Beware the quantum computers
Today’s encryption technology will be putty in the hands of those running the post-quantum world. How equipped ...
The Indian equivalent of popular personal financial services platforms in the US such as Mint and Wealthfront could now possibly come out of Rainmatter, an incubator being set up in Bengaluru by Nithin Kamath founder of Zerodha, the biggest discount brokerage firm in the country.
Rainmatter is a first of its kind incubator that will exclusively focus on start-ups that will develop technology products for the financial services sector.
“Apart from funding and offering well-equipped workspaces at a large facility in Bengaluru, Rainmatter will also provide mentoring and other support services such as administrative, legal and compliance for entrepreneurs to set up their start-ups,” Kamath said.
The start-ups will have access to the market data at Zerodha.
Biggest challenge
“The biggest challenge faced by financial technology start-ups, especially the ones focusing on markets, is getting access to the expensive and heavily regulated market access and data. At Rainmatter, we will help the entrepreneurs with a wealth archived market and financial data ready for crunching and analysis, real-time data from all exchanges, real-time order execution capabilities, behavioural data for research and analysis among others,” Kamath said.
Select start-ups can get seed funding of up to $1 lakh or investments up to $5 lakh. Kamath has personally earmarked about ₹35 crore to invest in select ideas and start-ups and have lined up several venture capitalists, in case there is more funding required. “We have already started getting enquiries,” Kamath said adding that Rainmatter should be up and running by end-May.
Zerodha’s recent experience of partnering with a start-up TradeLab Software Pvt Ltd, triggered the idea of launching an incubator exclusively for developing financial technology products. Zerodha is helping TradeLab, started by two alumni of IIT Kharagpur, with go to market strategy for their product Pi, an integrated trading and superior charting platform.
Filling the vacuum
Technology is a big differentiator in the way financial services are offered. “There was a lacuna of technology development in the financial space as people have not focused on this area. We see an opportunity here,” Kamath said.
Also, the start-ups will get access to the 50,000 strong retail financial users, the customer base of Zerodha for piloting their products. “Besides sharing our infrastructure and data, we will help them validate their products,” Kamath added.
Sharad Sharma of iSpirit said the market for developing financial products specific to India is an opportunity that has not been explored till date. Lot of products have been designed keeping developed markets in mind.
Today’s encryption technology will be putty in the hands of those running the post-quantum world. How equipped ...
Rocketship’s Anand Rajaraman on getting pitches from places like Rameswaram and Patna
Bengaluru-based Archeron group plans to open five banks that are run entirely by AI and quantum technologies
Ably skippered by N Srinivasan, India Cements is upping its post-Covid-19 game by expanding capacity
Three-in-one: Passive debt funds come at a low cost and have high-quality portfolios. Some offer return ...
Trend in the rupee movement and Q4 earnings can give direction to the market
There is room for improvement in fund transfer options
Silver looks positive but lacks the higher volumes required to substantiate bullishness
Murder is a theme that is unlikely to darken and yellow with time, the writer Truman Capote had once said.
In her novel based on the life of Rani Jindan Kaur, author Chitra Banerjee Divakaruni crafts a hero for the ...
A domineering father, three resentful sons and a vile plan — director Dileesh Pothan, screenwriter Syam ...
Actor Adil Hussain on theatre, communal amity and citizenship in a new book about Assam and its many ...
Marketers are padded up, sponsorship deals have been struck, and campaigns are rolling out. Now let the games ...
And what marketers can possibly do to bring it back in our lives
The agency has changed form over the years but its lustre has not dimmed
Media Factory has purchased the majority stake held by Sam and Lara Balsara of Madison World in Madison Media ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor