YES Bank launches YES FINTECH Accelerator in partnership with T-Hub and Anthill

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YES Bank launches YES FINTECH Accelerator in partnership with T-Hub and Anthill, with Let’s Talk Payments as a knowledge partner. The program is creating a platform for the bank and Fintech startups to co-create innovative solutions and together take the solution to the bank’s vast retail and corporate customer database.

Anthill, a city based venture capitalist firm, aids early stage startups to grow and not stop due to funding issues. Anthill’s Speed Scaling Platform identifies startups with high SQTM during the Pre-Series A stage and then they conduct a Speed Scale Diagnostic to understand the gaps in Scalability. Anthill then provides the Speed Scaling Interventions to take the startup to Series A within 12 months.

On the other hand, we all know YES bank, a leading bank and leading financial service provider. YES FINTECH is a platform for the bank and Fintech startups to co-create innovative solutions and partner in taking the solution to the bank’s retail and corporate customers. This is a unique program – with no upfront equity commitment sought from startups, clear focus on building solutions relevant to use-cases identified by YES BANK and providing Fintech startups access to YES BANK’s 2 million+ customer base.

Focus Area

This accelerator program has its focus mainly on the below themes and startups revolving around these themes –

  • Big Data and Analytics
  • Biometrics
  • Robotics
  • IoT
  • PaaS/SaaS
  • Forex and treasury
  • Payments
  • Customer and value added services
  • Trade Finances

The Accelerator Structure

The program is designed to go on for 15 week and is spread across to happen in four phases with 3 weeks of on-site interventions and 11 weeks off-site interventions, with each stage focusing on creating a market-ready product and a sustainable business model. The best part? While the startups participate in this program, they can continue to concentrate on their core business as well. The structure is as under –

  • Co – create: Startup and YES FINTECH will validate the applicability of the value proposition to the Focus Areas, and co-create a customized scale up plan
  • Operate: Product refinement with real customer data and create a platform for market testing & validation
  • Scale: Focus on customer engagement, acquisition and a scalable model – along with VC interactions
  • Invest and Grow: 15 week cohort concludes with demo day & pitch clinic

What’s in it for the startup participants?

While you choose to participate in this accelerator program, you will get –

  • Market access to 2 million customers
  • Mentorship and guidance at every step
  • Global outreach
  • Dual mode multi location program with online and offline interventions in Hyderabad, Mumbai and you base location
  • Access to T-Hub startup ecosystem
  • Showcase and visibility
  • Compliance and regulatory guidance

Mentors and Experts

The chief mentor of this program is Rana Kapoor – Managing Director and CEO, YES Bank. The other expert panel includes –

  • Devie Mohan – FinTech Market Strategist
  • Alok Mittal – Co – founder and CEO of Indifi
  • Sasha Mirchandani – MD and Founder of Kae Capital

Details of the program

As mentioned above, the sessions are going to happen in 3 phases –

  • Session 1 – 13th – 17th March 2017 in Mumbai
  • Session 2 – 15th – 19th May 2017, Hyderabad
  • Session 3 – 20th June 2017, Mumbai

Important Dates

  • Application Phase: Jan 9th to Feb 3rd 2017
  • Pitch to YES Fintech Board: Feb 15th and 16th 2017
  • Mentor Matchmaking: March 1st 2017
  • Cohort Launch: March 13th 2017
  • Demo Day: June 21st and 22nd 2017

Apply today as the last date for applying is Feb 3rd. You can apply here!

 

TiE launches All India Road Show on women Economic Empowerment

captureThe entire startup ecosystem is well aware of TiE and its programs for the benefit of the entire clan of startups. TiE Global is one of the world largest not for profit organization with the mission of fostering entrepreneurship.

This organization aims to get bigger and better in 2017 and keeping that in mind, they have launched the “All-India Road Show on Women’s Economic Empowerment through Entrepreneurship – Project AIRSWEEE.

The program’s objective is to unleash value creation amongst aspiring young women in Tier 2 and Tier 3 cities in India by empowering them with knowledge of Entrepreneurship. The initiative has received funding support from the US Mission in India, US Department of State. Though the program will be conducted in 5 different locations of the country, yet participants from all over the country can apply to be a part of this.

