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Our Programs

Accelerator

The Accelerator, part of fintech policy, has been operationalised to activate the start-up ecosystem. The Maharashtra government is committed to support FinTech start-ups to foster next-generation innovation across the financial services ecosystem

Following is the list of FinTech(s) that are part of Mumbai FinTech Accelerator. The Fintech Meetup was the execution partner for the first cohort of Mumbai FinTech Accelerator. Check this space for further announcements. 

Registry

Mumbai FinTech Registry is targetted to create a community of FinTech companies and enroll them on this common platform. Registry enables services to the global and local FinTechs, initiating support based model, where FinTechs and investors could come together on the common platform and exchange services. This facilitates the creation of a virtual hub among entities.

Startups, Financial Institutions, Corporates that are part of the FinTech ecosystem or that have a strong interest in financial technology can register with Mumbai FinTech Registry.

To register into this Registry, Click Here

Grant

Following is the list of FinTech(s) that are part of Mumbai FinTech Grants. Check this space for further announcements. 
Click here to submit form

Expense Reimbursement

  •  FinTech start-ups are establishments that use technology and innovative business, Models in delivering of financial products and services.
  •  As per the FinTech policy of the state, Hosting infrastructure, Internet and electricity charges of FinTech start-ups in the State will be reimbursed up to an amount of Rs 3 lakh per year. This will be applicable for a maximum of 3 years for each start-up.
  •  Basis the Fintech Policy, the state tax (SGST) reimbursement will be applicable for a maximum period of 3 years subject to the annual cap of Rs 4 lakh.
  •  Basis the Fintech Policy, the co-working space reimbursement will be applicable for a maximum period of 3 years subject to the annual cap of Rs 4 lakh.
  •  The total incentive applicable to any FinTech start-up will have an annual cap of Rs 10 lakh per year per start-up. The item wise upper cap of the three items above (reimbursement of internet and electricity charges, hosting infrastructure and reimbursement of State GST) will be flexible subject to the overall cap of Rs 10 lakh per year per start-up

Minimum requirement criteria for applicant startup:

  - Up to seven years from the date of its incorporation/ registration; however, in the case of Start-ups in the social sector, the period shall be up to ten years from the date of its incorporation/registration.
  - Annual turnover not exceeding Rs 25 crores in any of the preceding financial years
  - Has registered office in Maharashtra
  - Has Department of Industrial Policy & Promotion (DIPP) certificate (know more)
  - Registered into Fintech Registry
  - For eligibility, check the Maharashtra State Startup Policy here

Steps for claiming reimbursement

Click on this Google Form Link and fill the Reimbursement FY 2019-20 Application Form. You need to upload required documents (following) on a shared Google drive which Mumbai Fintech Hub team can access.  You can keep following ready. These are needed while completing application. 
    1: Download Re-imbursement claim Form.
    2: Download summary of the bills file
    3: Download CA Certificate
    4: Create a zip file with following documents
          - CA Certificate
          - Reimbursement Claim form
          - Summary of Bills/ Invoices
          - Copy of Pan Card
          - Copy of cancelled cheque
          - Copy of ROC (Registrars of Companies) Certificate
          - Copy of Department of Industrial Policy & Promotion (DIPP) certificate
          - Copy of Previous Year’s turnover for (FY 2019-2020) Certified from Auditor
          - Copy of GSTIN Certificate
          - Scanned and validated copies of all the bills and GST form 3b
          - Description of your Fintech product(s)/service(s) in PPT or PDF format
   5: Upload this on your Google Drive.
    6: EMail this Google Drive link to "support.fintech@maharashtra.gov.in" with the Subject line: Reimbursement of charges, FY 2019-20, Start-up-Name.
    7: Send the hard-copies by mail at Mumbai Fintech Hub  address while mentioning "Attention: Mumbai Fintech Hub".

Additional Instructions:

1.    In CA Letter at Annexure 1 do the entries with the month's name E.g. (April 2019) instead of the Numbering month E.g. (1 Month) in the Summary Table for the total expenses incurred for internet, electricity, rental/co-working space, cloud hosting charges.
2.    In CA Letter at Annexure 2 do the entries with the month's name E.g. (April 2019) instead of Numbering month E.g. (1 Month)Summary Table for the company's total SGST.
3.    Amounts entered in the CA letter should match with bills/invoices provided by the start-up. 
4.    The supporting documents mentioned below need to be uploaded as per the incentive claimed in the same mail chain. The nomenclature for each file should be as:
5.    “Registry ID-Type of reimbursement (Internet/Electricity/Infrastructure/co-working space) _Month Year”. For example, Internet bills for September 2019 with start-up registry id as 1660: “1660_Internet_September_2019”.
6.    Create a folder with the name of your Company e.g. (MFH Pvt Ltd Reimbursement Documents FY 2019-20) in your Google Drive.
7.    In that folder create subfolders that are Electricity, Internet, Rent/Co-working Space, Cloud Infrastructure, and SGST.
8.    All the documents uploaded should be attested with the company name and signature.
 

