Indian homegrown global platform, India FinTech Festival (IFF) 2020, has opened applications for its show ‘FInD the next Unicorn’, to give a chance to Indian consumer fintech startups to spot raise pre-Series A funding of up to $1 million.
The main eligibility criteria for the application includes – the startup must be based out of India and looking for less than or equal to $1 million funding. The startup must also have a consumer-facing product and it should not be in the ideation stage, and should have some positive revenue generation.
A five member jury has been setup to shortlist 20 applicants for a closed door semifinal, slated to be held in mid-February in Mumbai. Of the 20 shortlisted startups, 10 will be selected to present their idea at the finale to be held at the India Fintech Festival on March 5.
Suniti Nanda, Fintech Officer, Mumbai Fintech Hub, said,
“India has been home to 25 unicorns, and we believe that the zest from the fintech startup ecosystem will help us discover more startups that can take the number to 100 by 2025.“
„In addition to the spot funding commitment, FInD the Next Unicorn will also give a massive exposure to these startups by bringing them to the centre stage of the fintech ecosystem and help them get noticed by more investors who are willing to support them,“ she added.
During the finale, each of the 10 shortlisted startups will get 10 minutes to present their ideas to the audience and spot pitch to a marquee investor panel of five members, including the likes of Amrish Rau, India CEO of PayU, and Sanjay Mehta, Founder and Partner of 100x.vc.
The panel will also provide on-the-spot funding commitment of up to $1 million to the startup whose idea is found to be the most convincing.
IFF 2020 is being presented by Mumbai Fintech Hub (Government of Maharashtra), Ministry of Electronics and Information Technology (MeitY), National Payments Corporation of India (NPCI) and Fintech Convergence Council (FCC) on March 4 and 5 at MMRDA grounds, Bandra Kurla Complex.
(Edited by Megha Reddy)