PayU, AWS Launch Second Cohort Of Fintech-Focused Accelerator Programme

Digital payment aggregator PayU in partnership with Amazon Web Services (AWS) has launched the second cohort of their fintech-focused accelerator programme, inFINity 2.0, for early stage Indian startups.

The programme will target startups seeking to raise below $10 Mn between seed and Series A stages.

The applications for this programme will be open from December 12 and close on February 15, 2025, PayU said in a statement.

InFINity 2.0 is a 12-week hybrid accelerator programme, starting March 2025. It involves a 3-day in-person boot camp in Bengaluru, followed by virtual office hours.

PayU further said that it has committed up to $5 Mn in investments for each company that qualifies its investment criteria.

InFINity 2.0 comes with a package of benefits, including tailored masterclass led by experts from the finance, banking and fintech industries, with access to PayU’s extensive merchant, bank, and consumer networks, as well as potential investment avenues from Prosus and other investors.

PayU, which was founded by Nitin Gupta, Shailaz Nag Jose Velez, Martin Schrimpff, Arjan Bakker, and Grzegorz Brochocki in 2002, is owned by Prosus’ Nasper Group. Its Indian subsidiary, PayU India, was launched in 2011, with Nitin Gupta and Shailaz Nag as its cofounders. 

Besides India, it provides payment and financial services across Latin America, Southeast Asia, Central and Eastern Europe and Africa.

“By leveraging PayU’s operational expertise alongside Prosus’ extensive investment expertise and AWS’s leading cloud solutions, we aim to empower the country’s fintech entrepreneurs to accelerate their businesses and develop innovative solutions that address the dynamic financial needs of Indians,” said Anirban Mukherjee, chief executive at PayU.

Additionally, the selected cohort will receive AWS Activate credits and $100,000 in PayU Startup Program credits and discounts to support their growth, the payments company said in a statement.

The accelerator programme comes a year after the initial version inFINity was launched in July 2023, in partnership with AWS and Chiratae Ventures with a cohort of 30 startups, culminating in a $5 Mn seed investment in cross-border payments platform BRISKPE.

Mukherjee said, “InFINity 2.0 reflects our commitment to fostering innovation and nurturing the fintech ecosystem for early-stage startups in India. Having backed impactful fintech startups like Fisdom, IndiaGold, and Vayana, we continue to double down on India’s fintech ecosystem.”

On the financial front, Prosus-owned PayU India’s revenue soared 12% to $237 Mn in the first half of the financial year ending March 2025 (H1 FY25). PayU also claims to have onboarded over 4,000 merchants in the period. 

In the same period, the company’s total payment value (TPV) rose by 25%, as per the Prosus’ H1 FY25 report. 

PayU’s announcement of the programme comes at a time when there is an evident rise in competition in the fintech industry. Investors are gaining confidence by the potential of their technology advancements, entering new regions and expanding service offerings.

Earlier today, Mumbai-based fintech startup Snapmint raised $18 Mn in its Pre-Series B funding round in a mix of debt and equity to enhance its technology, launch new BNPL products, expand product categories, and onboard new merchants.

Meanwhile, a few days ago, another fintech company Mintifi raised a total of $180 Mn (over INR 1500 Cr) in its Series E funding round in a mix of primary and secondary transactions to expand its footprint across key sectors and strengthen its position in the supply chain financing segment.