Meet the 11 fintech startups picked for the first batch of Financial Inclusion Lab

The Financial Inclusion Lab has announced the names of 11 early-stage fin-tech startups for its first batch, which aims to improve the financial health of lower- and middle-income people, farmers and small entrepreneurs in India. 

The Lab is a collaboration between Bharat Inclusion Initiative (BII), JPMorgan, Michael & Susan Dell Foundation, and Bill & Melinda Gates Foundation. BII is a part of IIM Ahmedabad's Centre for Innovation Incubation and Entrepreneurship.

The Lab, a $9.5 million (Rs 69.6 crore) initiative, will provide the startups with support, capital, guidance, market access and mentorship to build and test their products in twelve months.   

The Lab builds on insights from international financial-inclusion consulting firm MicroSave, which found that more than 40% of the Indian population have not accessed financial services enabled by technology. 

To support its first entrants, the Lab will draw insights and learnings from the work of JPMorgan Chase-funded Financial Solutions Lab, managed by the Center for Financial Services Innovation. In its fifth year, the Financial Solutions Lab has supported 34 fin-tech companies to improve the financial well-being of underserved communities in the United States (US).

Here are the first entrants to the Financial Inclusion Lab.

EasyPlan: Mumbai-based EasyPlan Technology Solution Pvt. Ltd was founded in 2017 by Sanjay Gandhi and Manisha Pandita. The company has built an app that can help young Indians save money. According to its LinkedIn page, the firm connects users with financial products for their economic goals. 

ExpressMOJO: Legally called Mojo Technologies Pvt. Ltd, ExpressMOJO is a New Delhi-based company founded in 2016 by Akshay Gautam and Dipankar Sarkar. The company offers a technology platform for small fleet owners and individual truck drivers/owners to directly connect with customers. The fleet owners and individual drivers/owners can also avail credit based on their business transactions on the platform. The company has created a free online classifieds platform to help fleet owners and individual drivers/owners discover verified transporters and commission agents to work with. Upon signing up, fleet owners and individual drivers/owners can view verified contact details, preferred lane and vehicle types and rating/reviews of transporters/commission agents. According to the firm’s website, the company is currently live in five major freight lanes and has data for 3,000 transporters and commission agents across the country.

Finlok: Legally called Janmitr Solutions Pvt. Ltd, Pune-based Finlok was founded in 2017 by Tanuj Sinha and Atish Potdar. The company brings together communities and friends on a digital platform that allows them to do group savings and borrow from each other. 

GramCover: Legally called GramCover Insurance Brokers Pvt. Ltd, the Noida-based company was founded in 2016 by Jatin Singh and Rishabh Garg. The firm is a tech-enabled insurance marketplace for rural India.

Jai Kisan: Legally called Greenizon Agritech Consultancy Pvt. Ltd, Jai Kisan is a Mumbai-based startup founded in 2017 by Arjun Ahluwalia and Adriel Maniego. The company has an e-commerce platform that uses multiple data points to create a credit score for small farmers and enables them to access low-cost capital to purchase discounted agricultural inputs and equipment.

Kaarva: Bengaluru-based Kaarva, founded in 2018 by Khushboo Maheshwari and Agam Goyal, offers low-income and middle-income salaried individuals quick access to small credit.

MunshiG: Rajasthan-based MunshiG, founded in 2017 by Ishan Mohammed, provides a voice-based solution to small grocery stores for management of inventory and bookkeeping.

Navaana Tech: The startup uses voice-assisted and image-based friendly digital interfaces to improve the quality of life for individuals with low levels of literacy.

SureClaim: Legally called Sureserve Techsoft Pvt. Ltd, Bengaluru-based SureClaim was founded in 2017 by Anuj Jindal and Varun Kansil. The firm helps process insurance claims.

WonderLend Hubs: The firm was founded by Ram Ramdas, Rajesh Iyer and Anusha Jathanna. It offers a digital platform that uses financial and social data to create credit profiles for shortened turnaround times and lower rejection rates for micro, small and medium enterprises and individual borrowers who lack sufficient credit history.

XtraCap: Delhi-based XtraCap Fintech India Pvt. Ltd uses GST (Goods and Services Tax) data to assess the credit risk of small businesses, providing them access to short-term liquidity against supplier invoices.