Financial Inclusion Lab announces the 4th cohort of startups developing innovations for the under-served

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The Financial Inclusion Lab is an acceleration program of CIIE.CO’s Bharat Inclusion Initiative, supported by the Bill & Melinda Gates Foundation, JP Morgan, se.se.ssssssssMichael and Susan Dell Foundationse.se.ssssssss, MetLife Foundation, the Omidyar network and managed in collaboration with MSC Consulting. The lab identifies and supports startups that improve the financial health of low-income communities through mentorship, market research, access to networks, capital and other supports to create and scale their solutions.

Over the past three years, the lab has supported 27 startups in three cohorts that have served a total of more than 20 million clients and raised more than $ 15 million in funding since their participation in the lab. For its fourth cohort, the Lab selected nine innovative startups creating inclusive fintech solutions for low and middle income segments. These startups work on credit, savings, insurance, healthcare, and tech-related financial solutions that benefit underserved segments such as low-income workers, micro-businesses, gig workers, fishermen and millennials.

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Credochain enables flow-based lending for micro, small and medium enterprises (MSMEs) by capturing and analyzing underlying business transactions and cash flows. It does this using the GST in a fully automated way for faster and better credit decision making.

Credochain has built cluster-specific underwriting models to enable unsecured credit for underserved MSMEs. Benefiting from a unique position to extend loans to smaller units in industrial clusters, they can enable innovations such as co-lending and invoice financing to those businesses which are typically based in smaller towns.

Team: Vaibhav Anand, Shivani Sharma

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Fello is a game-based savings and investment platform for Gen Z and young millennials in India to save, play and earn returns that would be greater than a traditional savings bank account. The company aims to merge the world of gaming and finance to create better personal financial profiles and better security for end users.

For every Rupee saved and invested through Fello, users earn in-game tokens which can be redeemed to play fun internal games to earn amazing rewards and prizes. The basic premise of the product is that gambling will lead to a larger audience that will be more inclined to better financial instruments and have healthy financial profiles.

Team: Manish Maryada, Shourya Lala

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Flux by Finarkein is a low-code / no-code data analytics platform that works seamlessly with future open digital ecosystems such as account aggregator, OCEN, NDHM and traditional data sources. Flux helps businesses consume and publish data as information users / providers and create plug and play pipelines from mixed data sources, while keeping customer consent front and center.

Registered as a TSP with Sahamati and one of the early players in the upcoming open digital ecosystems, Finarkein will enable businesses to quickly create various use cases across insurance, credit, savings and savings. asset management. In particular, the platform seeks to help financial service providers leverage data to meet multiple segments of the Bharat segment.

Team: Nikhil Kurhe, Dheeraj Kumar

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Fundfina provides micro and small businesses with access to affordable credit through its integrated financing platform that leverages a proprietary TrueScore ™ cash flow-based credit scoring model. Loans to corporate network retailers such as payment and wallet companies, point-of-sale providers, digital accounting firms, etc. are financed by financial institutions that benefit from low-cost, high-volume loans. Fundfina digitally manages the entire loan process, from creation to signing of the contract, including collection.

By using TrueScore ™, the company has succeeded in expanding the financial inclusion network for retailers who do not have a credit bureau footprint. TrueScore ™ uses retailer transactional data that is stored on corporate network servers to predict transaction volatility over the next 90 days. To date, all financial institutions registered with Fundfina have chosen to use TrueScore ™ to lend through the Fundfina platform.

Team: Nishant Bhaskar, Rahul Tripathy, Abhijit Naik, Bikram Bajaj

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Daily Salary is in the process of creating an attendance-related “salary portfolio” for company employees. The Salary Wallet gives employees immediate access to their earned wages. Each working day, Daily Salary credits the salary for the day to the worker’s Salary Wallet.

Daily Salary partners with companies to provide salary portfolios for their employees. As the solution is based on the accumulated salary, the daily salary allows instant credit even for workers with no credit history. Workers can withdraw up to 50% of their earned salary from their salary portfolio at any time.

Team: Eral Ravi, Aashutosh Chaudhary, Shantanu Singh

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Kosh is building the first digital and agentless microfinance institution (MFI) in India. Replacing agents with a mobile application allows the borrower to apply for a loan directly while eliminating inefficiencies at the field agent level. They created proprietary subscription models that filter out the groups most likely to default, and designed the system to be inherently scalable and operationally efficient.

They are already operational in six states in northern India and have disbursed over 1,200 loans to date. Kosh aims to be the first pan-Indian MFI.

Team: Aayush Goel, Sahil Bansal

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MyPaisaa is India’s first 100% digital chit fund that is registered with the Registrar of Chits. It provides one app for the entire user journey and enables industry-leading 2-minute onboarding and 24-hour payout of net token values.

With a strong focus on improving the customer experience across various revenue segments and on transparent and efficient technology-based operations, the solution can transform the perception and growth metrics of the chit fund industry into the future. ” extending to wider geographic areas and improving the potential of complementary products. And services.

Team: Veera Praveen Reddy, Ravindranath Kamma, Harish Chandra Lodhwal, Mounika Lingayagari, Aravind Chandrasekharan

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Numer8 envisions sustainable and profitable fishing. Its product, Ofish, provides fishermen with advisory services powered by satellite data and Internet of Things (IoT), market links through traceability and access to formal financial services. This triad of services makes it possible to digitize operations and increase revenue predictability for all actors in the chain.

Fishing impacts 4 million people in India, many of whom are in the low income segment. Ofish aims to be the gateway to financial and other services for this significantly underserved market.

Team: Devleena Bhattacharjee, Nandhini Karthikeyan

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SureClaim is a healthcare navigation platform that helps families and physicians locate hospitals that can meet the medical needs and financial constraints of patients. The startup is expanding its online engagement with offline users through its hospital support desks to facilitate the admission and discharge process.

The company started out as an insurance claims assistance platform. It has now expanded to provide inpatient assistance for uninsured patients as well. SureClaim’s solutions dramatically reduce direct medical expenses for low- and middle-income patients by providing treatment options within their budget.

Team: Anuj Jindal, Varun Kansal

About BII and the Financial Inclusion Lab

Launched in 2018 by CIIE.CO of IIM Ahmedabad, the Bharat Inclusion Initiative (BII) helps tech entrepreneurs through pre-incubation, seed and scale-up to develop inclusive solutions. The initiative includes fellowships, sprints, incubations, accelerators, seed funds and other support programs to create a conducive end-to-end ecosystem that brings inclusive, for-profit businesses to life. .

The Financial Inclusion Lab, a key part of the Bharat Inclusion Initiative, offers personalized and differentiated support to each startup, which includes prototype capital, mentorship by distinguished practitioners and industry experts, opportunities for partnership with financial and other organizations, training hosted by faculty members and experts from IIM Ahmedabad, access to scale-up capital through the Bharat Inclusion Seed Fund, cloud credits, legal services, marketing and other ancillary services. MSC Consulting, an international financial inclusion consultancy, provides startups with high quality advice and insight into low and middle income segments.


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