Required Data: 

  1. Reimbursement of internet and electricity charges - Payment receipts and bills for each month
  2. Reimbursement of charges for hosting infrastructure on cloud service provider empanelled by DIT
  3. Invoice received from cloud partner (Amazon Web Services, Microsoft, Net Magic, Control-S and ESDS) / receipts of payment made
  4. To validate bank account - Cancelled cheque
  5. Reimbursement for State GST - GST returns (Form 3b)
  6. Reimbursement for co-working space - Payment receipts and bills for each month

For any queries, please reach out to support.fintech@maharashtra.gov.in. Government of Maharashtra/ MahaIT official or an authorized vendor could contact you to provide additional information if need be.

UDAY (FinTech Education Platform)

Fintech educational program (Uday) hosts easy-to-use educational modules covering various sought-after skill-sets such as technical, functional and miscellaneous. We would aim at reaching out to various personas such as students in graduation colleges, high school and rural areas for extracting the maximum from this platform. This would thus gel well with the plan to operationalize the Fintech policy and create a sustainable Fintech ecosystem. To know more, visit here.

Uday Fintech University

1. About the Program

  • FinTech University Pilot, first of its kind, aiming to provide an 8-days FinTech session course, spread across a month, to a selected list of students from partner universities. 
  • Uday FinTech University is 16 hours assisted program by Uday in association with 8 FinTech startups/ partners.  
  • Select students from partnered institutes would get an opportunity to be part of this pilot

2. Capstone Project and certification:

  • Students will be invited to participate in capstone projects with one of the partnered FinTech startups to be eligible for MFH FinTech certification
  • Project opportunity would act as a gateway to career opportunity for select candidates

3. Schedule:

  • 5th Feb’21 – 27th Feb’21 – Sessions by FinTechs across sectors (Friday, 4-6pm and Saturday, 10-12am)
  • Mar’21 (First week) - Students who successfully complete the sessions will be invited to participate in a case study/project presentation opportunity with one of the partnered FinTech startups.
  • Mar’21 (Last week) – Students who successfully attend all the sessions and complete the case study/project presentation will receive MFH FinTech certification.

4. Preparation Material

Wealth Tech

Conducted by: Zerodha (Mr. Karthik Rangappa)
Time: 4pm to 6pm
   Wealth Tech     |     Watch

 

Payments

Conducted by: Signzy (Ms. R. Aurangabadwala) Time: 10am to 12pm
   Digital Payments      

 

Account Aggregator

Conducted by: Sahamati (Mr. BG Mahesh)
Time: 4pm to 6 pm
   Account Aggregator    |     Watch

 

Lending

Conducted by: FlexiLoans (Mr. Abhishek Kothari)
Time: 10am to 12pm
   Digital Lending     |     Watch

 

NeoBanking

Conducted by: Niyo (Mr. Rajdeep Roy)
Time: 4pm to 6pm
   Open Banking     |     Watch

 

InsurTech

Conducted by:Riskovry (Mr Chiranth Patil)
Time: 10am to 12pm
  Watch

 

REGTECH

Conducted by: Signzy (Mr Ankit Ratan)
Time: 4pm to 6pm
   Dissolving Barriers     |     Watch
   Global Regulatory Principals
   Personal Data Protection Bill
   SC Privacy Judgement

Digital Transformation of Accounting and financial management

Conducted by: IDOS (Mr. Srikanth Cheruku)
Time: 10am to 12pm
  Watch

 

FInD (FINTECH INVESTMENTS AND DEALS)

FinTech Investments and Deals (FInD) is a platform to democratize investments, strategic partnerships, and global outreach for the FinTech startups. This program is supported by the industry, ecosystem players and the Mumbai FinTech Hub. It seeks to catalyze funding access and strategic partnerships between FinTechs, investors, and partners in India. The objective of this initiative is to unlock major opportunities for startups by facilitating investment and boosting entrepreneurship across the FinTech ecosystem. 

To learn more about FInD, click here.

India Entry

This is a single digital window comprising leading industry players in ROC/Compliance, Banking, Co Working Spaces, Media, Hiring, Financial Consulting, etc we have partnered with, who would provide you with their customized service offerings at the best available market rates suiting your needs.

 

To learn more about India Entry and Partners, click here.