Locations –

  • Telangana – Warangal
  • Tamil Nadu – Coimbatore
  • Rajasthan – Jaipur
  • Maharashtra – Nagpur
  • West Bengal – Durgapur

Each area will invite 25 participants and 5 participants from each group will be selected to receive 6 additional months of mentoring from USA and India based mentors through video conferencing. It will be a 3 days workshop.

Workshop format:

  • DAY 1 and DAY 2: In-person Mentoring by USA based experts who will travel to India
  • DAY 3: Mentoring by India based Expert

This AIRSWEEE Program has been initiated with a mission to promote entrepreneurship as a career option for women in smaller cities in India. Keeping in mind the fact that the entrepreneurs are from small cities and may not have a lot of funding to cover for the program, the organizers are going to bear all the costs are for this program – the program is free for the participants including Food, lodging and other logistical support.

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Benefits for participants

Early stage women entrepreneurs will be highly benefitted by the expert guidance of U.S. based and Indian Origin Entrepreneurs advice and guidance. Participants will receive complimentary membership to the local TiE Chapter for a period of 1 year (In the case of Warangal workshop they will receive membership of TiE Hyderabad).

Event details:

  • To participate, you will have to fill the application form. You can fill it here.
  • Registration deadline: 27th January 2017

Women entrepreneurs from all over the country are invited to utilize this one of a lifetime opportunity. A women Entrepreneur can choose any city to participate.

Unicorns – Need of the hour

India has a population of 1.3 billion and is the third largest Start-up ecosystem in the World. Yet out of 177 unicorns in the world, India can boast of only 8 namely Flipkart, Snapdeal, Ola cabs, One 97 Communication (Paytm), Hike, Shopclues, Zomato Media, and InMobi. Oyo Rooms and Grofers are on the verge of joining the club.  Reasons are aplenty from the lack of a more global outlook to scanty availability of funds for a dismal number of unicorns being present in India. It’s also the socio-economic factors prevalent here that hinder the evolvement of a potential unicorn.

Unicorns at a time like this..

Unicorns are aggressive, they grow fast and they hire exponentially.

India has the advantage of a huge  demographic dividend. We as a country need to take advantage of this opportunity. Creating opportunities for two-thirds of a 1.3 billion population is a herculean task.

Unicorns are aggressive, they grow fast and they hire exponentially. The need of the hour is to build sustainable unicorn startups which will hire thousands of educated unemployed youth available.

We are nowhere close to the number of Unicorns which can meet such ambitious goals. We need an ecosystem which can drive faster yet stable growth of Unicorns to achieve this goal. The current startup ecosystem in our country needs to drive in a daringly different direction to achieve this.

Sustainable growth is characterized by one simple rule, “New customer comes from the actions of the past customer.” Building a Start-Up Enterprise is an exercise of institution building. For generations, Indian traders have laws that govern the traded products and not the customer interests. Though the Indian Entrepreneur understands money very well, a startup enterprise is not all about money.  If one needs to build a Unicorn, the focus needs to be on delivering value to the customer and the rest doesn’t matter.

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DNA of a hunting Unicorn

What makes a unicorn startup cannot be explained through a hard and fast rule. It takes a certain concoction traits to attain such a state nevertheless.

  • Business model totally aligned towards a good customer experience.
  • Has positive unit economics from early stage. 
  • Is self-sustained and has the ability to bootstrap (essentially, survive) for a while even if the next level of funding is delayed. Efficient utilisation of capital is pivotal in attaining that.
  • Business model must focus on the urban, Semi-urban and rural markets, albeit with a different marketing strategy.
  • Emphasis should be laid on value and traction but primarily on revenue.
  • A belief in originality rather than aping western businesses, since what works in a certain geographies doesn’t work in India.

