PayU, a prominent online payments solution provider in India, has joined forces with Amazon Web Services (AWS) India and Chiratae Ventures, a leading domestic venture capital firm, to launch inFINity, a FinTech accelerator program designed for early-stage Indian startups. The 45-day program aims to support the growth and development of these startups by providing mentorship from industry experts, curated resources, and AWS Activate credits.
The selected FinTech startups for the first cohort of inFINity will be announced on August 17, 2023. They will receive training and mentorship sessions, access to PayU’s payment solutions, and guidance from PayU experts to scale their business operations and expand their customer base. Additionally, they will have the opportunity to build a strong technical foundation with expert guidance from AWS, along with up to USD 25,000 in AWS Activate credits to access a wide range of services on the AWS platform. Chiratae Ventures will provide actionable guidance on fundraising, and a select few startups may even be presented to the Chiratae Investment Committee. The startups will also gain lifetime access to the resources of the inFINity community.
The mentors for inFINity 2023 include industry leaders such as Anirban Mukherjee, CEO of PayU payments, Kailash Nadh, CTO of Zerodha, Nitin Gupta, Founder & CEO of Uni Cards, and Prabhu Rangarajan, Co-Founder of M2P.
With the launch of inFINity, PayU aims to foster innovation and support disruptive, early-stage startups. The accelerator program is part of PayU’s strategy to develop a fintech ecosystem that addresses the diverse financial needs of Indians. Amitabh Nagpal, Head of Startup Ecosystem at AWS India, believes that Asia-Pacific is poised to become the world’s leading fintech market by 2030, and fintech startups in India, enabled by AWS, have been at the forefront of digital financial innovations. AWS offers a comprehensive set of tools, including machine learning and artificial intelligence capabilities, to help fintechs transform their ideas into tangible solutions and drive financial inclusion.
Chiratae Ventures, known for its investments in successful fintech companies like PolicyBazaar and Vayana Network, is excited to discover new partners through inFINity 2023. Kailash Nadh, CTO of Zerodha and a mentor for the program, emphasizes the importance of a first-principles approach in building successful organizations and hopes that this program instills these principles in the participating startups.
To be eligible for inFINity, startups must be either bootstrapped or have raised funding of less than USD $5 million. They should also have a minimum viable product (MVP) already developed and be seeking Seed to Series A funding. The program will kick off on August 31st with an in-person bootcamp in Bengaluru, followed by four weeks of intensive online training. The program will conclude with a virtual showcase on November 15th, providing the cohort with access to fundraising opportunities with leading investors.
This collaboration between PayU, AWS India, and Chiratae Ventures is set to empower early-stage Indian startups in the fintech space and equip them with the necessary resources and mentorship to thrive in the industry. In the ever-evolving world of technology and finance, initiatives like inFINity play a crucial role in driving innovation and pushing boundaries. With the support of prominent industry leaders and access to cutting-edge resources, the participating startups have a promising opportunity to make their mark in the fintech landscape.
