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  • maha-logoGovernment Of Maharashtra

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

For any queries, please reach out to support.fintech@maharashtra.gov.in

Steps for claiming reimbursement

In order to be eligible for the reimbursement, please register your start-up with us at https://fintech.maharashtra.gov.in/Home/RegisterStartUp
    Step 1: Download the Re-imbursement claim file
    Step 2: Provide summary of the bills in the excel file
    Step 3: Mail the following to support.fintech@maharashtra.gov.in with the Subject line: Reimbursement of charges, FY 2018-19, Start-up-Name

ZIP the following files:

  •  Summary of bills excel file
  •  Scanned and validated copies of all the bills and GST form 3b
  •  Copy of a cancelled cheque
  •  Copy of pan card
  •  CA letter soft copy and mail us the hard copy

Government of Maharashtra/ MahaIT official or an authorized vendor could contact you to provide additional information if need be.
Additional Instructions:

  •  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:
  •  “Registry ID-Type of reimbursement (Internet/Electricity/Infrastructure/co-working space) _Month Year”. For example, Internet bills for September 2017 with startup registry id as 1600: “1660_Internet_September_2017”
  •  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
Please Note:

  •  Only Fintech start-ups with a registered office in Maharashtra will be eligible for the State

Fintech reimbursement program

  •  “FinTech start-ups are establishments that use technology and innovative business, Models in delivering of financial products and services and having annual turnover up to ₹ 25 Crores”.
  •  Start-ups with turnover less than Rs 25 Cr will be eligible to apply for the reimbursement program
  •  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
  •  All applications should be submitted before the 12th of each month. Applications submitted before the 12th of each month will be processed by the 30th of that month (subject to successful background verification). Applications submitted post the cut-off date will be processed in the following month.

Note: Evaluation of your start up and scrutiny of documents will be done by the end of every month. An email intimation will be sent once your start-up is confirmed to receive these incentives

To Download the format of Expense Reimbursement:
1. CA Letter
2. Summary of Bills
3. Expense Reimbursement Claim Form 

UDAY (The FinTech Education Platform)

The Government of Maharashtra (GoM) FinTech policy aims at fostering the growth and development of the FinTech ecosystem. It is intended to provide FinTech firms a platform to collaborate with various stakeholders in the ecosystem and develop innovative solutions targeting various use cases.

One of the key work-streams of operationalizing the FinTech policy is the talent and education work-stream. A survey was recently conducted to gauge the expectations of FinTechs from such a hub and their recommendations were sought. One of the key suggestions was constructing a strong bridge between the FinTech hub and education. FinTech firms stressed that human capital is one of the key pillars to create innovative solutions and advocated creation of a favorable ecosystem to attract best minds.

Over the last few years, customer expectations from financial service firms have undergone a massive transformation. Firms have been leveraging various new age technologies to meet these expectations. It is necessary for potential job seekers in FinTech to be well-versed with such skills and domain knowledge in order to create a favorable case.

With this thought in mind, we seek to construct a FinTech educational program (FEP), wherein we would host 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. 

For more information, please visit. 

 

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.