GIFT City and Zone Startups India Join Hands to Accelerate Fintech Innovation

Gujarat International Finance Tec-City (GIFT City) - India’s first Smart City & International Financial Services Centre (IFSC) and BIL Ryerson Technology Startups Incubator Foundation (BRTSIF), a joint venture between BSE Institute Mumbai and Ryerson University and Simon Fraser University, Canada, have signed an MoU to accelerate Fintech innovation. Under the aegis of this collaboration, Zone Startups India, a part of BRTSIF will explore avenues for setting up and promoting a “Fintech Hub” in GIFT SEZ. It will further lay down the foundation to promote startups and support the government of India’s vision for entrepreneurship development and innovation culture at GIFT IFSC.

GIFT IFSC provides new business opportunities in the areas of trading in international products, offshore fund management, international bullion trading etc. GIFT IFSC is being promoted as the Fintech Hub of India at a global level. This would require new skill-sets and training to attract the right talent. Further, GIFT City is emerging as a hub for Fintech activities. BIL - Ryerson Technology Startup Incubator Foundation (BRTSIF) would play an important role for promoting talent and developing ecosystem to attract start-ups in GIFT IFSC.

Speaking about this new collaboration, Mr. Tapan Ray, MD & CEO of GIFT City, said, “Fintech and IFSC are emerging fields in India with immense potential. Their synergy is essential to develop a matured financial ecosystem in the country, given their dynamic traits. One of the objectives of GIFT City has been to provide a productive platform for fintech and related sectors to be globally competitive. It is an opportune time to engage with Zone Startups to develop a robust fintech base and nurture talent in this area."

Zone Startups will develop a program to attract domestic as well as international fintech and fintech-enabled startups in areas such as digital banking, digital app-based lending, crowdfunding, various secured electronic payment services, IFSC related clearing mechanisms, insure-tech, prepaid payment instruments, and digital payments.

Mr. Hemant Gupta, Managing Director of Zone Startups, said --

The world of banking and financial services is entering a phase of deeply transformative digitization. A new generation of digital consumers expects a modern and seamless customer experience and is demanding new ways of transacting business. Emerging trends in neo-banking, app-led payments, and digital currencies are all creating new opportunities and presenting new problems that need solutions. This is a space where India, courtesy its innovative startups, can build and sustain a global leadership position. I see the MoU with GIFT City as a crucial enabling step in making that happen.

Mr. Gupta further added, “I am particularly excited about the many opportunities this will open up for India’s leading corporates from the BFSI sector to create powerful new partnerships with these innovative startups."

Zone Startups India, one of India’s leading incubators and accelerators, will tap its experience of over seven years of mentoring and nurturing startups and creating mutually transformative partnerships between corporates and startups, to create a rich environment for globally competitive fintech and financial services startups to become successful and sustainable businesses.

About GIFT City

GIFT City is a mega project by the Government of Gujarat to realize the vision of making Gujarat the centre of the Financial Services industry. GIFT City is designed to be a global financial and IT services hub, a first of its kind in India, designed to be at or above par with globally benchmarked business districts. It is supported by state-of-the-art infrastructure encompassing all basic urban infrastructure elements along with excellent external connectivity. Companies from Financial Services, Technology and all other services sector are occupants within the city. GIFT City is changing the economic face of Gujarat and would keep India on the global map as a Centre of Excellence in the Financial & IT/ITeS Services domain.

About BRTSIF

Zone Startups India (a part of BRTSIF) is one of India's Leading Incubator and Accelerator. A few of the notable alumni are Citrus Pay (now PayU), Flexiloans, BabyChakra, VPhrase, Donatekart, and Nira. Apart from its flagship Zone Startups Incubator Program, it runs programs like empoWer (India's first Tech Accelerator for Women Founders and currently the largest in the country) and Next BIG Idea (Indo-Canadian Bilateral Innovation & Entrepreneurship Program)and others. 

Zone Startups India has also executed various bespoke startup engagement programs with corporate partners to foster a culture of innovation, provide the corporate access to innovative ideas, engage key employees for mentoring startups, and enhance their brand presence. This program has worked with corporates like Abbott, Viacom18, Citibank, HDFC, Barclays, Sodexo and Lodha. BRTSIF also manages a Rs. 10 crore startup seed fund provided by the Government of India under NIDHI SSS and facilitates access to capital through BSE Startups exchange (India’s only platform for Startup IPO).

