Startups to receive up to INR 25 lakhs to develop inclusive technology solutions for low-and-middle-income (LMI) communities

New Delhi: CIIE.CO’s Bharat Inclusion Initiative has announced the third cohort of its “Financial Inclusion Lab”. It invites entries from promising Indian start-ups that work for inclusivity in the areas of FinTech, skilling, and livelihoods. The Lab is CIIE’s (Centre for Innovation Incubation and Entrepreneurship at IIM Ahmedabad) accelerator program in partnership with global consulting firm MSC (MicroSave Consulting). The interested startups can apply through the website https://bii-filab.ciie.co/login. The deadline for submission of entries is 24th October, 2019.

The Lab will prefer startups that build technology solutions to help improve the financial health and capabilities of the low-and-middle-income (LMI) segments. These could be solutions that utilize alternative data, new technologies, and open access platforms to help the LMI segments earn more, save better, minimize financial shocks, access low-cost capital, become employable, and create wealth.

The selected startups will receive mentoring support with field studies by financial inclusion experts and curated sessions by faculty and experts at IIM Ahmedabad. Moreover, these startups get to bag capital of up to INR 25 lakhs for product development and market validation.

Other customized support to each selected start-up include:

· Cloud credits, legal, marketing, and other services worth an additional INR 20 lakhs

· Access to CIIE.CO’s exclusive Founder Network of 300+ start-up founders

· Extensive visibility through our platforms and networks

· Portfolio support to help connect with customers, partners, and investors

· Investment readiness advisory and preparation

· Need-based additional financial and technical assistance for high potential ideas