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All set for Vizag fintech festival

Ch RS Sarma Visakhapatnam | Updated on October 15, 2018 Published on October 15, 2018

Vizag fintech (financial tech) festival will be conducted here from October 22 to 26, in which 40 start-ups representing 12 countries will pitch their innovative ideas at the $1-million Startup Challenge grand finale.

The start-ups will be given funding and support to set up ventures in Visakhapatnam and other parts of the State in emerging technologies.

Challenge partners

The fintech festival is being organised by the AP government in association with challenge partners DCF Ventures and BizofIT. The startups for the finale were selected after a rigorous process during roadshows held abroad and in Bengaluru in financial tech (fintech), agriculture technology (agritech) and emergency technology (emerge tech) for the finale.

Two dozen start-ups have already won $10,000, two tied with the award of $5,000 each. Due to the superior quality of the start-ups and the overwhelming response, an additional list of 14 consolation prizes were awarded to 14 start-ups, who will be pitching at the final. All the 40 start-ups will showcase their innovative ideas at the Vizag Fintech Festival to over 1,500 global delegates comprising venture capitalists and angel investors.

A total of 14 start-ups were selected from the fintech category, whereas 15 and 11 start-ups respectively were selected from emergetech and agritech categories.

The start-ups were chosen after roadshows in San Francisco, Chicago, New York, Tel Aviv, London, Paris, Hong Kong and Bengaluru. An equity-free funding of first prize of $150,000 (₹1 crore) and second prize of $100,000 (₹70 lakh) will be awarded to the winners.

Working capital

Finalists in each category will get ₹7 lakh each towards working capital to set up their business in Vizag. $1 M Startup Challenge winners will be announced by e-mail and on the vizagfintechfestival.comsite on October 25. The awards ceremony will be held at the Vizag fintech festival on the same day.

Published on October 15, 2018
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