It is a 45 days programme to bring together and support the growth of early-stage fintech startups
The selected startups will get AWS Activate credits up to USD $25,000 to help the startups access more than 200 fully featured services on AWS
The selected startups will receive guidance from Chiratae Ventures on fundraising as well
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Digital payment aggregator PayU has partnered with Amazon Web Services (AWS) and Chiratae Ventures to launch inFINity, a fintech accelerator programme for early-stage Indian startups.
This is going to be a 45 days programme to bring together and support the growth of early-stage fintech startups by offering mentorship and AWS Activate credits up to USD $25,000 to help the startups access more than 200 fully featured services on AWS.
The names of the selected startups under the first cohort of inFINity will be announced in August. Under this programme, PayU’s payments solutions will help the portfolio startups meet their industry demands. Other than tech support, PayU will also help the startups to scale businesses by providing adequate mentorship.
The startups will also receive guidance from Chiratae Ventures on fundraising, while some of the selected startups may also be nominated for investment from Chiratae Investment Committee.
Further, the selected startups will also have lifetime access to the resources of the inFINity community.
PayU CEO Anirban Mukherjee, Zerodha CTO Kailash Nadh, Uni Cards founder and CEO Nitin Gupta, and M2P cofounder Prabhu Rangarajan are the mentors available to guide the selected startups under this programme.
Commenting on the development, PayU’s Mukherjee said, “Through this accelerator, we are creating a space where fintech entrepreneurs can flourish, fueling a technologically driven revolution in financial services.”
Further adding to this, AWS India’s Head of Startup Ecosystem, Amitabh Bagpal said that AWS offers deep mentorship around AI and ML to help fintech businesses at offering right solutions to the customer and enhance customer experience.
“inFINity accelerator is designed to enable early-stage fintech startups to build a strong technology foundation, accelerate their journey, and propel their growth,” he added.
Under this programme, startups that apply must either be bootstrapped or raised less than $5 Mn investment, should seek to raise Seed to Series A funding, and must have a minimum viable product (MVP) already developed.
There have been a slew of accelerator programmes launched in India to support the growth of Indian startups lately.
Recently, Google announced the names of 20 generative-AI oriented startups under its Google for Startups Accelerator: India cohort.
In another instance a non-profit organisation announced the Low Carbon Earth (LCE) 2023 programme, in partnership with the United Nations Environment Programme (UNEP) to support ESG startups.
Also, last month, Maruti Suzuki announced the names of six startups that secured top spots at the company’s Nurture program, Grand Idea Hunt to offer the businesses mentorship.
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