Mumbai, Aug 24th, 2018: Chennai-based TVS Credit, one of India’s leading NBFCs, and Mumbai-based Meta accelerator Zone Startups India, are joining hands to launch ‘FinDhan’, a year-long multi-format startup engagement program to work with fintech and enterprise tech startups.
Under this program, TVS Credit will be working with startups and look to engage over niche as well as broad areas critical to financial services, such as underwriting, collections, customer/dealer management, people management, new product development, operations, and Robotic process automation (RPA).
The identified startups which fit into the requirements will get a chance to do a milestone-based pilot with TVS Credit, leveraging business unit insights and data. Successful pilots stand a chance to form a commercial partnership with TVS Credit. The pilot opportunity is a major win for selected startups, as it will help them leverage TVS Credit business insights and mentorship from leaders.
Zone Startups, a market leader in designing curated corporate innovation models, will be operating the programme – and engage in a series office hours, demo days, industry nights, innovation challenges and hackathons, with an aim to drive deeper engagement between the fintech and startup ecosystem, and the leadership team of TVS Credit.
“FinDhan is a great opportunity for FinTech,and other emerging technology companies catering to the financial services industry, to engage with a market leader in TVS Credit. We call this a hybrid model accelerator, which offers TVS Credit a series of multi-format engagements with the external innovation ecosystem, built over a year. There has been a lot of thought process put into designing this model, from varied business units within TVS Credit, and to have that kind of buy-in and engagement from the leadership is a great start in itself,” says Ajay Ramasubramaniam, Director (India), Zone Startups.
“We are looking to bring 40-50 startups into the fold of FinDhan over the next 12 months, and see how many of these are able to form mutually beneficial business partnerships with TVS Credit. We believe that the business insights and legacy of a market leader can be leveraged by an agile, emerging tech company looking to offer a great customer experience,” he adds.
With this startup engagement program, TVS Credit is looking to strengthen its business by leveraging the latest technology. It aims to achieve the highest level of customer experience throughout the lifecycle of its customers, leverage customer profiling to address unmet demands, automate manual processes, and develop new products across their business.
“India is one of the world’s largest markets for financial services. It is also the country where the adoption and usage of new technology has cut across all barriers of geography, language and social strata. It is therefore quite clear to us that, to become a leader in financial services, our tech initiatives need to be one step ahead of the pack, always. We couldn’t have imagined a better partner than Zone Startups to help us find the right solutions for our business challenges and implement them smoothly. I look forward to a long relationship, filled with ideas and innovation,” says Venkatraman G, Chief Executive Officer, TVS Credit.
The coming together of two well-known names in their respective verticals will work as a great an opportunity for the startups onboard through the FinDhan programme to gain insights from the senior leadership team at TVS Credit – a market leader in its domain, as well as a chance to engage on pilot opportunities, to explore strategic business opportunities with the Company.
Earlier this year, EarlySalary, India’s largest digital-lending Fintech startup partners with Avanse Financial Services, India’s fastest growing education finance company to introduce a first-of-its-kind digital, school fee financing solution called ‘FeES’ to provide instant education loans ranging from Rs. 50,000 to Rs. 3,00,000 and offers flexible repayment options of 3 and 6 months.
And before that Angel Broking, India’s retail-focused investing powerhouse introduced ANGELBEE with the aim to transform the investments space with not only smart but personalized technology-led financial solutions.
In April, Tala, the leading global technology company committed to financial inclusion, announced to bring its popular consumer lending app to India. The expansion was announced along with a new $50 million Series C investment led by Revolution Growth to scale up the success already in progress.