The Mumbai Fintech Hub, Maharashtra government’s initiative to execute and promote an aggressive fintech ecosystem in the state, announced the launch of its platform FInD (Fintech Investments and Deals). The new platform is aimed at bridging the gap between investors and start-ups with respect to funding.
In a press release, Mumbai Fintech Hub announced that FInD will not only catalyse exposure to capital but also aid to forge partnerships between fintech startups, investors and partners from around the globe. It claims to have identified access to capital and talent pool to achieve its vision of converting Mumbai into a global fintech hub — a matchmaking digital platform that brings together global investors, fintech and partners.
Applications for startups to apply for the FInD programme started on Monday (June 17), while investor on-boarding has already begun. This programme has been launched in a partnership with PwC, Go Medici, NASSCOM, Indian Venture Capital Association (IVCA), and Payments Council of India (PCI), among others.
The programme entails a democratised digital investment platform that not only enables investments into fintech start-ups (Seed, Pre-Series A, Series A, Series B+) but also assists these fintech startups to form partnerships with corporates and incumbents. The startups undergo an in-depth screening of business plans and other relevant information through an evaluation framework by Mumbai Fintech Hub. A list of these meticulously curated startups is shared with the investors, enabling faster decision making and directly connects them with the qualified start-ups, exposing fintech startups to a wider network of local and global investors and corporates.
Building India’s Fintech Hub
Suniti Nanda, chief fintech officer, Mumbai Fintech Hub said that FInD is an initiative to foster the vision of making Mumbai a global fintech hub. She added that the unique value provided by the programme makes it crucial for all stakeholders involved and helps unleash the true potential of India’s fintech ecosystem.
In an interview with Inc42 last month, Suniti said that in its first year, the Mumbai Fintech Hub has primarily looked at forming a base for fintech startups and taking measures such as going live with the fintech registry with over 270 fintech startups registered and profiled, which will help it tailor the programmes for fintech startups accordingly. The hub is clear that its efforts are for all fintech startups and not just for those in Mumbai and Maharashtra.
“We have the talent and resources to compete with Singapore and London. It can be done,” she had said.
To help startups raise funds, the Mumbai Fintech Hub is creating an investment platform where the selling side will have the fintech startups and the buying side will have an investor ecosystem and financial institutes. Similarly, matchmaking can also happen if startups are looking to partner with a particular company.
The hub is also planning to do a global investor roadshow where several global investors and fintech companies looking to enter India will be onboarded and accordingly matched with these startups. Nanda revealed that the hub is also looking at creating a fund which will continuously look at entities and support them continuously, unlike the grant system which has a tenure of three years.