American-Indian IoT Startup 75F targets 100 Crore In India By 2018-19

Award winning 75F Inc is headquartered in Minneapolis and was launched in 2012 by two entrepreneurs of Indian heritage, Deepinder Singh and Pankaj Chawla (who is an Indian citizen and has been overlooking the R&D centre in Bangalore). The startup builds solutions in heating, ventilation and air conditioning (HVAC) using Internet of Things (IoT) and cloud computing specifically for commercial buildings. They launched operations in India in August 2016, and hopes to hit rupees 100 crores in revenue by end of fiscal year 2018-2019.

We speak to the founders trying to reach this hefty goal to find out more:

Launching your business in India, what’s your biggest learning about your Indian clients?

Large or small, the Indian business consumer is looking for efficiency and comfort, power in the palm of his hand, at a cost that is affordable.

Tell us more about 75F and its business

75F creates solutions that harness the power of IoT and cloud computing to predict building needs and manage them proactively, making buildings more energy-efficient, automated, smart and comfortable.

We compete with the likes of Honeywell & Johnson Controls. Nevertheless, has attained significant traction in the US market.

We have recently launched our award winning ‘dynamic air flow balancing’ technology in India also known as ‘The Internet of Air’.

Leveraging IoT design philosophy and the power of cloud computing, this technology will achieve what was once thought to be only theoretically possible. That is continuous commissioning or perfect air balancing while driving energy efficiency.

Is 75F coming to India as the second market directly after USA? Or is it
present in other countries already? And why India?

Yes, 75F came to India directly after the USA, setting up its first international office in Bengaluru.

India was the choice of expansion because our R&D team is already present in India – they help develop faster-time-to market solutions and the HVAC solutions designed for India can easily be replicated for the Asian region. In addition, India is a promising market with 10-12% CAGR, so India was a natural first market to expand to.

What is the market size for commercial IoT in US vs. India?

In our area of expertise we estimate the market for intelligent commercial buildings in the US to be approximately 5 billion dollars and in India to be approximately 1 billion dollars.

What are the future plans of 75F in India?

We plan to establish ourselves in a few verticals, for example, IT/ITeS, healthcare and hospitality, in about 4 major metros, in the next 2-3 years.

In addition, new building deployments represent an enormous opportunity with Indian economy appearing to be robust for the medium term growth. And much larger than that are the existing buildings, given that our solution is retrofit-friendly.

There are a few new companies in this sector and all of them only mention Honeywell as a competitor. Could you share your honest opinion on who can become the market leader for commercial IoT automation in India?

While there are many players in the building controls sector, there really are none that provide the entire solution – from HVAC airflow management to building automation, sensors and controls, to big data analytics. No other player in the market offers predictive, proactive controls that are truly based on cloud-computing and IoT. Others use legacy on-premise server architecture with the inherent costs, complexity, maintenance issues and limited life.


Indian start-ups must go global: Simon Galpin

At a time when New Delhi is busy in promoting the Make in India programme, Bahrain Economic Development Board managing director Simon Galpin came to the country to woo investors to invest in their country’s manufacturing activities, besides a whole lot of other activities, including infrastructure and start-ups. Galpin tells Indivjal Dhasmana there are complementarities in the Modi government’s flagship programme to boost manufacturing and investing in factory production in Bahrain. Edited excerpts :

Why should Indian companies invest in Bahrain?

The main reason is Bahrain’s geographical location. It’s a great hub for accessing markets across GCC (Gulf Cooperation Council) and across West Asia. Our tax regime makes it a very efficient place to put those activities because we have zero income tax, zero capital gains tax and corporation tax. We have this arrangement where goods can be sold into other GCC members at zero tariffs and we have a free trade agreement with the United States. If an Indian company adds 35 per cent of value to products in Bahrain, it could access all those markets.

Has any Indian company evinced interest to invest in Bahrain and in which sectors?

Yes, there are a number of Indian companies in joint ventures in the manufacturing sector. There are many opportunities, but a few are clear ones. One is downstream aluminium manufacturing. Bahrain has one of the largest aluminium smelters in the world. Even then, we are about to expand it. So, there is this opportunity to use aluminum raw materials to produce a wide array of products, particularly in automotives. The other area is food processing. We have Mondelez, one of the world’s largest food manufacturers, in Bahrain. So, there are opportunities for suppliers, sub-contractors, packaging companies and raw material processing companies on the food side to come to Bahrain.

How does this whole gamut of changes in Bahrain help our Make in India programme?

