India; 18 October, 2022: CIIE.CO, the innovation continuum, has shortlisted eight startups for the Financial Inclusion Lab, India’s leading startup accelerator for inclusive fintech, skilling and livelihood focused launched under its Bharat Inclusion Initiative (BII).
The Financial Inclusion Lab was launched to help increase access and adoption of formal financial services by India’s underserved Lower and Middle Income (LMI) segments through supporting startups in the areas of FinTech, Skilling and Livelihood. The selected startups will receive capital support of up to INR 25 lakhs for product development and market validation, curated sessions by IIM Ahmedabad faculty and expert practitioners, field studies led by financial inclusion experts for customer and market insights, as well as opportunity to access seed capital via Bharat Inclusion Seed Fund, amongst others. 3 out of the 8 startups also have women entrepreneurs as co-founders.
Over the last 4 years, Financial Inclusion Lab has supported 42 startups in 5 cohorts to build and validate their solutions. Cumulatively, these startups have served over 30 million customers and have raised over $120 million in funding post their participation in the Lab.
The 8 FinTech startups that have been selected for the cohort of Financial Inclusion Lab, a part of the Bharat Inclusion Initiative:
1. Money Purse is redefining banking and financial services for Self Help Groups of Bharat through an assisted and door-step based model.
2. Finequs aims to bridge the credit access gap and other financial services for the Bharat segment through its QR codes at neighbourhood kirana stores.
3. Rydo enables financial inclusion for autorickshaw drivers in tier-2 and tier-3 cities through an app that also helps increase their income.
4. Roopya (B2C) and Roopya Money (B2B) is a SaaS-powered platform for digital loan origination, lead sharing and portfolio monitoring.
5. ChhotaStock aims to provide 300mn middle-income Indians access to curated equity instruments through an embedded model and gamified experiences.
6. Gullak offers a goal-based savings platform built atop a savings account to help individuals easily manage and monitor their finances.
7. PehchaanPe works with partners to offer micro-entrepreneurs with financial and market linkage through its payments and credit enablement solution.
8. Kaarigarmandi is a B2B marketplace for the footwear industry that enables upskilling of artisans and connects them with demand centres across India.
Commenting on the launch of the 6th cohort, Priyanka, Chief Operating Officer, CIIE.CO stated, “We are excited by the potential of this cohort to deepen financial inclusion of chronically underserved communities such as women, micro-entrepreneurs, artisans and others by providing them with tailored savings, investments and credit solutions. We look forward to partnering with them through the Financial Inclusion Lab and supporting their journeys to scale.”