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02 Nov 2020

Ten fintech startups begin their incubation journey at NSRCEL

Select firms to receive grant from I-Sec

Mumbai/Bangalore, November 2, 2020 - NSRCEL, the startup hub at IIMBangalore, has selected 10 early-stage fintech startups for its final stage of the Fintech startup program, which will see these firms undergo a 9-month incubation program and subsequently be eligible for a grant from ICICI Securities.

The program is part of ICICI Securities' CSR initiative under which it has committed to help fintechs with winning ideas to come to the market. I-Sec believes fintechs 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.

"It is very exciting to see the fintech startups get ready for the incubation journey at NSRCEL. The quality of the founders and the solutions they offer are really top class and real world, and I am very confident that they will have many takers. I wish all the best to the teams and look forward to engaging with them during their journey," said Mr. Vijay Chandok, MD & CEO, ICICI Securities.

"As the first domain specific program at NSRCEL, we have high expectations for this final cohort.  We will do whatever it takes to get them to the next level of growth in their entrepreneurial journey," said Prof. Venkatesh Panchapagesan, Chairperson, NSRCEL at IIM Bangalore.

The I-Sec-IIMB Fintech startup program was launched earlier this year and received over 240 applications from all over the country. Twenty-five firms were shortlisted for a pre-incubation program, and from there 10 would now undergo an intensive nine-month incubation journey with a funding from the CSR fund of ICICI Securities.

The ventures selected in this cohort 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. During their incubation journey they will be engaged in domain-specific support through mentors, industry experts and investors in the Fintech space. NSRCEL will facilitate networking & peer-learning sessions to explore synergies within and beyond the NSRCEL Startup Ecosystem.

TOP 10 Ventures under Fintech Startup Incubation-

1 - ALGOFOX (https://www.algofox.in)

Algofox is a financial firm offering end to end solutions to create and manage wealth in stock market. Algofox provides the following services:

1. Stock market courses (NCFM/NISM Certifications)
2. Algo trading solutions and marketplace
3. Health insurance, mutual funds, life insurance guidance
4. Live trading desk

2 - IDOS (http://www.myidos.com/)

IDOS is an accounting & financial management software that enables you to easily manage not just accounting, taxation and financial processes, but empowers you with data and curated reports for decision making and analytics.

3 - CREDOCHAIN (https://credochain.com/)

Credochain is a digital lending platform for banks and NBFCs to help them originate, credit assess, process, and monitor MSME loans - all through an integrated platform.

4 - HYLO CHALLENGER PRIVATE LIMITED (https://hylo.biz/)

HYLOBIZ is SME distribution value chain focussed Neobank, digitising the Receivables | Payables | Credit Access through Seamless integrations with SMEs ERP/accounting tools and the partner banks over the Open banking APIs ecosystem.

5 - JARVIS INVEST (www.jarvisinvest.com)

JARVIS is a revolutionary strategy that ensures that the investment decision making process is devoid of human emotions. It juxtaposes the power of Artificial Intelligence & Machine Learning with Quantitative and Fundamental analysis of equity stocks, that enables the investment management process to systematically uncover and exploit sources of Alpha.

6 - GIMBOOKS (https://www.gimbooks.com/)

GimBooks offers an easy to use, Mobile first and cloud based Bookkeeping platform, geared mainly towards small and micro-sized businesses in India. It uniquely offers domain- based bookkeeping, in which the interface and features of the App are customised as per the industry the user is coming from.

7 - WEALTHEASY.AI (www.wealtheasy.ai, www.patterneffects.com)

Wealtheasy.ai helps busy individuals, who want to generate regular income from the stock market with a small capital base. Wealtheasy.ai uses a patented framework powered by machine learning and tested over 10 years of data to uncover hidden investment opportunities, manage risk and automate execution with minimal screen time for users. 

8 - PAYMATRIX (https://paymatrix.in/)

Paymatrix enables individuals to borrow on their existing credit card for unplanned expenses or during cash crunches and pay vendors even if they do not have a Point of Sale terminal.

9 - ZIMYO (https://zimyo.com/)

ZimyoTM is a unique cloud-based HR and benefits solution for SMBs to attract and manage talent by offering employee benefits that even their bigger counterparts cannot offer; i.e. - payday loans, Insurance, Investments, etc.

10 - PHI COMMERCE PVT LTD (http://www.payphi.com/

A tech-first payments company empowering businesses to provide seamless payment experiences across omni-channels. PayPhi is addressing payments collection, processing & distribution requirements across online, in-store & on-the-go channels. This versatile platform used by Networks, Banks, Processors and Large Businesses

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 four lines of businesses -- broking, distribution of financial products, wealth management 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
NSRCEL - Shloka Sachdev - shloka.sachdev@iimb.ac.in