteen-month widespread programme.
This programme could observe many of them and also get funding from the ICICI Securities’ CSR fund and it is considered the top financial services firm of India.
The ventures that are chosen will be needed to undergo a 3-month journey of pre-incubation and during that time; they would get involved in different workshops, sessions, and peer-to-peer learning activities besides receiving regular advisory and one-to-one mentoring sessions. Connections with the industry experts, networking events, mock-pitches, and communication with the investors will be the significant focus of this programme.
After this, the ventures would get a chance to pitch for funding and incubation. The chosen ventures would be required to go for a journey of 12-month incubation further.
This initiative was envisioned along with ICICI Securities as a portion of its CSR activities in the month of April 2020. It did receive more than 240 applications from all across the country and the selection panel comprised COO, Rajiv Sawhney, and Professor Venkatesh Panchapagesan who is the chairperson of NSRCEL at IIMB.
It evaluated every applicant and also interviewed more than sixty entrepreneurs prior to hand-picking those who entered the finals.
The selected ventures happen to be early-stage startups who are involved in various areas, such as payments, lending, trading, insurance tech, wealth advisory, financial management, accounting, auxiliary sector-logistics, and billing software. The cohort comprises participants who hail from 9 cities from all across India that includes Pune, Bangalore, Noida, Hyderabad, Udaipur, Gurgaon, Raipur, and Mumbai.
Again, ICICI Securities have assumed to have partnered the initiative because it considers that fintech has got extensive potential in creating jobs and economic growth and it is something that India needs as it has a huge population for entering the workforce each year.
The chosen startups are:
| Insurtech Startups | Lending | Trading |
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| Wealth Advisory/Investment Platforms | Accounting and Billing SAAS | Auxiliary | Payments |
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Source: The Hindustan Business Line