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Online payments solution provider PayU has collaborated with Amazon Web Services (AWS) India, a cloud platform, and venture capital firm Chiratae Ventures to launch a FinTech accelerator for early-stage Indian start-ups called inFINity .
It is a 45-days program that brings together and supports the growth of early-stage FinTech start-ups by providing access to mentorship from leading industry experts, curated resources, and AWS activate credits. According to the company, selected FinTech start-ups will be announced on August 17 as the first cohort of inFINity to receive training and mentorship sessions.
Additionally, the start-ups will have access to PayU’s payment solutions to help them meet their industry demands and experts to scale their business operations and expand their customer base. Furthermore, these start-ups will receive up to $25,000 in AWS activate credits to access over 200 fully featured services on AWS.
The cohort will also receive actionable guidance on fundraising from Chiratae Ventures, and a select few start-ups might be presented to the Chiratae Investment Committee as well. In addition to mentorship from domain specialists, they will also have lifetime access to the resources of the inFINity community.
Start-ups that are eligible to apply must be either bootstrapped, or must have raised a funding of less than $5 million, seeking to raise Seed to Series A funding and have a minimum viable product (MVP) already developed.
Fostering innovation
“We have a long-standing tradition of fostering innovation by supporting disruptive, early-stage start-ups. Through this accelerator, we are creating a space where fintech entrepreneurs can flourish, fueling a technologically driven revolution in financial services,” said Mukherjee, CEO of PayU India.
The programme’s list of mentors includes Anirban Mukherjee, CEO of PayU Payments; Kailash Nadh, CTO of Zerodha, Nitin Gupta, Founder and CEO of Uni Cards, Prabhu Rangarajan, Co-Founder of M2P, among others.
“According to industry estimates, Asia-Pacific is set to become the world’s leading fintech market by 2030. At AWS, we offer the broadest and deepest set of innovation tools, including machine learning (ML) and artificial intelligence (AI) capabilities, to help fintechs transform their ideas into tangible solutions to drive financial inclusion, and optimise customer experiences, said Amitabh Nagpal, Head of Start-up Ecosystem, AWS India.
The programme will commence on August 31 with a three-day in-person bootcamp in Bengaluru, followed by four weeks of intensive online training. A virtual showcase will be conducted to conclude the programme on November 15 to enable the cohort to access fundraising opportunities with leading investors.
“Chiratae has been a pioneer in fintech investing, with investees such as PolicyBazaar, Fibe, Vayana Network, etc. We invest with a thesis-led approach and actively work with our start-ups as they solve some of the deepest financial services problems with technology, and we are looking forward to discovering new partners at inFINity 2023,” said Mandeep Julka, Vice President at Chiratae Ventures.
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