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|In: Incubators|Last Updated: | 0 Comments
Image Source – Brigade REAP

Brigade REAP, the first accelerator in Asia with focus on Real Estate, has now successfully on-boarded Cohort Four. With over 80 start-ups having applied to the program, 11 Start-ups were shortlisted out of which 5 were inducted into the program after a rigorous selection process.

The Start-ups inducted into the program, will under-go thorough mentorship and training for a period of 4~5 months after which they will be handed over to the industry for consumption of their products or services.

Speaking on this occasion, Nirupa Shankar, Director, Brigade REAP, said

We are excited with the innovation and technology that emerging startups are bringing to the table. At REAP, we focus on mentoring these start-ups to make them industry ready so that it is easy for the industry to adopt their technology, be it a product or service. Our goal is to improve the efficiency of the real estate industry through technology.

The startups inducted into the Program are:

  1. Aerologiks – An automated, intelligent & stable drone services and data solutions company, operating to provide valuable insights about ongoing construction projects. For more information, please visit Aerologiks
  2. Clairco – A B2B SaaS company that does air quality monitoring and management for indoor spaces on a real-time basis. For more information, please visit Clairco
  3. R2 Promise – A technology company working towards changing the waste disposal process from Waste Management to Resource management. For more information, please visit R2 Promise.
  4. Renewate – A tech tool which is first of its kind in India that focuses on renovations, refurbishment and remodeling of all residential renovation needs. For more information, please visit Renewate.
  5. Smarter Dharma – A company that focuses on sustainable building design that provides holistic and technical solutions to help builders adopt holistic sustainability. For more information, please visit Smarter Dharma

About Brigade REAP

Brigade REAP is focused on technology startups whose end product/service is applicable to Real Estate be it Residential Commercial or Hospitality projects. The sectors range from IoT, Nano Technology, Cleantech and Renewable energy, Logistics and Visual Computing. The program is mentored by John Kuruvilla, Chief Mentor for the program and Apul Nahata, Mentor-in-Residence and has a stellar line up of mentors and advisors.

|In: Fintech|Last Updated: | 0 Comments

PayPal, the global leader in online payments have announced a shortlist of five new Financial Technology [FinTech] startups – Finbox, Neoeyed, Paymatrix, Scalend and Tybo as new entrants into its PayPal Incubator in Chennai.

The announcement was made after the final round of pitching during the 5th Incubation Challenge, where 10 shortlisted startups from 250 startups presented to an esteemed panel of judges including Guru Bhat, GM Technology & Head of Engineering – PayPal, Anupam Pahuja, MD – PayPal India and Rama Bethmangalkar, Venture Capitalist, formerly with Ventureast.

As a part of PayPal’s vision to transform and democratize financial services, the Incubator helps elevate and drive innovation across the FinTech industry with a focus on startups in financial technology as well as adjacencies like loyalty, machine learning, big data and logistics among others.

Guru Bhat, GM Technology & Head of Engineering – PayPal said

In its 5th year, the PayPal Incubator has received an overwhelming response with over 250 applications from early stage FinTech startups – a 150% growth from last year, reflecting both the need for an incubation program, as well as the FinTech industry’s potential. Our program is designed to help our newly incubated startups script their own success stories by facilitating access to PayPal’s expertise in cutting-edge technology and by enabling them to leverage PayPal’s market leadership around the world.

Launched in 2013 in partnership with The Indus Entrepreneurs [TiE], the incubator provides a conducive environment for early-stage startups to grow and evolve at PayPal’s Technology Center in Chennai. The program offers startups technology counsel and mentorship, infrastructure support and networking opportunities with both investors and customers. In addition to these, PayPal will also be picking up an undisclosed stake in each of the selected startups this year.

Shortlisted Startups

Finbox is a digital lending software as a service which enables lenders to digitize their user journey and underwrite using alternate data. FinBox’s platform combines multiple APIs to build various digital lending experiences across use cases. FinBox API’s enable lenders validate Identity, underwrite using data from traditional and non traditional sources and cross sell financial products to their customers. FinBox products integrate seamlessly with the lender’s mobile and web properties and also with the loan management system backend.

