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India’s Afthonia Lab builds up corpus for FinTech startups

Afthonia LabIndian FinTech incubator Afthonia Lab has built a corpus of up to 50 million rupees ($704,350), pulled together from key players in the investor community, it said in a statement on Thursday.

The incubator has been providing access to global mentors and key industry veterans for its incubated startups since its launch in May 2019, to help innovative fintech startups build strong and sustainable businesses. The lab has now partnered with key players in the investor community to provide access to funds by building a corpus with investors who will evaluate Afthonia incubated businesses.

This move is in line with the overall objective of creating a seamless ecosystem and encouraging growth for fintech player’s intent on driving innovation in the financial industry, it said. The panel includes Gilda VC, Itigo and Shridham and other angel investors.

The funding will be used to help these early-stage fintech startups build solid businesses, solve operational and team-related challenges and also find the right product-market fit as they test out efficacy across different use cases in the financial industry and also across geographies. The investor panel will additionally work in tandem with Afthonia to help these businesses reach markets and gain a foothold in the competitive and dynamic fintech industry.

“…The fintech industry is essential to driving growth as we enter a post-digital era of business. Financial transactions are industry agnostic and the very foundation of any business. We want to empower players who are bringing disruption and efficiency to how businesses and people transact in the financial realm, as we see immense latent opportunity in this space. We want to provide the right access to our incubatees as well as our investors and play a catalytical role in shaping the fintech businesses of the future. Our aim is to create solid businesses that can draw on the global network horizons that we have,” said Tanul Mishra, CEO of Afthonia Lab.

The incubator follows a strict selection criterion for the startups it intakes. Once onboard, startups get support in the form of solutions like mentorship, operational intervention, funding access and physical location to help their incubated focus on their core competence and create a sound and solid business.

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