Make in India programme is about expanding India’s manufacturing capabilities. Of course, for many of the products that could be produced in Bahrain, the starting point of semi-finished products could be in India. We are giving Indian manufacturers access to even bigger markets.

India is buzzing with start-up activity. Do you have opportunity for them in Bahrain as well?

We believe there is tremendous potential to grow Bahrain as a start-up hub. India has tremendous recognition now as one of the major centres for start-up activities in the world. What we are looking to do is to encourage scale-ups. Start-ups that have already cracked the Indian markets need to go global now and consider having a base in Bahrain to expand to rest of GCC and also other markets. What we want to do is to persuade high networth individuals in Bahrain to become angel investors and support and invest in start-up founders.

But, India-Bahrain trade is minuscule. Why is it so?

Well, Bahrain in itself is a relatively small market. But, it’s a great test market because it’s so accessible, it’s so open, it’s a great platform to enter much larger markets.

How does the country take on depressed oil prices over the past few years?

In Bahrain, we are going through restructuring of our economy. Bahrain has a well-developed plan to diversify our economy away from oil and gas into other areas such as manufacturing and financial services.

We also have a very ambitious plan of infrastructure projects amounting to more than $32 billion or in other words annual gross domestic product of the country. These infrastructure projects present tremendous opportunities for Indian sub-contractors and suppliers.

How has slump in oil prices affected Bahrain?

It was an opportunity for us because it means that we can push forward reforms and changes that will make the Bahrain’s economy even more competitive. Bahrain already has the most diversified economy in GCC. That is being accelerated further due to oil prices. There are three big opportunities that Indian companies look at– one as I already told you is infrastructure push, from expansion of airports to modernisation of oil refineries, expansion of aluminum smelter, tourism and development projects. Secondly, we live up to our reputation as business-friendly country. So, we are putting in place a number of changes that will make business environment even more attractive and that is soft infrastructure. Third thing is like putting in place a revised bankruptcy law, new trust laws, limited liability partnership laws. Besides, we are expanding the list of industrial sectors that are open to 100 per cent Indian ownership. So, you don’t need to have JV partners for most businesses.


Shared Workspaces Hit the Indian Startup Scene

Every weekend, the partiers flood into a New Delhi restaurant and dance club called Social, a three-story destination on the edge of Hauz Khas Village, one of the city’s most popular nightlife neighbourhoods.

After nightfall, the bar is busy and the dance floor is full. The lines regularly stretch out into the street. The dancing goes on until 1am.

But just a few hours later, the watering hole will be clean, the tables will be cleared of silverware and plates and the nightclub will have been transformed into a cozy office where no one gets fired for drinking at work.

Everyone shares desks at Social: photographers, designers, journalists, software programmers. They bounce ideas off one another, hire one another and collaborate to expand their businesses. Everyone is either a freelancer or working for a small startup.

As India emerges as one of the biggest markets in the world for tech-based startups, workspaces are transforming from traditional and hierarchical to relaxed and bar-like.

“It’s the millennial personality,” says 29-year-old Dinsa Sachan, a freelance journalist who works out of Social. “People don’t want to bow down to random bosses in their offices. They are seeking more meaningful work. So, I think co-working spaces are like a melting pot for individuals like these.”

The first co-working offices began springing up in India about three years ago. Today, there are at least a dozen in New Delhi – though Social is the only one that also functions as a restaurant – with similar numbers in Mumbai, Bengaluru and Hyderabad, where most Indian startups are based.

With more than 4,200 new technology companies, mostly phone apps or websites, by the end of last year, India now has the third-largest startup industry in the world, behind the United States and United Kingdom, according to The National Association of Software and Services Companies, or Nasscom, an Indian industry research company.

Foreign-based investors are opening their coffers, and now comprise most of the money being pumped into Indian startups, Nasscom says. Funding for Indian startups is growing at more than 125 percent a year, with an additional $700 million (roughly Rs. 4,680 crores) estimated to be invested before February 2017, according to a 2016 report by InnoVen Capital, an Asian venture capital firm.

Riyaaz Amlani, the owner of Social and a powerful force in the changing Indian restaurant scene, said he noticed a demand for cheap office space in prime New Delhi locations and decided on a fluid concept for his restaurants. There are now 14 Social outlets across India, all of them also co-working spaces.

“Increasingly, offices started becoming more like cafes, right? Google, Yahoo, Facebook, Twitter,” the 41-year-old says. “If you get into a traditional office environment, you know, it’s all very cut-and-dried. It’s all very hierarchical. Your importance is measured by the amount of square-foot” your office has.