Neoeyed helps the businesses to generate more revenues and improve users’ security by simplifying the login and registration processes on mobile applications. Using mobile devices, Neoeyed can recognize users by collecting information about human behavior that allows them to login without effort, nothing to type, nothing to remember, nothing to do…Transparent, simple, secure

Paymatrix is an analytics-driven property rental management platform that streamlines rent payments and collections for tenants, landlords and property managers. The platform’s dashboard provides solutions for end-to-end rent management including tenant screening, credit facilitation for rent deposits, rent documentation, rent automation, renters and landlords insurance and also helps in better interaction between tenants and landlords.

Scalend offers a ready to use AI enabled customer insights platform for financial services companies. The platform combines proprietary AI models with Big Data – Hadoop’s unlimited storage and compute power to help BFSI & Fintech companies generate actionable insights around omni-channel customer journey, back-office optimization, in matter of weeks not months or years

Tybo is a cloud based omni-channel e-commerce platform designed for home based and small-sized businesses. It provides the merchant a single view of their evolving business across multiple sales channels. The platform is focused on easy set up, simplicity of use and customizable design to create a beautiful storefront. It also enables end-to-end integration with supplier system and saves time by importing products directly into their store with real-time inventory sync.

|In: Accelerator|Last Updated: | 0 Comments

Brigade REAP, an accelerator program with its key focus on the Real Estate sector, had its Handover Day of the second cohort at the Sheraton Grand Hotel, Bengaluru. Launched in October 2016 with an intention to leverage technology which can help in delivering greater efficiencies to the Real Estate sector, 340 plus start-ups were evaluated for Cohort 2 and after two rounds of intense jury selection, 8 start-ups were inducted into the program.

These start-ups went through a rigorous four month mentorship and training program before being handed over to the real estate Industry for consumption of their products and services.

At the Handover Day of the 2nd cohort, these 8 start-ups presented their business to the audience which included eminent developers from the Real Estate Industry, Investors, HNI’s, other start-up founders and top management of global corporates. The representatives of the real estate industry participating in the program also spoke about technologies impacting real estate which indicated the improving intervention of technology into the Real Estate sector.

Speaking on this occasion, Ms. Nirupa Shankar, Director, Brigade REAP said

The first cohort of REAP saw success, with 3 of the 4 graduating start ups getting funded. The 4th start up  is currently in the process of closing their funding as well. Brigade  invested in QwikSpec as a lead investor along with other prominent investors. Snaptrude, which is also part of  Cohort 2, is another company Brigade will be investing in, alongside other developers. We feel the Real Estate industry is opening up to Tech adoption as potential for tech to improve operational efficiency is undeniable. Our role at REAP is to ensure that the start ups  curated during the program  are ready to tackle pressing issues of the industry.

The 8 start-ups that presented at the Handover Day are:

Aap Ka Painter – A house painting Solutions Company that delivers a hassle free experience by simplifying the path from inspiration to transformation of a dream home by leveraging art, science and technology. More information here

CRE Matrix – A data analytics platform that provides  information on accurate and trusted Lease & Sale transactions, Rental & Absorption projections, Asset level reports, micro-market analysis and Asset Valuation for commercial real estate. More information here

DesignSense – A Cloud based collaboration platform that helps Real Estate companies get RERA ready by connecting Project Management, Location and Engineering data with various stake holders and customers, enabling seamless flow of information between them. More information here

Natura – An Urban Plantscaping company that helps create easy to maintain green spaces resulting in breathing environments with reduced energy & Construction costs. More information here

Props {AMC} – A Real Estate Insights & Asset Monitoring Platform with a single, integrated, tech platform backed by robust data & information enables, seamless, transparent and complied transactions to monitor both Real Estate properties and securities. More information here

Snaptrude – An intelligence enabled 3D Rapid Modelling for Real Estate that solves the design problem by automating digital designing that transforms a hand drawn sketch to a 3D BIM model. More information here

Soukwagon.com – A one stop B2B procurement marketplace for food & beverage businesses that helps HORECA (Hotel, Restaurant, Catering) industry in sourcing & procurement by listing products with negotiated B2B prices on their platform. More information here

ZeeSense – A Unified, Safety and Security Solution for gated community that solves the problem with an approach to Connect, Automate and Analyze. More information here

The REAP accelerator is now accepting applications for the third cohort and has received an overwhelming response so far. For more information, please visit Brigade REAP

About Brigade REAP

Brigade REAP is an accelerator program focused on technology start-ups whose end product/ service is applicable to Real Estate. Be it Residential, Commercial or Hospitality they have their hands on all the streams.The program is headed by John Kuruvilla, Chief Mentor for the program and Apul Nahata, Mentor-in-Residence. REAP has partnered with CISCO, Intel and Microsoft Accelerator as technology partners to make technology intervention better and also partnered with JLL, a professional investment management firm.

|In: Accelerator|Last Updated: | 0 Comments

Techstars announced the launch of Techstars India as a joint venture company in partnership with ANSR. Headquartered in Bengaluru, ANSR builds and operates GICs and captive centres for some of the leading global companies from the retail, fintech, healthcare and media domains.