Zone Startups India announces 7th edition of Next Big Idea

Mumbai-based Zone Startups India, one of the largest tech accelerators in India has announced the 7th edition of its annual Next BIG Idea contest. NBI 2019 will invite applications from tech startups across the Country to be selected under the program. The Next BIG Idea is an annual feature of Zone Startups India that engages stakeholders including startups, incubators, co-working spaces, investors, industry & other enablers through roadshows in 20+ cities across India.

Zone Startups India team will be hosting roadshows across 21 cities to launch the contest pan-India throughout July 2019. These roadshows allow a number of promising companies to understand the North American market fit for their products, thereby giving them an opportunity to apply for the program and going through multiple rounds of selection process & speak to global jury members. The applications for the contest will be accepted online from 28th June 2019 till 30th August 2019.

NBI 2019 team will be visiting upcoming startup hubs like Hyderabad, Chennai to tier 2 and 3 cities like Vizag, Nagpur, Bhubaneswar and Jaipur in order to invite applications for the program. The idea is to find the most deserving growth stage startups who have global aspirations to expand their business.

Launched in 2013, Zone Startups India has successfully operated 6 editions of the program till date, that has benefited 39 Indian tech Startups, through a soft-landing program across major tech hubs in Canada and the US.

The objective of the Next BIG Idea contest, since inception, has been to identify and support hi-tech, hi-potential Indian startups that are seeking to expand internationally, and are actively looking at the North American market. The selected startups get access to a bespoke market access program which includes mentorship, industry connects, investor meetings and a great international exposure.

The alumni network of Next BIG Idea Contest comprises of startups that have successfully raised multiple rounds of funding, as well as, startups that have made exits through mergers and acquisitions -  some of the names being, CitrusPay, Sokrati (selected in 2013 but chose not to go in the midst of their funding round), Heckyl, Vidooly, ShieldSquare, Plackal, Flip Technologies, AdSparx, Konotor (acquired by FreshDesk), Data Resolve, Uncanny Vision, Gray Routes, Sequretek, Plackal (acquired by Sheroes) etc.

In 2018, the contest came to be a part of a larger Canada-India Bilateral Entrepreneurship Initiative supported by the Department of Science and Technology, Government of India - which allowed Zone Startups India to increase the number of benefactors to 13 entrepreneurs each year, for a period of 2 years 2018 and 2019. Dr. Anita Gupta, Director, DST India, says, "The Department of Science and Technology , Government of India supports bilateral entrepreneurial platforms which enables Indian Startups to go global . Next Big Idea scouts and connects best tech based startups with International markets like Canada. Exposure to Canadian Startup Ecosystem through a well structured program provides access to relevant stakeholders, market and networks are the key takeaways for Startups. I wish the 7th edition of NBI a great success."

“If we had not gone through the NBI program, we would never have given a serious thought to looking at Canada as a potential gateway to the North American Market. It was an eye-opener in a lot of ways.” says Pankit Desai, Co-founder & CEO, Sequretek, winner of Next BIG Idea 2017. Sequretek has since raised INR 27 crore led by Unicorn India Ventures in September 2018 and set up an office in the US in Dec 2018.

With the 5th edition, a new addition was made to the Next BIG Idea contest, in the form of the Aditya Jha Entrepreneur India Award - for recognising social entrepreneurs who have translated their innovative & impactful ideas into technology driven businesses. The winner receives a grant of INR 5 Lakhs during Next Big Idea winner announcement.

“We are delighted to be partnering with Zone Startups on the Next Big Idea Competition for the 7th edition this year. The Next Big Idea is a great example of how Indians and Canadians can collaborate to achieve revolutionary social and business success. Canada is the best start-up partner that any of you could have. That is because, in a world where many countries are closing doors and putting up walls, Canada remains open. We are a country built on diversity that welcomes entrepreneurs from all over the world, and Indian entrepreneurs have proven to be a very good fit. I am looking forward to the continued success of innovation, convergence of ideas and partnerships through Next Big Idea! Good luck to all the participating young entrepreneurs!”, says Annie Dubé, Consul General, Canada.

Last year, the Next BIG Idea contest roadshows were hosted in 20 startup hubs from across the country, and attracted over 1,100 applications, from which 13 startups got an opportunity to explore soft-landing in major Canadian cities.

Sodexo Launches Accelerator for Food Services Startups in India

Sodexo, a French food services and facilities management giant, has launched India's first-ever food accelerator to help startups in the $14 billion food services ecosystem. The accelerator will be operated in partnership with Zone Startups.

