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Aiming to create an effective ecosystem for start-ups in the rapidly growing fintech sector, Kerala’s first fintech accelerator cohort, OpenUp, was launched on Thursday at the Fintech Summit 2022, organised by the Kerala Start-up Mission.
‘OpenUp’ is set up by fintech firm Open Financial Technologies, which is the State’s first unicorn, in association with KSUM. Open, which also enjoys the distinction of being India’s 100th unicorn, has earmarked ₹100 crore for the programme, having plans to include around 500 start-ups in the accelerator in five years.
Preman Dinaraj, Chairman, Kerala State Electricity Regulatory Commission, inaugurated the summit and also launched ‘Open Up’. Mohammed Y Safirulla, Officer on Special Duty-Finance (Resources) Department, Kerala presided over the function.
Knowledge-based economy
Through the accelerator, start-ups with unique ideas will be provided financial aid, mentoring, working space and marketing assistance. Open has included start-ups Traice Inc, Farmers Fresh Zone, Pillsbee, Taxscan, Finline and Magickels in the first round of the accelerator programme. Start-ups will be provided up to ₹20 lakh each by this six-month programme.
Noting that academic qualification is only a passport, Dinaraj said entrepreneurship, innovation, intelligence and daring are what really help youngsters set up a promising venture. Safirulla said the government is taking measures to transform the State into a knowledge-based economy. He added that the summit is part of the efforts of the government to bring in more variety and attraction to startup sector.
John M Thomas, CEO, KSUM, and Kerala IT Parks, said the global fintech market size in 2010-20 stood at around $110 billion and is projected to go up to around $700 billion by 2030. “If those projections prove right, it would be raining unicorns in our country in the fintech sector. In 2021, globally the net funding, including mergers, private equity and venture capital avenue stood at $210 billion across 5,500-6,000 deals. This was significantly up from the figures registered in the previous year,” Thomas said.
‘Shining star’
Saying that India has actually been a shining star on the global map of fintech, he said four out of the top 10 fintech deals in the Asia-Pacific region last year originated from India. At present, India has more than 6,000 fintech start-ups and Kerala has its own fair share, he added.
Around 20 fintech start-ups displayed their products at the expo held on the sidelines of the one-day summit, which featured experts-led panel discussions on various subjects and startup pitching, besides the Hitachi National Innovation Challenge.
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