Pune: To provide acceleration to semi-urban and rural fintech start-ups, LenDenClub Alpha has commenced its initiative of the ‘Bharat fintech program’ starting in Pune. LenDenClub Alpha, a corporate venture capital (CVC) of LenDenClub, started this remarkable program in Mumbai last month. Currently, the program runs in Gujarat, Maharashtra, Telangana, Karnataka, Tamil Nadu, Kerala and Rajasthan. With a series of events conducted across the country, it now has more than 500 participating start-ups eagerly waiting to be a part of the incubation program.
Various webinars were held to impart knowledge to aspiring start-up founders to bridge the knowledge gap between urban and rural start-up aspirants. The recently held Pune event by LenDenClub Alpha and Startup Réseau had prominent leaders from the FinTech ecosystem, such as Sudin Baraokar, a noted Digital Transformation Advisor; Gireendra Kasmalkar who is the Founder Director of Ideas To Impacts, Prashant Mane who is the Client Services Director at FIS and Sachin Koti who is a veteran in the FinTech industry.
The program strives to uplift the new-age aspiring start-ups mushrooming in the FinTech domain in the hinterlands of India. It will focus on mentoring, guiding and supporting with required investments in these start-ups to accelerate their growth. A corpus fund for investment has also been set up for the same. Among the start-ups that participated, more than 30% were in their Proof of Concept phase, while less than 15% were in their ideation phase.
Rajat Sinha, Principal at LenDenClub Alpha, said, “Pune has witnessed tremendous growth in the number of start-ups in the past few years. With over 6,000 FinTech start-ups in India, valued at roughly $50 billion in 2021, it is expected to grow to $150 billion by 2025. Pune is one of the top 100 global clusters of inventive activity. We are on a mission to identify the most innovative businesses in this city, which centre for research and education.
We plan on aiding aspiring start-ups with the exemplary leadership, capital and direction required to function and support the people of Maharashtra. Our goal is to act as a catalyst and provide the necessary aid to the start-ups that helps them grow and innovate products or services for the benefit of the customer at large. Further, we hope our investment corpus will contribute to nation-building by boosting the fintech start-up ecosystem.”
The program encourages innovation and inclusion in non-metropolitan regions. It will help young companies that need funds, assistance, and direction to create new products and expand to new markets. However, anyone building a startup in Fintech from across the country can apply for the program.
LenDenClub Alpha will also run start-up engagement drives in other states to amplify the program’s reach.