Launches Swanari Techsprint 2023
The initiative Swanari Techsprint aims to support SMEs/MSMEs building gender transformative financial solutions, and making a positive impact on the financial inclusion landscape
IIMA’s CIIE.CO has joined hands with the Reserve Bank Innovation Hub (RBIH) to launch Swanari Techsprint 2023 - an initiative of RBIH - focuses on advancing ‘End to End Digital Straight Through Process (STP) Lending Solutions for Micro to Medium-sized Women-owned Enterprises’, empowering them to access the financial resources they need to flourish. This edition of Swanari Techsprint will aim to address the large credit gap faced by women owned MSMEs.
The Swanari Techsprint 2023 winners will have an opportunity to do a paid Proof of Concept (POC) with one of India’s leading financial institutions HDFC Bank, and pitch for fast track pre-seed investment at CIIE.CO. Selected startups will also gain access to CIIE.CO's extensive mentoring and networking opportunities, providing them with a strong foundation for growth and success.
Commenting on the partnership, Supriya Sharma from CIIE.CO expressed, "Swanari Techsprint 2023 aligns with our focus on financial inclusion, especially women’s financial inclusion. Women entrepreneurs own and lead less than 20% of the MSMEs in India. Among several other factors, access to capital is a huge barrier for women looking to set up and grow their businesses. We are thrilled to collaborate with RBIH to help address this massive need. We are sure that this will go a long way in supporting early stage startups that are committed to making a meaningful difference in the lives of women entrepreneurs."
The Reserve Bank Innovation Hub recognises the significance of ensuring women's financial inclusion as a driving force behind economic growth. RBIH's Swanari Program taps into technology and innovation to enable 'Frictionless Finance for Every Woman in India.' RBIH works closely with the ecosystem through its various programs to help build solutions to specific problem statements. The current edition of TechSprint focuses on narrowing the gender gap by fostering innovative digital STP lending solutions tailored for women entrepreneurs. By extending chosen startups the opportunity to tap into its extensive resources and networks, RBIH aspires to drive impactful change in the financial ecosystem.
Applications for Swanari Techsprint 2023 are now open, and interested startups are invited to apply by 11th September 2023. More about this initiative here.
Built at IIM Ahmedabad, CIIE.CO is the country’s leading entrepreneurship centre and early stage technology investing platform. CIIE.CO backs fearless entrepreneurs building disruptive solutions and stands with the startups at their risky early stages, when they need most support while there is hardly any available. Through the continuum of incubation, acceleration, capital and insights – CIIE.CO offers everything it takes for these driven entrepreneurs to make a superlative impact. CIIE.CO is a Centre of Excellence backed by the Government of India’s DST. Over the last 20 years, CIIE.CO has made equity investments in more than 350 startups, accelerated over 1500 and mentored over 5000 startups over the last 20 years.
The Reserve Bank Innovation Hub (RBIH) – a wholly-owned subsidiary of the Reserve Bank of India (RBI) – is an organisation that enables frictionless finance to a billion Indians. RBIH functions as a focal platform, bringing together members of financial, technological and academic institutions, to promote and accelerate innovation across the financial sector. With a robust ecosystem that enables the exchange of ideas, research and development of prototypes, RBIH aims to not only strengthen the Indian financial system but also keep India at the forefront of global financial innovation.
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