The co-working spaces are also very young places.Most Indian startups are created by people under age 28 who often cannot afford skyrocketing rents in big-city office districts.

Membership fees at most Indian shared offices are usually less than $100 (roughly Rs. 6,700) per month. They also come with free access to networking events, investors’ conferences and even parties. At Social, members also get lockers, free internet and can redeem their monthly fees for food and drinks.

Rishi Jalan, a 25-year-old who started a sports management company for student athletes two years ago, said the free flow of ideas and inspiration is one of the top reasons people choose to work at a shared office space.

“I know so many of my friends who actually went to a co-working space and found their co-founders,” says the Cornell University graduate. “Everyone, I feel, in these kind of co-working spaces in Delhi, is a guy who’s motivated. Firstly, because you have to do that if you’re an entrepreneur. And secondly, they’re all ready to share their ideas.”

Like Jalan, many young Indians are moving away from traditional low-paying, entry-level jobs and want to do something of their own.

“In my day, we didn’t have this opportunity available to us,” says Amlani, the Social owner. “Our heroes were rebels and rock-and-rollers, and the millennials’ heroes are people like Mark Zuckerberg, and Elon Musk, and people who want to change the world with an app,” he said. “They’re blazing their own trail. And that’s amazing. And we’re just happy to facilitate it in a very small way.”


The endgame for venture investing in India

The future of India’s nascent venture capital scene hinges on the outcomes of the battles between homegrown start-ups like Flipkart and Ola and American rivals Amazon and Uber

Venture capital firms and other investors have poured roughly $6.5 billion into Flipkart, Snapdeal and Ola (and their units), since 2010, betting that they will be able to keep their American rivals Amazon and Uber at bay.

The investors reckoned that the headstart that online retailers Flipkart and Snapdeal and cab aggregator Ola enjoyed, their superior local knowledge, nimbleness, and the passion and ability of their founders would keep them ahead of the American technology giants. Inc. and Uber Technologies Inc. were perceived to be slower in taking decisions and hesitant in giving too much power to the management of their local units. Unlike “pure-tech” businesses like Google Inc. and Facebook Inc., which are dominant in India, any operations-heavy tech business such as e-commerce and cab hailing would favour Indian start-ups over US firms, the investors believed.

But the speed at which Amazon and Uber have expanded over the past 18 months or so has shocked venture capitalists (VCs), putting their investment thesis at grave risk.

The transformation has been so sudden that Snapdeal, whose CEO Kunal Bahl predicted in August 2015 that it would become the largest online marketplace in the country, is now already considered an also-ran in the market share battle.

Consequently, the future of the country’s nascent venture capital scene, in its current form, hinges on the outcomes of the market share battles between Flipkart and Amazon and Ola and Uber, according to VCs and entrepreneurs.

Flipkart and Ola didn’t respond to emails seeking comment.

If Flipkart and Ola list their shares or sell out at attractive prices, it will usher in a golden period for VCs; if, however, either one or both of them fail to generate investment returns, some VCs may have to shut shop and investor sentiment towards Indian start-ups will take a serious hit.

Big names, Big money

The numbers are staggering: Together, Flipkart (valued at $15 billion) and Ola (valued at $5 billion) along with online marketplace Snapdeal (valued at $6.5 billion) accounted for a mammoth 55% of the cash raised by all Indian start-ups in the go-go years of 2014 and 2015. Their combined valuations constitute 65-70% of the valuations of all Indian Internet start-ups, according to Mint research.

These three firms are backed by practically all the best-known venture capital firms operating in India: Accel Partners, Kalaari Capital, Sequoia Capital, Matrix Partners and Nexus Venture Partners.

Apart from traditional VCs, three of the most influential bulge-bracket start-up investors in India, Tiger Global Management, SoftBank Group and DST Global, have poured huge amounts of money into Flipkart, Snapdeal and Ola.

Flipkart, Snapdeal and Ola are at the top of the list of the handful of Indian start-ups that have gone through all the stages of the venture capital investing model: angel investors fund a potentially great but nascent idea, VCs provide early capital to convert the idea into a mid-size start-up, then growth-stage investors pump in large amounts of capital to try and turn the start-up into an established company.

“There’s a lot riding on Flipkart and Ola,” said Sharad Sharma, an angel investor and co-founder of iSPIRT, a software products think tank. “If these two companies can deliver returns above the watermark, then we will have a soft landing for B2C (business to consumer) sector. If, however, in the worst-case scenario, they don’t deliver basic returns, the investor sentiment towards Indian consumer start-ups will turn bad.”

