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08 Jun 2020

Fintech startups to start their pre-incubation journey

Mumbai / Bangalore, June 08, 2020 - NSRCEL, the startup hub at the Indian Institute of Management Bangalore (IIMB), today announced the list of 25 shortlisted fintech startups for a 15-month extensive program, which could see many of them receiving funding from the CSR fund of ICICI Securities, India's leading financial services firm.

The selected ventures will undergo a 3-month pre-incubation journey during which they will be engaged in various sessions, workshops, peer-to-peer learning activities while they receive regular one-on-one mentoring and advisory sessions. Networking events, connects with industry experts, mock-pitches and interaction with investors will be major highlights of the program.

Post this, the ventures will be given an opportunity to pitch for incubation and funding and the selected ventures will be taken forward for a further 12-month incubation journey.

The initiative was launched in association with ICICI Securities as part of its CSR activity in April 2020, and received over 240 applications from across the country. The selection panel comprising of Mr. Rajiv Sawhney, COO, NSRCEL and Prof. Venky Panchapagesan, Chairperson, NSRCEL, evaluated all applicants and interviewed over 60 entrepreneurs, before handpicking the finalists.

The ventures selected are early-stage startups working in areas like trading, lending, payments, wealth advisory, insurance tech, accounting and financial management, billing software and auxiliary sector-logistics. The cohort covers the participants from nine cities across India including Bangalore, Pune, Mumbai, Guragaon, Raipur, Noida, Udaipur and Hyderabad.

ICICI Securities has undertaken to partner the initiative as it believes that fintech have immense potential in jobs creation and economic growth, something which is a need of the hour for India, which has a large population entering the workforce every year.

The selected startups are:

Insurtech Startups Trading Lending
Wellmo
WIMWISURE
Zimyo
Tradebeat
Purpletrades
WhatsLoan
Credochain
Mudra Circle
Wealth Advisory /
Investment
Platforms
Payments Accounting and
Billing SAAS
Auxiliary
7Prosper
Jarvis
Capital Quotient
Patten Effect Labs
MinksPay
Paperking
Paymatrix
Phi-Commerce
Zopnote
KhaaliJeb
NearPe
GIM Books
IDOS India
Hylo Challenger
Docboyz

About ICICI Securities

ICICI Securities Limited (I-Sec) is a subsidiary of ICICI Bank Ltd. The company began its operation in May 1995 and continues to grow its operation through expanding its client base and providing different type of services.

I-Sec operates www.icicidirect.com, India's leading virtual financial supermarket, meeting the three need sets of its clients- investments, protection, and borrowing. Through its three lines of businesses -- broking, distribution of financial products, and investment banking-- I-Sec serves customers ranging from the retail and institutional investors to corporates to high net-worth individuals to government.

I-Sec is listed on National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). For details, visit: www.icicisecurities.com

About NSRCEL

With programs specifically catering to entrepreneurs with profit ventures and social ventures, also student and women entrepreneurs, NSRCEL offers its support to various players of the startup ecosystem.

NSRCEL brings together startups, industry mentors, eminent academicians from its parent institution Indian Institute of Management Bangalore and researchers who thrive on continuous interaction of theory and practice.

NSRCEL is also the first incubator with a program for tailored for social entrepreneurs and their unique challenges. For more info visit- www.nsrcel.org

Disclaimer

Except for the historical information contained herein, statements in this release which contain words or phrases such as 'will', 'expected to', etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the actual growth in broking business and other financial services in the countries that we operate or where a material number of our customers reside, our ability to successfully implement our strategy, including our use of the Internet and other technology our exploration of merger and acquisition opportunities, our ability to integrate mergers or acquisitions into our operations and manage the risks associated with such acquisitions to achieve our strategic and financial objectives, our growth and expansion in domestic and overseas markets, technological changes, our ability to market new products, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to implement our dividend policy, the impact of changes in insurance regulations and other regulatory changes in India and other jurisdictions on us. ICICI Securities Limited undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.

For further details, contact:

ICICI Securities Ltd.
Rabin Ghosh
rabin.ghosh@icicisecurities.com
+91 9820530306
NSRCEL
Shloka Sachdev
shloka.sachdev@iimb.ac.in