The missing Link

The Start-Up ecosystem only extends to a few cities in India. The scenario needs to change, it has to expand throughout the country. The number of Non-Premium Educational Institutions are aplenty in India.  The focus has to be on identifying the best ideas and grooming them to become Start-ups. We need more seed fund and grants which can enable innovation and invention. Early stage foundation is quite important for a start-up to become a unicorn, which can be taken care of through a structural shift of strong support systems that validate at the early stages.

Finally it’s the founder’s passion and the mentor’s guidance that make a big difference in building the Enterprise. If the early stage is planned and built solid, the chances of success are much higher.

Let’s hope for a vibrant ecosystem in the years to come which will be the breeding ground for numerous unicorns. Then India will truly be a super power to reckon with.

About Author:

Devireddy Sreedevi (Executive Director, TiE Hyderabad) has Overall 17 years of diverse experience in Corporate Relations, Operations, Sales and Marketing.

Strong Business acumen coupled with people skills, Relationship management, Inspiring leadership evangelist

Email: ed@tiehyderabad.org ; devireddy.sreedevi@gmail.com

Linkedin: https://in.linkedin.com/in/drsreedevi

Twitter: DSreedevi

ChitMonks: Your Smart Chit Manager

“A Chit fund is a kind of savings scheme practiced in India. A chit fund company is a company that manages, conducts, or supervises such a chit fund” as defined in Section of the Chit Funds Act, 1982. Chit Funds is a unique financial instrument that helps customer segments over several decades by participating in a Chit Fund which is registered as per the Central Act and Governed by the State rules, the subscribers get a Safe, Better and Tax deferred dividends.
In today’s world where everything that can be duplicated all thanks to the advanced technology, it is difficult to locate genuine registered chit funds. But not anymore, all credits to ChitMonks: a neutral market place for promoting Chit Funds of Registered Chit Fund companies. ChitMonks is reimagining this traditional financial instrument using technology. They plan to bring different insights helping the subscribers, agents and foreman alike. Just receltly they have been a successful award winner at the TiE ISB Connect. They won the Guardian Angel award along with Stumagz.
As a subscriber with ChitMonks, you can wither be a Micro, Small and Medium Enterprise owner or a regular saver or a potential borrower tomorrow. You can choose a Chit which suits your capital needs and future requirements. ChitMonks help you to maximize your returns from the chits by considering your opportunity cost. Your rate of return is in your hands. ChitMonks help savers, borrowers, agents to get the best of the tool. Foreman companies will get benefited with genuine subscribers.

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Why ChitMonks?
Choose ChitMonks because it offers the following unique benefits –
• It is a unique solution to chit funds: India’s first market place solution for Chit Funds
• It shows the available options in the market: One stop solution to check the available options in the market
• It is a neutral platform: Neutral platform to promote Chit Fund companies
• The services are fast: Faster service in enrolling you into chit group
• Store all your information on cloud: Anytime, anywhere access to all your chit groups information
• Flexible interest rates: Your interest rates in your hands
• Get expert advice: Best technical advices on how to manage your chits
• Notifications can be set: Messaging and notification services

How does the service work?
ChitMonks operates differently for the following three roles – Agent, Subscriber and foreman
For a subscriber:
Step #1: Explore and Search chits based on your need. Click “Interested” for a particular chit
Step #2: Get more information when the ChitMonks team will get in touch to help you enroll in chit Fund Company of your choice.
Step #3: Add your chit and track your interest rates
For an agent:
Step #1: Register yourself as an agent
Step #2: Add Chits and your subscribers.
Step #3: Track both the chit performance and help subscribers with bidding information
For a foreman:
Step #1: Provide your contact details.
Step #2: ChitMonks team will contact.
Step #3: Your best chit groups gets more reach @ ChitMonks

Using this unique online service you can register for chits ranging from Rs. 1, 00,000 to Rs. 50, 00,000 and above. This online portal has loads of registered chit fund companies subscribed including Kapil Chits, Rao Brother Chits, Indiranagar Chits, Shri Nikila Chits, Surabhi Chits etc. The chit duration is also flexible as you can opt for chits that end in just 20 months or that go beyond 50 months as well.
Currently, the chit funds facility is available in Andhra Pradesh, Delhi, Karnataka, Maharashtra, Tamil Nadu, and Telangana. So, what are you waiting for? Invest your saving in a smarter way and register with ChitMonks today!