Until the 2015 surge of Amazon and Uber, investors believed all the three firms were on track to listing their shares in the near future and deliver the hard-earned blockbuster returns they craved for.

SoftBank, Kalaari, Nexus and Tiger Global declined to comment. Accel and Sequoia didn’t respond to emails seeking comment.

Lure of big exits

VCs have been investing in India for a decade or so, but they have struggled to deliver good returns to their backers, called limited partners (LPs). Typically, a venture fund is said to have performed well if it returns four or five times the capital invested. For this to happen, the fund needs to make one or two investments that will deliver an exit of 10-50 times the capital invested.

For VCs in India, Flipkart, Snapdeal and Ola are those bets, along with a handful of others such as payments and e-commerce firm Paytm, online marketplace ShopClues and enterprise software provider Freshdesk.

Many VCs including Accel Partners, Kalaari Capital and Nexus Venture Partners have raised new funds over the past 18 months, partly on the back of selling some of their shares in Flipkart and Snapdeal at attractive prices.

In general, most VCs even in the US fail to return the funds invested to their LPs, studies have shown. Since 1997, venture capital firms in the US have returned less cash to LPs than the invested amount, according to a 2012 report by the Ewing Marion Kauffman Foundation, a think tank.  What keeps LPs coming back, however, is the lure of big exits such as those of Facebook, LinkedIn Corp. and Twitter Inc. in recent years and those of Intel Corp., Apple Inc., Microsoft Corp. and hundreds of others in the early years of Silicon Valley.

Indian VCs haven’t seen any such blockbuster exits, which is why Flipkart, Snapdeal and Ola are so important.

And it’s not just that Flipkart, Snapdeal and Ola have raised disproportionately large amounts of cash. Their founder duos—Sachin Bansal and Binny Bansal (Flipkart), Kunal Bahl and Rohit Bansal (Snapdeal) and Bhavish Aggarwal and Ankit Bhati (Ola)—are considered to be the best entrepreneurs in the country and role models for start-up founders.

“The likely scenario is that Flipkart will exit through a big IPO (initial public offering); then, the funding market will go through the roof,” said Abhishek Goyal, co-founder of Tracxn, a start-up tracker. “In the worst-case scenario, if Flipkart’s valuation dips to $5 billion or below, opportunist investors will flee India for the short term and a few venture capital firms may close down. But there’s so much interest in the India growth story that it will continue to be one of the most attractive start-up markets.”

IPO or sale?

The endgame for Flipkart, Ola and Snapdeal is far from clear. Though analysts say Amazon and Uber currently are favourites to emerge winners because of easy access to large amounts of capital, Flipkart and Ola have formidable strengths while Snapdeal has changed its strategy to focus on cutting costs and growing net revenue rather than boosting gross sales through deep discounts and extensive advertising.

“We have a clear strategy to build a long-term oriented, profitable e-commerce business and have been making tremendous progress in that direction over the last year. The decision to go for an IPO rests with the board of the company and they will take it up when appropriate,” a Snapdeal spokesperson said in an email response. “We have witnessed a clear shift in investors focusing on revenue market share and growth vs GMV (gross merchandise value) market share over the last few quarters. Hence, we are witnessing significant inbound interest from investors who believe this is the right strategy for Indian e-commerce going forward. That said, we are currently well-capitalized and have no immediate needs to raise a round.”

Flipkart is still India’s largest e-commerce firm, has a near-monopoly in online fashion (a key category) and a large- enough cash war chest to keep up with Amazon’s spending power, at least over the near term.

Ola is a clear market leader and it has shown it can hold its own against Uber.

Even if Amazon and Uber were to overtake Flipkart and Ola at some point, as long as the Indian firms remain within touching distance of their US rivals, the chances of successful exits are high.

“I am certain that Ola and Flipkart will certainly be among the largest Indian Internet companies a number of years down the road,” said Avnish Bajaj, managing director at Matrix Partners India, one of Ola’s largest investors. “The likes of Bhavish (Aggarwal) and Sachin (Bansal) have the ability, the staying power, personal will and the financial backing to carry their companies to an eventual IPO, and not be forced to sell. They will inspire future Indian entrepreneurs.”

And if there are IPOs, India’s start-ups would’ve achieved their holy grail, he said.

“The biggest challenge will be for the first one to get to an IPO. Once that happens, the floodgates will open for others. But I expect an Indian start-up to do an IPO within two-three years,” added Bajaj.