Image Source – Techstars

The ANSR partnership will provide Techstars with a very strong foundation to launch its Indian operations. Having partnered with 27 leading global enterprises, ANSR is the world’s largest company for establishing and operating captive center service delivery capabilities for global enterprises in support of their growth, transformation and innovation agenda. ANSR, through its innovation arm, Kyron, also operates startup led innovation programs for its corporate partners including Target, L-Brands, Lowes and Swiss Re.

With this launch, Techstars is adding India to its international roster, bolstering India’s position as a leading global startup ecosystem. India, known for its dominant role in the IT industry and home to captive centers for over 1,000 global enterprises, is rapidly gaining traction as an entrepreneurial hub. Techstars operates worldwide and across the US, including Adelaide, Austin, Berlin, Boston, Boulder, Cape Town, Chicago, Detroit, Minneapolis, New York City, London, Los Angeles, Paris, Seattle, Tel Aviv, and Toronto, and has accepted over 1000 companies globally into its programs. Collectively, these companies have raised over USD 3.8B USD and have a market cap of over USD 9.9B. The launch of Techstars India will provide Techstars access to India’s rapidly growing startup and entrepreneur network as well as global enterprises that have established captive centers and startup led corporate innovation programs with ANSR and its innovation arm, Kyron Global.

[L-R] David Cohen Co-CEO – Techstars, Lalit Ahuja, CEO – ANSR, David Brown, Co-CEO – Techstars

David Brown, Co-CEO of Techstars, said

We have been watching India’s growth very closely and its emergence as the third largest global startup ecosystem in less than a decade. There’s so much great activity here and the potential for growth is huge, as one of the fastest growing economies in the world. I think in addition to that, India’s prime minister underlining the importance of entrepreneurship and innovation in giving productive outlets to the country’s talent is very positive. It’s heartening to see tech evangelists work closely with the government to lay out a digital infrastructure for the country which startups then can leverage. India is on a tech, digital and startup mission of sorts.

This has been a big year for Techstars. We’re 10 years old and have now seen over 1,000 companies in Techstars’ mentorship-driven accelerator programs worldwide. We are excited to announce the addition of Techstars India to the Techstars Worldwide Network.

Lalit Ahuja, CEO, ANSR said

ANSR is very excited to partner with Techstars to launch Techstars India. We believe that this is an event of national importance and a huge validation of India’s position as a leading global hub for entrepreneurial activity. The launch of Techstars India will provide an impetus to the rapidly growing startup ecosystem and the emergence of India as a dominant entrepreneurial network. This launch brings to fruition ANSR and Kyron’s pioneering efforts to successfully create a startup corporate engagement corridor towards the emergence of India’s largest startup led corporate innovation platform.

Speaking at the event, Priyank Kharge, Minister of IT, BT & Tourism said

The Government of Karnataka is focused on building a bolder and structured ecosystem and the collaboration with Techstars is exactly what the Government requires and is the right step forward. Karnataka is India’s second largest technology hub and this is validated by the fact that we have all the Fortune 500 companies. Propelled by government policies in the last 3 months, more than 3200 startups have registered with the government. We are also coming up with numerous Centres of Excellence and by the end of August we will have India’s first Centre of Excellence for Artificial Intelligence. Karnataka today has reached its maturity as a services industry and now moving forward to R&D and innovation.

