Bharat Inclusion Initiative, a platform initiated by Indian Institute of Management Ahmedabad’s Centre for Innovation, Incubation and Entrepreneurship (CIIE), has launched the third cohort of its startup accelerator programme, Financial Inclusion Lab, in partnership with consulting firm MicroSave Consulting.
The selected startups will receive Rs 25 lakh for product development and market validation. In addition, the startups will also receive mentoring from IIM Ahmedabad faculty, cloud credits, legal and marketing services worth Rs 20 lakh.
The programme will include startups focused on using alternative data, technology, and open access platforms to build solutions for the lower and middle-income group to improve their earnings and savings, access low-cost capital and improve employability and wealth creation.
The deadline for submission for participating startups is October 24, an official statement said.
In 2018, CIIE had launched the $9.5 million Financial Inclusion Lab in partnership with JP Morgan. Micheal & Susan Dell Foundation and Bill & Melinda Gates Foundation had also supported the Lab.
Since inception, Financial Inclusion Lab has supported 18 startups that have already serviced over 350,000 customers and raised over $4.7 million in funding on completion of the programme.
Some of the startups in the previous cohort include Kaarva, a platform for salaried people; Bridge2Capital, which provides capital to small ticket businesses; easyplan, an online saving platform; MunshiG, an online ledger platform; Navana, a tool simplifying smartphone use for the less educated and Guvi, a digital skilling app.
The Bharat Inclusion Initiative programme provides resources to startups to get the knowledge, tools, funding, partners and access to test markets, and develop inclusive solutions for the lower and middle-income segment.