Million Steps for Entrepreneurship by Tie Hyderabad and T-HUB

TiE has taken big strides in the field of entrepreneurship in the last decade or so. We have a very vibrant ecosystem supporting young entrepreneurs who have not only made an impact locally but also made a mark globally. TiE has been instrumental in powering these entrepreneurs. It is time to give a platform to these enthusiastic entrepreneurs to connect with local people for support. And what better way than to “run”. Benefits of running together go beyond fitness and health. Running together creates a social bond, gives you confidence to keep going and most importantly creates “anything is possible” spirit. All of these traits are characteristics of successful entrepreneurs and leaders. With this mind, TiE is organizing a global fun run (3k/5k) on 4th December 2016 (Sunday) in sync with the theme of the first ever TiE Global Summit, “creating a million entrepreneurs”. The aim is to get leaders, entrepreneurs, corporates, students, youngsters and runners together and celebrate the spirit of entrepreneurship. This run will be open to all with focus on people who are part of the startup ecosystem. This run is planned simultaneously in 15+ cities with thousands of people running together.

Hyderabad chapter Start-Up Strides organized by TiE Hyderabad, T-HuB 

WHEN: December 4, 2016 @ 7:00 am
WHERE: IIIT Campus,Gachibowli
Register Here: http://bit.ly/tieHYD

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Interactive Art Tech Hackathon at Innofest Hyderabad

Interactive art is a form of art that involves the spectator in a way that allows the art to achieve its purpose. Some interactive art installations achieve this by letting the observer or visitor “walk” in, on, and around them; some others ask the artist or the spectators to become part of the artwork.

Artistic-hackers and hacker-artists will get together over a weekend in a collaboration space to create an interactive art-tech hack from scratch and demonstrate the power of collaboration in art and expressive potential of technology.

Ideation will be on 4th November and Kick off will be on 7th November morning with a meet & greet and flash talks by guest artists. Participants will form groups and collaborate on an idea. We provide food and drinks, fast internet, 3D printers, hardware for quick prototyping and help by skilled mentors. We finish on 8th November evening where the products will be shown to guests and each other during a flash exhibition.

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Hackathon Goal: To build a very creative and engaging interactive art installation.

Venue: Collab House

Organised By: Hyderabad Hackers, HackMania and Idealabs

Rewards: Project showcased at InnoFest. Fame. Glory. Applause.

Buy tickets here for Interactive Art Tech Hackathon at Innofest Hyderabad

Hyderabad startup HostelDunia – helping people find the right hostels

With increasing number of people relocating from their parent cities to other cities for several reasons like education, work etc., the need and demand for proper accommodation has been increasing by the day.
A young techie, Raju Ambaragonda decided to start hosteldunia.com when he personally experienced the problem of finding accommodation once he finished his graduation. He had to personally call or visit several hostels personally to get reliable information. When he realized that there are several others the same problem, he came up with this cool online portal that helps people by providing detailed and reliable information about hostel and pg accommodations.

When you are new to a city, you may not be well aware of the different locations and housing facilities there. At such a time, the most simplest and easiest thing to do would be to log on to hosteldunia.com, enter your preferences as prompted by the portal, and get the list of hostels and PGs in the location and at prices as desired by you. The website provides information about everything you want to know before actually visiting the hostel/pg; reviews, ratings, food menu, facilities and pictures!
“The idea of starting hosteldunia.com came to me during my personal struggle to find an ideal accommodation. I realized that there are so many people coming into the city every day for work, studies, and so on. I thought; why not provide detailed information about hostels after personally checking them out, including what these places offer and what they don’t.”, says Raju, the founder of this quickly growing startup.