About Techstars

Techstars helps entrepreneurs succeed. Through the Techstars Worldwide Entrepreneur Network, founders and their teams connect with other entrepreneurs, experts, mentors, alumni, investors, community leaders, and corporate partners who will help their companies grow. Techstars operates four divisions: Techstars Startup Programs, Techstars Mentorship-Driven Accelerator Programs, Techstars Corporate Innovation Partnerships, and the Techstars Venture Capital Fund. Techstars Mentorship-Driven Accelerator Program supercharges success and Techstars Startup Programs inspire, educate and connect entrepreneurs. For more information, please visit Techstars

About ANSR

Backed by Accel Partners and Infosys and headquartered in Dallas, TX, ANSR is a global leader in establishing, operating and optimizing Global In-House Centers ‘GICs’ and provides end-to-end solutions to enterprises across the GIC life-cycle. Through Kyron, its innovation arm, ANSR also operates Innovation/Corporate Accelerator Programs. For more information, please visit ANSR

|In: Incubators|Last Updated: | 0 Comments

Tata Elxsi, a leading global design and technology services company, is supporting a new healthcare startup, Niramai. The startup has been on the incubation program for three months, during which Tata Elxsi has been providing infrastructure, expertise, and support in access to key markets.

Image Source – incub@TE

Niramai Health Analytix Pvt. Ltd is a Bengaluru based startup with a mission to create a universal cancer screening method that can save lives by detecting breast cancer at an early stage. Breast cancer is the leading cause of cancer deaths among women today. Early detection is the key to survival. Niramai is a pioneer of a new patent-pending technology called Thermalytix that can remove technological, logistical, and cultural barriers that hinder breast cancer screening among women today.

The startup’s solution uses artificial intelligence to address effectively issues with thermography. The company’s goal is to create an innovative cancer screening method that can save lives by detecting cancer at an early stage, through solutions that are accurate, automated, affordable, and accessible to all. The product is expected to be launched in mid-2017, starting with a few locations in Bengaluru.

Tata Elxsi’s Incub@TE is helping Niramai through key consultations from Tata Elxsi in-house professionals, mentorship, access to service providers, and establishing key connections with people/organizations of interest. Furthermore, with Tata Elxsi’s help, the startup has been able to interact with leading design thinkers, technologists, business leaders & peer entrepreneurs and learn from their experiences. The mentoring and logistical support provided by Tata Elxsi has allowed Niramai to focus entirely on the execution, providing them with an environment that has helped them improve their entrepreneurial thinking and get clarity on the go-to-market.

Speaking on on-boarding Niramai on Incub@TE, Rajesh Kumar, Vice President – Strategic Initiatives, Tata Elxsi said

Many startups have innovative solutions, and require some help in infrastructure, mentoring and creating market visibility. Incub@TE is a platform that helps startups create sustainable businesses, by providing them with the necessary facilities such as above. Use of Emerging Technologies in healthcare is starting to gain momentum in India, and helping startups that are in line with these developments is a great opportunity for us. It has been a great pleasure working with Niramai, and we look forward to the remaining months of working together.

Dr. Geetha Manjunath & Ms. Nidhi Mathur, co-founders of Niramai Health Analytix said

Being women, we understand the sensitivities and social-cultural aspects of breast cancer screening. This has to lead us to make our solution privacy-sensitive, in a unique way that removes the psychological burden of voluntarily opting for early screening as a preventive measure. Tata Elxsi is one of the companies that has helped us bring our vision to reality. We are happy to be a part of Incub@TE and value the mentorship that Tata Elxsi has provided to our products/services.

Companies that have previously been part of Tata Elxsi’s incub@TE program are Sismatik Solutions and Street Smart Mobile Technologies.

About incub@TE

The Tata Elxsi incub@TE program has been set up to foster entrepreneurial activities in the technology space. They provide a platform for start-ups and prospective entrepreneurs to convert their ideas into commercially viable products or services. They help you take your ideas to the market real fast by providing ready-to-use infrastructure, key technical consulting through in-house experts, mentorship, access to service providers, plug-n-play office and connections with people and organizations who matter. For more information, visit incub@TE

|In: Incubators|Last Updated: | 0 Comments

The Honourable Chief Minister of Andhra Pradesh, Chandrababu Naidu presided over the signing of two significant MoU with fintech multinationals Visa and Thomson Reuters at Mumbai. The milestone represents another firm step by the state government designed to catapult Fintech Valley Vizag as the national and global hub for Fintech innovation.

