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IIMB and ICICI Securities launch incubation program for fintech startups

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  • The 15-month program is meant for startups working in the fields of insurance, trading, personal finance, banking, wealth advisory, lending, payments and taxation
  • At the end of the program, select startups will also receive funding support

ICICI Bank’s broking and investment banking arm ICICI Securities (I-Sec) on Thursday said that as a part of its CSR initiative it is partnering with IIM Bangalore’s startup hub N S Raghavan Centre of Entrepreneurial Learning (NSRCEL), to support startups in the fintech space through a structured program, the company said in a statement.

Startups in ideation to early customer stage will be guided by mentors through need assessment, one-on-one interactions and workshops, the statement said. The 15-month program is meant for startups working in the fields of insurance, trading, personal finance, banking, wealth advisory, lending, payments and taxation.

After the workshop, the startups will then be supported in their go-to-market and scaling-up strategies, via guidance, workshops, shared learning and goal-setting through proof of concepts and business growth opportunities. The incubated start-ups will also get exclusive access to IIM-B resources and industry connections in the fintech sector.

At the end of the program, select startups will also receive funding support, the statement said.

“While the country has made significant strides in digitalization and technological innovation which has made it more competitive in the global landscape, there exists a larger challenge on creation of employment opportunities and jobs for the young population. With the immense potential of the Fintech Sector in jobs creation and economic growth, I-Sec, as part of its CSR initiative, is happy to partner with NSRCEL, one of the oldest incubator cells in the country, to provide mentorship to these startups. We do hope that this joint initiative will lead to many successful ideas which will provide large employment generation opportunities,” said Mr. Vijay Chandok, MD & CEO, ICICI Securities.