Digital payment aggregator PayU has joined forces with Amazon Web Services (AWS) and Chiratae Ventures to introduce inFINity, a fintech accelerator programme aimed at supporting early-stage Indian startups. The programme, spanning 45 days, aims to foster the growth of these startups by providing mentorship and AWS Activate credits of up to USD $25,000. This financial boost will enable the startups to access over 200 fully-featured services offered by AWS.
First Cohort Selection and PayU’s Contributions
The list of selected startups for inFINity’s inaugural cohort will be unveiled in August. PayU’s payment solutions will play a vital role in helping these portfolio startups meet industry demands. In addition to technical assistance, PayU will offer guidance on scaling businesses through comprehensive mentorship. The selected startups may also receive fundraising support from Chiratae Ventures, with potential nominations for investment by the Chiratae Investment Committee. Lifetime access to inFINity community resources will be provided to all chosen startups.
Mentors and Their Perspectives
Esteemed mentors, including PayU CEO Anirban Mukherjee, Zerodha CTO Kailash Nadh, Uni Cards founder and CEO Nitin Gupta, and M2P cofounder Prabhu Rangarajan, will offer their guidance to the selected startups throughout the programme. PayU’s Mukherjee expressed enthusiasm about creating an environment conducive to fintech entrepreneurs’ success, driving a technology-led revolution in financial services. AWS India’s Head of Startup Ecosystem, Amitabh Bagpal, emphasized their commitment to providing comprehensive mentorship, particularly in the fields of AI and ML, to help fintech businesses develop customer-centric solutions and enhance customer experiences.
Eligibility and Recent Accelerator Initiatives
Startups applying for the programme must be either bootstrapped or have raised less than $5 million in investment. They should be seeking Seed to Series A funding and must have a minimum viable product (MVP) already developed. Several accelerator programmes have recently emerged in India, demonstrating the country’s commitment to supporting the growth of local startups. Google, for instance, recently unveiled its Google for Startups Accelerator: India cohort, featuring 20 generative-AI oriented startups. Additionally, a non-profit organization, in collaboration with the United Nations Environment Programme (UNEP), announced the Low Carbon Earth (LCE) 2023 programme to support ESG startups. Maruti Suzuki also launched its Nurture program, Grand Idea Hunt, which offers mentorship to six selected startups.
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