Business incubator DLabs at Indian School of Business (ISB) has launched Build for Billions, a startup accelerator programme for fintech startups focussed on solutions to address challenges faced by gig workers, migrant workers, domestic workers, street vendors and others in the informal sector.
Themed around financial inclusion for the informal economy, the programme has been launched in partnership with the Reserve Bank Innovation Hub (RBIH) and the Union Bank of India. The 50-day, equity-free accelerator will provide comprehensive support, including mentorship; capacity building; resources; networking opportunities; the chance to pitch to banks and investors; and a unique piloting opportunity with the Union Bank of India, the ISB said on Friday.
Low and volatile income; irregular income streams; limited access to credit and savings; and a lack of social security nets are some of the challenges such workforce face. “A skilled labour force is the backbone of building a robust economy. Building and supporting finance infrastructure that can assist in the development of such a workforce should be our top priority,” said Bhagwan Chowdhry, Faculty Director, I-Venture@ISB, under the aegis of which DLabs operates.
Startups working towards enhancing access, usage and quality of financial services, including payments, credit and savings, for the informal economy are encouraged to apply by January 21, ISB said in a release.