Also hosting the event were Mr. J. A. Chowdary, Special Chief Secretary and IT Advisor to the AP Chief Minister, Ms. Latha Ayyar, Special Representative for Innovation & IT in the Government of AP & COO, Bharti AXA, Mr. Vijayanand, IT Secretary for Government of AP, Mr. J Satyanarayana, UIDAI chairperson and former IT Secretary, Mr. T.R Ramachandran, Group Country Manager, Visa India & South Asia and Mr. Pradeep Lankapalli, Managing Director, Thomson Reuters South Asia.

The Government of Andhra Pradesh is also hosting the first Fintech Valley Vizag Spring Conference 2017 on March 9~10, 2017. The conference will bring together fintech companies, start-ups, researchers and key government officials who are working in the fintech sector, and will provide opportunities for disruptive business solutions. With a special focus on nurturing start-ups, the conference will also announce the winners of the Fintech Startup Challenge who will receive INR 15 lakh prize and free infrastructure for six months in the Fintech Tower.

Chief Minister Chandrababu Naidu said

Our vision is to create 5 lakh jobs in Andhra Pradesh by 2020 through technology-enabled services. Fintech Valley is a playground for start-ups and innovators. Our aim is to turn Fintech Valley into a global hub by enhancing the fintech ecosystem with mutually beneficial cross border collaborations and relationships. This can lead the way in the technological and financial growth of the nation.

J. A. Chowdary, Special Chief Secretary & IT Advisor to the Chief Minister, Government of Andhra Pradesh added

These MoUs are steps towards converting our vision to reality – of making AndhraPradesh the leader in fintech ecosystem – through Fintech Valley Vizag. Both these companies, Visa & Thomson Reuters, are industry leaders in their space and we are excited to be working with them.

As per the MoU between Visa and Government of Andhra Pradesh, the parties intend to collaborate to develop a robust digital payment ecosystem in Vizag through a multi-level approach that targets several stakeholders.

Through the promotion of awareness campaigns and educational programmes, the MoU sets out to encourage both merchants and consumers to accept and adopt digital payments. To make payments more efficient for businesses, the government is taking Visa’s support to enable digital payments for government and business segments, including the latest technologies in Quick Response [QR] code and Near-Field Communication [NFC]. Visa will also develop a curriculum for government and consumers, including modules to scale financial literacy. By encouraging the use of electronic payments in the city, with a special focus to include traditionally underserved segments, the agreement promises to make Vizag more financially inclusive and accepting of the digital future.

TR Ramachandran, Group Country Manager, Visa India & South Asia, speaking on this collaboration said

Visa welcomes the opportunity to partner with the State Government of Andhra Pradesh on this unique and strategic endeavor. We propose to undertake this initiative as a part of Visa’s global financial inclusion efforts that aim to provide 500 million underserved with a payment account by 2020.

We are committed to bringing Visa’s global expertise, innovations, and resources to make this endeavor a success. With the launch of BharatQR, a global first of its kind low cost payment solution, we hope to rapidly scale up the number of small merchants accepting digital payments. In addition, we hope to implement innovative commercial payment solutions that will accrue significant benefits to the state.

Commenting on the MoU, Pradeep Lankapalli, Managing Director, Thomson Reuters South Asia said

The Andhra Pradesh Government’s vision of transforming Visakhapatnam as the next fintech destination is admirable. As world’s oldest fintech company, with 150 years of financial innovation history, Thomson Reuters will serve as an accelerator in this journey. Our Open platform technology and access to global best practices, will provide the right enablers and expertise to the Andhra Pradesh government as they pursue the goal of building a global fintech hub.

Fintech Valley Vizag is fast becoming the epi-centre of fintech disruption. Since the launch of Fintech Tower, the Andhra Pradesh government has signed thirteen MoUs, of which six are with renowned educational institutions and seven with corporations seeking to disrupt the fintech sector.

The Chief Minister of Andhra Pradesh has offered full support to companies, incubators, facilitators and start-ups, inviting anyone with disruptive ideas to be a part of Fintech Valley, on the edge of innovation. Aiding the state’s efforts to make Vizag a global destination for fintech disruptors and innovators is KPMG, the Knowledge Partner of the Fintech Valley Vizag.

The IT sector in Vizag has achieved an annual turnover of INR 2,000 crore. The city is supported by a robust industrial base and educational infrastructure that is being expanded with the support of innovative start-ups and firms. Additionally, it offers peaceful solace compared to the bustling tech-hubs India otherwise offers, to innovate the future of fintech.