The team of Hostedunia participated at The Startup heroes contest by TIE Hyderabad and the team won a seed fund of Rs. 10 Lakhs. They started with Hyderabad and currently have hostels from 10 cities listed on the portal; Hyderabad, Bangalore, Coimbatore, Kota, Warangal, Visakhapatnam, Vijaywada, Kakinada, Nagpur and Indore

“We respect user’s time on our site that drives us to provide quality service. We validate the information provided by the hostel owner at the time of online registration. In order to validate the hostel owner’s information, one of our executive personally visits and conducts quality checks on the given info and right away takes pictures + geo location + nearby places (restaurants, malls, ATMs and travel details), etc.
We are also provisioning the users to write their comments/reviews rating on our portal. “said Mr. Raju when asked about the validity of the hostels that register with this web portal.

With so much recognition and the seed funding, Mr. Raju wishes to expand his operations to other major cities as well, and aspires to begin subscription and full time promotional offerings as well.

Crowdfunding spreading it’s magic in Hyderabad through the “Crowdfunding Deep Impact Conference”

We all know crowdfunding is one among the major disruptions of this century. It has over the years transformed into a tool that entrepreneurs and artists use to validate their ideas, engage people with similar interests, and attract funding for their projects. Crowdfunding has gone huge in the west, the most successful being a Kickstarter led project, the Pebble watch that has raised $20,336,930 from 78,463 people in total.

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Two Corners, Cambridge-based social enterprise and The Crowdfunding Centre, Sheffield, UK  along with  TiE, Hyderabad brought the successful Deep Impact conference for the first time to India at the Indian School of Business (ISB). The Startup Hyderabad team was present there to provide complete support.

What is Crowdfunding?

Dictionary defines crowdfunding as the practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet. The investor gets returns for the small investment done. These returns could take various forms depending on the type of model.

  1. Equity Based: The investors get a stake in the company, so if the company becomes big, you get your percentage of the win.
  2. Donation Based: The investment goes as a contribution towards a charitable cause.
  3. Debt Based: The investors are paid back over a period of time.
  4. Reward Based: The investor gets a tangible item or service in return. For example, getting a limited edition of the product.

Why?

Professor Jaydeep Prabhu, University of Cambridge and co-author of Jugaad Innovation says, “We increasingly live in a frugal economy where even small teams can now develop and commercialize ideas that only large firms could do in the past. Crowdfunding is a crucial component of this frugal economy. Now start-ups with relatively few resources can access small amounts from large number of ordinary people to bring their ideas  to life and to markets.”

Crowdfunding Deep Impact Conference Highlights:

The conference started on a bright morning at 8:00 am with a session on Crowdonomics: Exploring the Landscape of the New Entrepreneurial Economy by Barry E James, the founder of the deep impact conference, founder at TheCrowdfundingCentre.com and VentureFundingHubs.com. He spoke about the vision of the deep impact conference and about crowdfunding in general. He emphasised on the world of opportunities being created by crowdfunding and how it is giving oxygen to ordinary people all over the world.

Dr. Dan Marrom, a thought leader in the crowdfunding field and co-author – “The Crowdfunding Revolution”, took over the stage to demystify crowdfunding with a balanced sense of humor and the right amount of information that had the audience attentive throughout. He shared his thoughts on the future trends in this field. He very well explained how crowdfunding will be used to augment or replace the conventional VC and get high returns in the future. Access his presentation here.

Priyanka Agarwal, Chief Energy Officer of Wishberry, explained the impact this company is creating in India supported by data reflecting on her opinions. Wishberry has  helped more than 200 projects raise 4.5 crores from 9600 funders. Priyanka Agarwal stressed that reward based model has been the most successful one of all the types. She says that wishberry also provides its clients a proprietary online campaign evaluation and a dedicated coaching team. Access her presentation here.

We broke for lunch which provided a good opportunity to exchange cards and build partnerships. Post lunch, a panel discussion was held. We heard Harshad Lahoti, Founding Partner Ah! Ventures, speak on crowdfunding from an investors perspective. Access his presentation here.

The founder of BitGiving, Ishita Anand, explained how the company is using crowdfunding for social initiatives and leveraging the world to create an impact. She disclosed that 70% of their investors are new donors, who are around 30 years of age. She says, that BitGiving will create focused campaigns to target the 38 million pool of internet transactors. She discussed few interesting campaigns led by the company like the one for Magic bus. Access her presentation here.

