DLabs at the Indian School of Business (ISB) has launched a new startup accelerator program called ‘Build for Billions’, in collaboration with the Reserve Bank Innovation Hub (RBIH) and Union Bank of India (UBI). The program aims to bridge the gap between financial services and the informal economy, which comprises gig workers, migrant workers, domestic workers, street vendors, carpenters, plumbers, electricians, and construction labourers.
The informal economy faces many challenges, such as low and volatile income, irregular income streams, limited access to credit and savings, and a lack of social security nets. ‘Build for Billions’ is designed to support visionary fintech startups that are dedicated to addressing these issues and enhancing the access, usage and quality of financial services for this segment.
The 50-day equity-free accelerator program offers comprehensive support to the selected startups, including mentorship, capacity building, resources, networking opportunities, the chance to pitch to banks and investors, and a unique piloting opportunity with UBI.
The program was launched on January 12, 2024, and applications are open till January 21, 2024. Startups can apply through the DLabs website. After the submission period, applications will be evaluated and tailored goals will be set for each selected startup.
The program is supported by RBIH, which is an initiative of the Reserve Bank of India (RBI) to promote innovation in the financial sector and foster an inclusive and robust financial ecosystem. RBIH CEO Rajesh Bansal said, “Empowering the informal economy is our commitment for a future where everyone, regardless of their occupation, enjoys seamless access to financial services. This initiative holds the promise of bringing forth solutions that contribute to a more inclusive and robust financial ecosystem.”
UBI is also a partner in the program and will provide a platform for the startups to pilot their solutions with its customers. UBI Executive Director Nitesh Ranjan said, “The collaboration of Union Bank with DLabs and RBIH seeks to find innovative solutions for formalising the informal workforce. We are excited and looking forward to new ideas.”
DLabs is the business incubator of ISB that operates under the aegis of I-Venture@ISB. It provides support to entrepreneurs across various stages of their ventures. DLabs Faculty Director Bhagwan Chowdhry said, “A skilled labour force is the backbone of building a robust economy. Building and supporting finance infrastructure that can assist in development of such workforce should be our top priority.”