About Fintech Valley Vizag

The Fintech Valley brings together public and private players, state of the art incubators and accelerators, innovation labs, mentorships, angel investors and anyone willing to break free from traditional processes. The self-sustained global Fintech Ecosystem provides more than just access to Fintech and its innovators; it nurtures an oasis in which cyber security, block chain, digital education and research thrive at international standards. For more information, please visit Fintech Valley Vizag

About Spring Conference 2017

Fintech Valley Vizag is Government of Andhra Pradesh’s flagship initiative that brings together industry, academia and investors to innovate, co-create and build the Fintech ecosystem. The Fintech Spring Conference 2017 marks the beginning of this new journey. Spring conference will have CXOs from Fintech companies, start-ups & financial services. For more information, please visit Spring Conference 2017

|In: Accelerator|Last Updated: | 0 Comments

DigitalOcean, the cloud for developers announced Hatch, a global incubator program designed to support the next generation of startups as they launch and scale. The program provides startups with access to DigitalOcean’s cloud for 12 months so they can focus on building their businesses and not worry about their infrastructure. The program also provides startups with free technical training, mentorship, priority support, and an opportunity to connect with other startups, accelerators, and investors.

Ben Uretsky, Co-founder and CEO of DigitalOcean said

Use of the cloud has significantly decreased the capital required to start a business, yet still remains one of the largest expenses founding teams face in the early days. We got started as part of the Techstars accelerator program so we understand, firsthand, the challenges and what it takes to launch and scale a company. That’s why we are supporting the next generation of startups in getting their products off the ground.

Hatch is an expansion of DigitalOcean’s established partnership ecosystem with several of the top accelerators, including Y Combinator, Techstars, 500 Startups and NASSCOM 10K. Over the past few years, DigitalOcean has powered the applications and production workloads for more than 800 startups that are part of these accelerator programs by offering support and infrastructure credits.

DigitalOcean will be piloting Hatch through their accelerator and investor partnership network and will on-board a larger group of bootstrapped and funded startups around the world later this year.

Rajat Tandon, Vice President at NASSCOM said

A program like Hatch will be of great help to the startups in this space. Not only does the cloud result in cost savings but it is a revolution that is defining the modern IT antics. Many SAAS companies face scaling issues due to lack of support and mentorships. Startups in this segment are emerging like how! Hatch would be their go-to support which will help them scale up fast efficiently and effectively.

Investor Andreessen Horowitz’s Partner Frank Chen said

Early in their lives, startups need to focus 100% on building a product that customers love rather than on keeping the service up and running. With access to programs like Hatch, startups can focus on running experiments on their way to product-market fit and entrust the infrastructure to DigitalOcean.

Startup GitLab’s Co-Founder & CEO Sid Sijbrandij said

Agile processes are especially important to a new startup looking to get a product out the door and to start collecting feedback on it. While Continuous Integration (CI) is necessary, it can be costly. This past April, we partnered with DigitalOcean to help make CI faster and more affordable. In just six months, GitLab.com users have leveraged DigitalOcean Droplets to execute over 1.1 million builds. The launch of Hatch will be yet another great resource for new and growing teams. It’s great to see DigitalOcean focused on supporting startups and we’re excited to see the amazing companies and products that come out of Hatch.

DigitalOcean’s investment in community programs has been a cornerstone of the company’s success. The Hatch program is another example of the company’s focus on ensuring developers and high-growth startups can seamlessly launch, scale, and manage any size application.

To learn more about Hatch, please visit https://www.digitalocean.com/hatch

About DigitalOcean

Founded in 2011, DigitalOcean is a cloud platform focused on simplifying the complexities of infrastructure for software developers. DigitalOcean has become the second largest and fastest growing cloud computing platform in the total number of public facing apps and websites, according to Netcraft.com. The company has raised $123 million in funding from Andreessen Horowitz, Access Industries, IA Ventures, CrunchFund, and Techstars. The company is headquartered in New York City with data center regions throughout the world. For more information, please visit Digital Ocean

|In: Incubators|Last Updated: | 0 Comments

Lot of innovations are coming up in the Fintech space and the launch of the Unified Payments Interface (UPI) just makes the space even more competitive. One of the critical driving factors of the innovation in the ‘Financial Tech Space’ is due to the increasing penetration of mobile phones, affordability of internet (2G/3G) and sky-rocketing use of Digital Currency (Closed and Semi-Closed Wallets).