The startups, that Sodexo will choose for its accelerator program, need not necessarily be food apps and these can be companies solving some real-life problems with or without the help of technology.

Mumbai-based Zone Startups India will help Sodexo in conducting bootcamps, connecting startups with companies and investors in the food ecosystem and formulating go-to market strategy.

Notably, Sodexo runs a 3-months accelerator program under the name of Sparx Accelerator, however its not clear if the acceerator launched in India will be the same or under different name. The accelerator do not take equity in the startups it selects.

Rishi Gour, Country President, Sodexo On-Site Services India, said, “The urban food market continues to offer tremendous growth potential for Sodexo India and is at an inflection point with rapid digitalisation, evolving consumers and the entry of new players. With start-ups offering innovative technologies and business models, we look forward to creating new services together and generating a differentiated experience for our consumers.”

The accelerator will provide startups with access to Sodexo large corporate customer base. The company is also open to investing in these startups through its venture fund, said Gour.

While the accelerator will not be making any investments in the selected startups, it may use their services through partnerships, or in future, if there are synergies, it may also look at acquiring a few of them.

Sodexo also has a venture capital arm called Sodexo Ventures, which has made six investments so far, and having made the most recent investment in China's AEYE-GO, in last month only.

In France, Sodexo has picked up a majority stake in a food delivery company called FoodCheri that was a part of its food accelerator.

“Here in India, we are looking at certain B2B food companies. We are at present inviting applications, and by the end of January, we will select a few,” Gour said.

He added that if Sodexo identifies a startup that has the potential to scale up globally, its €50 million venture fund might look at investing in them.

Sodexo, which is well-known in India for its flagship Sodexo meal vouchers, is globally known for its facility management services which include operating cafeterias and food canteens for corporates, manufacturing units and institutions. In India, the company is also trying to reach out to the consumers indirectly through its on-site services.

Ajay Ramasubramaniam, Director of Zone Startups India, said that, “In the last few years, food-technology has been disrupting the start-up ecosystem. This has led to the emergence of several innovative consumer brands that need funds and hand-holding to scale up further."

It may be recalled that this is not the first food related accelerator in India, as in 2015 Centre for Innovation Incubation and Entrepreneurship (CIIE), IIM Ahmedabad has launched India’s first Food & Agri-Business accelerator for startups in food and agri-business sector.

In September last year, GSF, Ia tech accelerator founded by Rajesh Sawhney, and Infobridge have had launched Agrifood tech accelerator called "Gastrotope".

Source - Business Line

[Top Image - LuxHerald.com]

Zone Startups Launches Gateway91 Accelerator for International Startups

Zone Startups has launched, “Gateway 91”, a soft landing program to work with international startups and growth stage companies looking to access the Indian market, and establish a presence.

Gateway91 is the fourth new program announced by Zone Startups in 2016, including empoWer, Rise Accelerator with Barclays and Thought Factory Accelerator with Axis Bank.

Today the Honourable Navdeep Bains, Minister of Innovation, Science and Economic Development, Government of Canada announced the creation of a new soft landing program for international companies looking to expand into India. Minister Bains further announced a partnership between the governments of Canada and Ontario to fund five Canadian financial technology startups to participate in the new program to help Canadian innovators seize the many opportunities provided by the Indian market.

Hon. Michael Chan, Ontario’s Minister of International Trade said, “We’re proud to be a partner with the federal government and Zone Startups to support the Gateway91 program. This initiative will help Canadian fintech innovators bring their breakthrough concepts and technologies into the Indian market which will create jobs and economic growth in both regions.”

Matt Saunders, President of Zone Startups, added: “Through programs like Gateway91, Zone Startups will continue to assist early stage enterprise software companies as they look to scale in the Indian market. Our extensive connections and programming continue to attract great founders developing innovative solutions. We’re proud to partner with both the Federal and Ontario governments to give Canadian FinTech startups the opportunity to benefit from our leading services to grow and thrive in India.”

Gateway 91 will offer end-to-end services for an international technology companies looking to set up their first office in India. Zone Startups India will help companies make the daunting transition to a new market by providing supports including:

§ work space within a community of like-minded entrepreneurs,

§ local industry expert mentors,

§ professional and administrative services for business establishment,

§ corporate connections for customer development and;

§ networking opportunities with potential investors

The first set of companies expected to be a part of Gateway91 will be selected through a competitive program in Canada, and will be announced in early 2017.

