New accelerator programme for fintech startups in India launched

New Delhi, July 12 (IANS) A new fintech accelerator programme called "inFINity" for early-stage Indian startups launched on Wednesday by the online payments solutions provider PayU in collaboration with the cloud services providers -- Amazon Web Services (AWS) India and domestic venture capital firm Chiratae Ventures.

inFINity accelerator is a 45-day programme that brings together and supports the growth of early-stage fintech startups by providing access to mentorship from leading industry experts, curated resources, and AWS Activate credits, according to the company.

"Through this accelerator, we are creating a space where fintech entrepreneurs can flourish, fueling a technologically driven revolution in financial services," Anirban Mukherjee, CEO of PayU India, said in a statement.

Selected fintech startups will be announced on August 17, 2023, as the first cohort of inFINity to receive training and mentorship sessions. 

They will get to build a strong technical foundation with expert guidance from AWS, and up to $25,000 in AWS Activate credits to access over 200 fully featured services on AWS. 

"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," Amitabh Nagpal, Head of Startup Ecosystem, AWS India, said in a statement.

The cohort will also receive actionable guidance on fundraising from Chiratae Ventures and a select few startups might be presented to the Chiratae Investment Committee as well. 

"We invest with a thesis-led approach and actively work with our startups as they solve some of the deepest financial services problems with technology, and are looking forward to discover new partners at inFINity 2023," Mandeep Julka, Vice President at Chiratae Ventures, said in a statement.

Startups must be bootstrapped or have raised less than $5 million in funding, seek Seed to Series A funding, and have a minimum viable product (MVP) already developed to be eligible to apply, said the company.

On August 31, the programme will begin with a three-day in-person bootcamp in Bengaluru, followed by four weeks of intensive online training.