We all know that India is a large underserved market. But, did you know that only 27% have health insurance? That 60% of MSMEs lack access to formal credit? And less than 5% of Indians are invested in equity markets? Do you have what it takes to serve a large, under penetrated market? Can you make the lives of a billion people better - through better financial products or helping people improve their livelihoods. Have you been struggling to find the right platform to build your idea?
If the answers to these questions are yes, then we are looking for you!
We invite you to be a part of a one-of-its-kind 'Financial Inclusion Lab' dedicated to startups that are interested in serving the low- and middle-income (LMI) segments in India – the largest market for such a population.
Although there are more than 1,500 fintechs in India, their focus is highly skewed towards the affluent, tech-literate english speaking customers in the larger cities. This leaves over 470 million among the addressable LMI market untapped. Further, most incubator and accelerator programmes in India offer standardised, light-touch support with no focus specifically on the LMI segment.
We are setting up the Financial Inclusion Lab to support startups that are developing innovative, technology-enabled solutions for the benefit of underserved communities in the areas of Financial inclusion, Livelihoods and Skilling. MicroSave, an international financial inclusion consultancy firm, will provide startups with high-touch consulting and insights into the LMI segments. Thus the Lab will bring together an unparalleled combination of domain experts, thought leaders, LMI mentors, and the best management brains in the country to help build and scale inclusive innovations.
We are currently accepting applications for the first phase of our lab, that is, the 'Build' phase. This phase is designed to accelerate the development of your minimum viable product through field studies supported by LMI experts, prototype designing workshops, mentorship and financial support. It will help you test your assumptions, ascertain problem-solution fit and prepare your product for a successful pilot and scale up.
Only up to 10 start-ups will be selected through a rigorous selection process for the 20-week long acceleration programme.
Each selected start-up will receive a customised and differentiated bouquet of services worth ~USD 70,000.
Dedicated portfolio managers to help you achieve challenging milestones and connect with investors
Curated sessions on essential business skills by faculty and experts at IIM-Ahmedabad
Extensive visibility to showcase your product through our marketing channels and showcase events
Access to cloud credits, legal, marketing and other ancillary services worth over USD 30,000
Opportunity to access scale-up capital via Bharat Inclusion Seed Fund
And much more...
Start-ups in the Proof of Concept (PoC) to early-revenue stage
Solutions leveraging ICT, especially open-access inclusive platforms like IndiaStack and with significant potential to scale
LMI-focused innovations that target financial inclusion, skill development, and livelihood generation
Strong teams with complementary skill sets and full-time members working on the solutions
Original products! Teams with products/solutions that infringe upon someone else's patent, copyright, or license will not be considered for the program