Others believe some sort of consolidation among Indian e-commerce start-ups is inevitable. China’s Alibaba Group, which is already an investor in Snapdeal and Paytm, is believed to be one of the only suitors which can drive consolidation. In case of such consolidation, it’s difficult to predict what will be the financial outcome for investors.

Copycat investing

This year, investors have already started diversifying away from consumer Internet investments. Apart from taking more time to strike deals, investors have also turned more demanding.

Last year start-ups in hyperlocal groceries, food delivery and hyperlocal services attracted large amounts of capital partly on the basis that they were replicating similar business models from the US or China. That has changed to a large extent so far this year.

In the first half of the year, start-ups in enterprise software, financial and automobile technology, and online pharmacy were popular with investors, according to data from Tracxn.

To be sure, investors and entrepreneurs will always keep an eye on the US and China for start-up ideas. Some of the investments in fintech, for instance, are inspired by start-ups that have come up in the US and China.

But what may change is that start-ups and investors will have to be smarter in adopting these ideas in India and even come up with ones designed specifically for the Indian market.

“Investors will focus more on the uniqueness in operating models and not just on how these models have worked in other markets across the globe,” said Deepak Gaur, managing director at SAIF Partners, a venture capital firm. “We too have started to look for business ideas that are not easily replicable and are trying to solve problems unique only to India. Even entrepreneurs will witness this change and you would see less of business ideas that are me-too of US or Chinese companies.”

In consumer Internet, investors are looking for sustainable business models beyond pure-play marketplaces and niche verticals, said Sanjay Nath, managing director at early-stage fund Blume Ventures. “Redbus and Freecharge have shown India-specific models can create differentiated value vs simply replicating Chinese and Valley unicorn models. The best founders are building a strong technology and operations moat rather than just a capital moat. Another interesting area is enterprise-for-global markets or SaaS (software as a service). Here, start-ups can yield higher margins and gain global customers while leveraging India’s cost advantages,” he said.


Indian start up culture and its problems

I am not a business expert . The views I am presenting in this article are based on my perceptions . Please correct me if I am wrong. Also, this is not a rant. Rather its a call for the talented entrepreneurs of this country to be more fearless.

I personally feel that entrepreneurship is the driving shaft for the wheels of development. During my graduate studies, I took courses in design thinking and basic courses in entrepreneurship. I think entrepreneurs and great companies are a byproduct of providing a solution to a problem. The problems could be huge or could be the smallest ones. The solution , either a product or service should add value and people would be happy to pay for it.

In the recent years India has seen a marked increase in the number of start ups. The country has more than 19,000 technology-enabled startups, led by consumer Internet and financial services startups, the report said. “Indian startups raised $3.5 billion in funding in the first half of 2015, and the number of active investors in India increased from 220 in 2014 to 490 in 2015. As of December 2015, eight Indian startups belonged to the ‘Unicorn’ club (ventures that are valued at $1 billion and upwards).”

A brief look at the companies listed by yourstory [2] reveals that there are more startups in food tech than in the energy industry. Is finding good delicious gourmet food right hour one of the biggest problems of our generation ? A country deprived of the basic necessities is creating entrepreneurs who want to disrupt the way people eat food from restaurants and fine dines. Here is a list of the most innovative companies in India [3]. Compare this to the most innovative companies of the world [4]. Majority of the start ups in India aggregate information and are filled with UI/UX designers who keep improving the user interface till it starts to glitter. I am of the opinion that, all that glitters is not gold.

I was talking to a friend who works for one of the leading PSU’s in India.From technical to managerial, problems are in plenty. The value attached to solving these problems are huge, both economically and socially. But nobody wants to solve these problems. Young engineers, who are recruited in these PSU’s , from the premier engineering colleges of India want to be comfortable with their Government jobs until they crack the famed civil services/CAT or start an e-commerce start up with their buddies.

I will generalize a little and go on to say that majority of the start-up founders are trying to solve problems which interest the venture capitalists. I was talking to a friend who has recently started a company and in his opinion Indian investors are risk averse. The fact that venture capitalists themselves are not ready to take risks is scary to say the least.Creating value or solving problems is seldom on the agenda. There is no denying that they still are trying really hard but unless the youth starts approaching problems, we would never have companies like TESLA originating in our country.