We then remotely heard Dan Darel, founder of Wequity – a crowdlending platform for real estate, speak on growth in property crowdfunding. He believes the next big revolution in crowdfunding will happen in the real estate areas especially in US and UK. Listen to him here. The later part of the conference was enlightened by Ateet Bajaj, founder of start51, who discussed “Impact of crowdfunding on startups led by students”.  The day ended with an interesting note by Tim Wright on “Legal Aspects of crowdfunding in the UK”.

Learnings from the conference:

  1. Tips, do’s and dont’s.
  2. Building a great proposition
  3. How to set the right target for crowdfunding?
  4. Various platforms in India and the differences among them.
  5. How to craft your offerings?
  6. What type of crowdfunding is right for you?

Who was this conference for?

  1. Anyone looking for fundraising opportunities.
  2. Crowdfunding platform founders.
  3. Venture Capitalist and angellist.
  4. Students wanting to learn about crowdfunding either for their future startup or for their profession.
  5. Journalist and bloggers researching on crowdfunding.
  6. Anyone planning to support a crowdfunding project.

The crowdfunding conference in general provided a unique opportunity for people to know about the state of crowdfunding in India, they got a 360 degree perspective from various stakeholders like startup founders, angel investors, venture capitalists and crowdfunding platform founders. It left me astonished that India already has more that 15 crowdfunding platforms of its own. Only time will tell us who will be the Kickstarter and the Pebble watch of India.

 

4 Start-Ups funded at TiE Startup Heroes challenge

2015 started with a bang for the Hyderabad Startup Ecosystem. Hyderabad based eKincare and Violet Street raised huge growth funds and it was exciting  to see 5 out of the 10 startups that pitched at the Startup Heroes event by TIE Hyderabad get funded.

At the Tie Start-UP Heroes, The startups pitched in front of a panel of 13 investors and it is exciting to note that each of them received green cards from more than 3 investors. Enabli, YoGrad, Play your sport, Chakra Business Solutions and Hostel Duniya received the seed fund and investors pick 8% equity for the 10 lakhs they invest.

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The 10 finalists were chosen from a pool of 200 plus applications and were groomed by mentors from TIE Hyderabad for 2 weeks on their business models and pitches.

Enabli analyses conversations on social media and helps generate leads for consumer businesses. Hostel Duniya is an aggregator for hostels and pg accommodations in top cities. YoGrad is a community that engages students in conversations and uses these insights to help brands engage and communicate with youth. Play your sport is a mobile app that allows sports and fitness enthusiasts to find activity classes nearby and “CBS is an Internet of Things solution that fetches data from different devices and sensors to give a perspective on a particular problem”.

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Hyderabad is evolving very quickly as a startup hub and is a great place for early stage ventures. Events like these are an inspiration to many budding entrepreneurs and the potential the City of Nawabs offers is immense. With the kind of ecosystem that we have been able to create and nurture, very soon, we may become the Startup Capital of India.

 

TiE announces Startup Heroes challenge

The Indus Entrepreneurs (TiE) has announced Startup Heroes challenge, inviting start-ups in technology and non-technology spaces with a bankable business model.

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Besides getting funding, these start-ups will get quality mentorship from experts from the relevant domain. “We are targeting early stage start-ups in any product segment. The only criterion is, one must have a business model with a working prototype,” Ramesh Loganathan, President of Hyderabad Software Exporters’ Association (HYSEA), said, announcing the challenge.

As many as 10 prototypes will get a chance to pitch their ideas to 10 angel investors on stage. Tech start-ups will get Rs 10 lakh, while non-tech products (needing manufacturing) would get Rs 25 lakh. The investor will take 10 per cent equity for every Rs 10 lakh they invest.

“Those interested can send their pitches by December 25. The funding event will be held on January 17, 2015,” he said.

International Institute of Information Technology (IIIT-H), Indian School of Business (ISB), Indian Institute of Technology (IIT), investment firm Uthishta and ICRISAT are incubator partners for the event.

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