“Setting up Gatway91 was a natural extension to what we have been doing at Zone Startups India,” said Ajay Ramasubramaniam, Director, Zone Startups India. “The ecosystem of mentors, potential partners and professional service providers needed by international startups to succeed in India is something that we have already built. In fact, over the last year, we have supported 16 companies from different areas, helping them with introductions to several potential partners and clients. To a great extent, this also aligns with Government of India's Invest in India and Make in India vision as these international technology companies will create knowledge economy job opportunities”.

Other corporates from India are in talks with Zone Startups team, to establish a partnership, as they see a natural fit for extending their support and services to this initiative. “We will be announcing a few exciting partnerships over the next few weeks, and make Gateway 91, a complete package for accessing the Indian market, and establishing a strong local presence”, said Ajay Ramasubramaniam.

"The Indian startup ecosystem is one of the fastest growing in the world. The new accelerator is in line with the Start-up India mission envisioned by Prime Minister Narendra Modi. Over the past 2 years, Zone Startups India has built up a solid network of corporate, industry experts and investors across the globe. We are delighted to partner with Ryerson Futures and dedicate this zone to the nation"said, Ambarish Datta, MD & CEO, BSE Institute Ltd.

Google, HDFC Bank, TCS To Sponsor ‘Next BIG Idea’ Contest

Zone startups, an international startup accelerator and Ontario government’s Next BIG Idea contest has partnered Google, HDFC Bank and TCS for the event this year.

Established in February 2014, Zone startups India is based in Mumbai. It was set up as a joint venture between the Toronto-based Ryerson Futures Inc and BSE institute. They have announced their fourth edition of their annual "Next Big Idea Contest". They have done this in collaboration with Ontario's government. This time, they have managed to rope in big names like Google, HDFC Bank and TCS for the contest.

The director of Zone startups feels Corporate companies have a big role to play in our startup ecosystem. They need to assist these startups in their early stages and help them grow. HDFC bank and TCS both look at this contest as a platform for mutual growth. TCS is interested in the ideas of these young entrepreneurs and wants to engage them through their co-innovation platform. Similarly, HDFC bank is looking forward to reaching out to startups for its SmartUP platform and also this is their way of making their way into the startup community with a small step.

They will select 5 tech startups which show potential and zest and will help them by giving them an opportunity to enter into the North American Market with the help of their technology business incubator DMZ. The competition is going to be held in 11 cities across India to shortlist startups. They have already received more than 700 registrations!

Canadian startup accelerator Ryerson Futures to launch $5M seed fund in India

Ryerson Futures Inc (RFI), a Toronto-based technology startup incubator, is planning to launch a seed fund worth $5 million in India. Through seed fund RFI will seek to invest between $50,000 and $500,000 each in 12-15 startups every year reported VCCircle. RFI will invest in startups with a focus on mobile, web, data, B2B and B2C companies

"The fund is still work in progress. As of now, it is just Ryerson and a high net-worth individual (HNI) from Mumbai in a 50:50 joint venture," said Ajay Ramasubramaniam, director of business development (India) at Ryerson Futures. "We will be in a better position to talk more about the fund in the next couple of months."

Ryerson, in partnership with Bombay Stock Exchange Institute in Mumbai, recently launched a startup accelerator called Zone Startups in India. According to Ramasubramaniam, while the seed fund prefers investing in its own incubatee firms, it will also look at outside opportunities, in the form of syndicate deals.

Ryerson Futures Inc. (RFI) is a for-profit entity wholly owned by Ryerson University. RFI works with early stage companies connected to the Ryerson community through the Digital Media Zone at Ryerson University (DMZ) and other areas across the University. Its mission is to invest in companies using outside investor money and obtain equity in consideration for acceleration and advisory services. RFI has incubated 125+ companies since launch in 2010, raising in excess of $25m in funding in 2013 alone.

The Digital Media Zone at Ryerson University (DMZ) has already helped to incubate successful companies such as 500px, Flybits and HitSend.

ZoneStartups India is a collaboration between The Bombay Stock Exchange Inc.(BSEI), Ryerson University, and Ryerson Futures which helps entrepreneurs expand into both the Indian and Canadian markets, focusing on entrepreneurship development and the growth of their companies.

Started in February this year, Zone Startups in India has already incubated 36 startups across data analytics, e-commerce, education, hardware technology, human computing interface, mobile payments, healthcare and enabling platforms. Its incubatees include AasaanPay, Blynk, Cubicle, DrawTime, LinkMySport and RetailNav.