India is plagued by plenty of problems. It has region specific problems as well as problems which are overarching. Water scarcity, lack of uninterrupted water supply, traffic management, better education resources, farm to food supply chain are a few of the notable of them. The sheer size of these problems are huge. All these sectors have a huge amount of inertia involved , but the potential for improvement is huge. It will be difficult to implement but if the entrepreneurs wanted it easy they could have settled with their 9 to 5 jobs. Do we necessarily need to follow the western start ups, replicate and tweak them according to Indian conditions and call ourselves entrepreneurs ?

There are a few startups which are doing a commendable job at solving problems. Companies like husk power systems , farm and farmers, chakra, Infocold , tessol, promethean are a few of them . Please provide links about similar companies in the comment section , which are solving actual problems. I would love to read more about them .But we need many more. I implore rather beg anyone reading this post and dreaming of becoming an entrepreneur to find a problem first. While taking a course in systematic product development, out professor Dr Bruno Gries emphasized that in order to develop a good solution the problem has to be very well defined.

I think all entrepreneurs should follow his advice. There are a plenty of problems , apply your mind, create value ,and you would get the success you want. Money should never be the only objective for forming a company, solving a problem should be.


ICICI Bank to invest in Fintech startups soon

Banking major ICICI Bank will soon invest in fintech startups by picking up equity stakes in them. The bank will also help them enhance their business plans and products.

ICICI Bank will, however, invest in only those startups who will reach the final stages of the Startupbootcamp’s FinTech program that it launched in Mumbai. Startupbootcamp is a global group of industry-focused startup accelerators.

Following the success of programs in London, Singapore and New York, the evolution of the FinTech program to Mumbai ensures coverage of the three main FinTech hubs around the world and now the fastest growing economy.

Startups can apply to be part of this three-month program from September 28, with the accelerator beginning in the early part of 2017.

The program is also focused on InsurTech, which is undergoing a transformation in India on the back of innovation in aggregation and comparison engines.

Abonty Banerjee, Senior General Manager & Head- Digital Channels, ICICI Bank said, “ICICI Bank has always been at the forefront to provide opportunities and avenues to the young Indians. We are delighted to partner with Startupbootcamp and see the fascinating ideas that come from the young Indian’s and play a role in their journey. ICICI Bank is committed to harness latest technology for the benefit of our customers across geographical and economic segments of the country”.

FinTech is a young but rapidly growing sector in the India economy, led by an innovation-driven ecosystem, and a large consumer base.

Alok Vajpeyi has been named as the Chairman of the new program, which is backed by leading names in the global financial technology community such as ICICI Bank, ICICI Lombard, RBL Bank, AZB & Partners and PwC.

Sanjay Sharma, Chief Information Officer, RBL Bank, commented: “Technology usage among emerging economies is becoming increasingly more advanced and widely adapted, with mobile usage a driving force enabling great potential to make a difference to millions of people. There are great FinTech success stories in these developing countries, particularly in the digital banking and payments spaces, but so much more needs to be done. With the help of our partners, we can help hundreds Indian startups, joining them up with the financial services and making a real difference to the people of India.”

“At RBL Bank, we stand at the intersection of entrepreneurs, ideas, technology and banking services. As an institution, we have been an early supporter of the startup-ecosystem and have also been at the forefront of supporting the emerging venture debt market in India, which focuses on new-age businesses and early stage start-ups. We are happy to tie up with the Startupbootcamp Fin Tech accelerator program in India to partner with startups for developing cutting edge technologies that are responsive to the fast-evolving needs of Indian customers”, added Sanjay

AZB & Partners firmly believes in the game changing potential of FinTech, especially in India and would therefore like to assist Indian start-ups to transform into global leaders.

“Our expansion into India builds on the momentum of Startupbootcamp worldwide, which has accelerated over 340 startups in 14 different programs worldwide since 2010. India, as the fastest growing economy has many challenges it needs to overcome if it is to reach its potential, which presents great opportunities to FinTech startups in the country. We are excited to see the talent that emerges from the new program.” said Nektarios Liolios, Co-Founder and CEO, Startupbootcamp FinTech.

PwC has chosen to expand its global relationship with Startupbootcamp FinTech and as global partners, they are working together to develop trend reports looking at developments in the FinTech and InsurTech space, building on Startupbootcamp’s expertise in developing early stage companies.

“Cutting-edge technology is reshaping the financial services industry in India. Technology disruptions and innovations are removing the barriers and issues related to infrastructure and inclusion, and are enabling the financial services industry to serve a previously untapped clientele as well as improve service to present ones. The StartupBootCamp program has been instrumental in giving wings to startups and enabling them to grow in the FinTech space globally”, said Vivek Belgavi, FinTech Leader and Partner, PwC India.