Gone are the days when you had to stand in long queues to get your bank’s pass book updated or withdraw/deposit money. In fact, all these activities including opening a new account are now possible with the click of a button !!! Though Payment Services (Paytm, Freecharge etc.), P2P Lending (EasySalary, LendBox etc.), Personal Finance Services (BankBazaar, Capital Float etc.) are some of the sectors that have seen major growth and investor interest; there is still lot of room for startups to innovate in the ‘Fintech Sector’.

A startup incubator from well known Financial Brand like Axis Bank, India’s third largest Private Sector bank could just bring a huge delight for entrepreneurs in the Fintech Space.

Thought Factory : Startup Accelerator from Axis Bank

Axis Bank has partnered with Amazon Internet Services, Payments product company VISA and Singapore based Oversea-Chinese Banking Corporation to set up startup accelerator Thought Factory in Diamond District in Bengaluru. The major focus of Thought Factory would be Financial Technology Space and it would on-board it’s second batch of startups next month.

The incubated startups would be focusing on ideas built on emerging technologies like AI, Big data analytics, Block Chain, Robotics and much more. These ideas could take the consumer banking experience to the whole new level. The KPMG Fintech Report – 2016 also points that the next wave of Indian Fintech Startups would be from these areas !! First batch of startups are already live in Mumbai and the second batch will begin this month & they might be based out of Bengaluru.

The launch was attended by Axis Bank executives – Rajiv Anand, Executive Director (Retail Banking), Amit Sethi, President & CIO amongst others. Serial tech-entrepreneur Vishal Gondal, Founder & CEO of GoQii, Sanjay Swamy, Entrepreneur & prominent Angel-investor, Senior executives from VISA and Amazon Internet Services were also present at the event.

Commenting on the launch, Rajiv Anand, Executive Director (Retail Banking), Axis Bank said

We are excited about the way financial industry is evolving and how millennials are re-imagining the industry. ‘Thought Factory’, our innovation lab is an endeavor to build on the ideas of innovators that can radically change consumers’ life in Banking and beyond. With this initiative, we are creating a vibrant ecosystem of Global Banks, startups & tech innovators.

The Keynote Speaker of the event was Tenith Adithyaa, 18-year old inventor & innovator from Tamil Nadu who spoke about his inventions.

Thought Factory : Industry Partnerships

For the accelerator programme, Axis Bank has partnered with Zone Startups. At the end of 3-month long incubation programme, Axis Bank in association with Zone Startups would organize Investor Day to facilitate funding for the short-listed startups.

Thought Factory would also have external mentors on-board that would support the startups in their journey. It is also working with NASSCOM 10K, VC partners, Global Banks etc. in order to create a healthy and vibrant tech eco-system and to create a culture of ‘Co-Creation‘.

Additionally, Axis Bank has also launched ‘Hack for Hire‘ programme for identifying talent from across the country through Hackathons for the in-house innovation team at Thought Factory

Thought Factory : How to apply

In order to be a part of the Thought Factory, your startup needs to be a registered Indian entity trying to create it’s mark in the fin-tech sector. There is no cost & no equity (taken by Axis Bank) if your startup is selected for the Axis Bank’s Thought Factory.

To know more about Thought Factory Program, it’s structure etc., drop a mail to to thoughtfactory@axisbank.com or visit bit.ly/thoughtfactoryapply

Thought Factory : Fin-tech meets Health-tech

Though Digital Wallets have been widely adopted by the Indian consumers, contact-less payment via Wearables could see an up-trend with the #AxisActive. Axis Bank in collaboration with GoQii launched #AxisActive, a fitness band with which you can make Payments at PoS of retail outlets.

For every 70,000 steps you walk, you earn 500 Axis eDGE reward points. So go ahead, turn anytime into fitness time. #AxisActive is a perfect marriage of Fin-Tech and Health-Tech 🙂 Now, earn reward points for burning calories with this innovation from GoQii and Axis Bank. More information about #AxisActive is available here

Thought Factory : Closing Thoughts

Given the deep-rooted expertise of Axis Bank in the Financial & Banking sector, Thought Factory looks the right step taken by them to be a part of the vibrant tech-startup eco-system.

To know more about the Thought Factory Program, it’s structure etc., drop a mail to to thoughtfactory@axisbank.com or visit bit.ly/thoughtfactoryapply