India’s financial technology (Fintech) sector is growing rapidly, which is primarily fueled by the emergence of new Fintech startups, the abundance of technical know-how and friendly government policies and regulations.
ICICI Securities (I-Sec) India’s leading financial services firm, as a part of its CSR initiative, has joined hands with N S Raghavan Centre of Entrepreneurial Learning (NSRCEL), the startup hub at the Indian Institute of Management Bangalore (IIMB), in supporting promising startups in the fintech space through a structured program.
“India is a young nation with over half its population at under 25 years. While the country has made significant strides in digitalization and technological innovation which has made it more competitive in the global landscape, there exists a larger challenge on the creation of employment opportunities and jobs for the young population. With the immense potential of the Fintech Sector in job creation and economic growth, I-Sec, as part of its CSR initiative, is happy to partner with NSRCEL, one of the oldest incubator cells in the country, to provide mentorship to these startups. We do hope that that this joint initiative will lead to many successful ideas that will provide large employment generation opportunities,” said Mr. Vijay Chandok, MD & CEO, ICICI Securities.
“We had largely remained sector-agnostic in 20 years and this is our first attempt to create an impact in a particular domain. Our motivation is simple – focus on an area where there are highly renowned faculty, sufficiently interested students, a large roster of illustrious alumni in that area and finally a thriving Centre of Excellence with deep connections to the industry. Fintech became the natural choice and we are excited to partner with I-Sec to kickstart our maiden program,” said Prof. Venkatesh Panchapagesan, Chairperson of NSRCEL at IIMB.
Startups in ideation to early customer stage will be guided by mentors through need assessment, one-on-one interactions, and workshops. The 15-month program is for professionals in Insurance, Trading, Personal Finance, Banking, Wealth Advisory, Lending and Payments and Taxation. These startups can then glide through to the Go-to-Market stage and work on scaling up through the guidance, workshops, shared learning, funding, goal-setting through the launch of POCs and extensive business growth opportunities. Startups will be getting exclusive access to IIMB resources and industry connections in Fintech. At the end of the program, select startups will also be receiving funding support.