DLabs, ISB Hyderabad, RBIH and Union Bank Launch 'Build for Billions' Accelerator

By siliconindia  |  Friday, 19 January 2024, 10:55 IST

DLabs, ISB Hyderabad, RBIH and Union Bank Launch 'Build for Billions' Accelerator
DLabs, the business incubator at the Indian School of Business (ISB), has partnered with the Reserve Bank Innovation Hub (RBIH) and Union Bank of India to launch 'Build for Billions,' a 50-day equity-free accelerator focused on enhancing financial inclusion for the informal economy. This accelerator is designed to tackle the challenges encountered by gig workers, migrant workers, domestic workers, street vendors, carpenters, plumbers, electricians, and construction laborers who constitute the backbone of the informal economy. The initiative serves as a platform for innovative fintech startups to create solutions addressing issues like low and unpredictable income, irregular income streams, limited access to credit and savings, and a lack of social security nets.
The all-encompassing support provided by 'Build for Billions' encompasses mentorship, capacity building, resources, networking opportunities, the chance to present to banks and investors, and a distinctive pilot opportunity with Union Bank. Rajesh Bansal, CEO of Reserve Bank Innovation Hub, expressed excitement for the initiative, affirming a commitment to empowering the informal economy for a future where everyone, regardless of occupation, has seamless access to financial services. He noted the Reserve Bank Innovation Hub's enthusiasm in partnering with DLabs and Union Bank for the launch of 'Build for Billions.' Prof Bhagwan Chowdhry, Faculty Director, I-Venture @ ISB, underscored the significance of supporting the financial infrastructure for a skilled labor force, considering it the backbone of building a robust economy.
Shri Nitesh Ranjan, Executive Director, Union Bank of India, emphasized the collaboration's focus on discovering innovative solutions for formalizing the informal workforce. He expressed anticipation for new ideas arising from this partnership. Startups dedicated to improving access, usage, and the quality of financial services for the informal economy are encouraged to apply for the program by January 21, 2024. Subsequent to the application period, evaluations will be conducted, and customized objectives will be established for each selected startup.

CURRENT ISSUE

BEST STARTUPS TO WORK FOR

siliconindia