The Indian School of Management and Entrepreneurship ISME has announced the launch of a new accelerator headed by YES Bank chief Rana Kapoor’s daughter Radha Kapoor. The programme called ISM ACE has been launched for for fintech startups in Mumbai.
YES Bank chief Kapoor’s daughters manage ISME under holding company DOIT Group, as part of The Three Sisters Institutional Office. The three sisters Roshini, Rakhee, and Radha also manage the Indian School of Design and Innovation.
Along with the specialised accelerator programme, Kapoor also announced the launch of $15.5 Mn (INR 100 Cr) fund aimed at early-stage startups. The Category 1 AIF (Alternative Investment Fund) will function independent of The Three Sisters and cater in the fintech space.
“While most of the capital will be proprietary, we are also in talks with NBFCs, insurance companies, housing finance companies and payment banks or service providers to raise the remaining capital,” said Aparajit Bhandarkar, CEO of ISME ACE. When prompted, the company declined to reveal the names of investors showing an interest in the fund.
The fund will look to enable the funding of approximately 150 startups over the course of the next two years. The company has applied for a SEBI license for instituting the fund. The startups for the fund will be picked from ISDI ACE – the accelerator programme the institute launched in partnership with Microsoft Ventures two years ago – as well as the recently announced ISME ACE.
Key Features Of ISME ACE Accelerator For Fintech Startups
ISME ACE aims to be a launching pad for early-stage fintech startups. These startups would have products and solutions built for scale and utilised in traditional capacities too. ISME has roped in IBM, Microsoft, Amazon Web Services to partner in providing support to the startups. For mentoring and funding support, IAN and LetsVenture have come onboard for fintech startups looking for follow-on capital.