30, Jan 2024
Visa Accelerator Program 2024 now open for Applications from Indian Fintechs
Bengaluru, January 30, 2024: Visa (NYSE: V), the global leader in digital payments, today announced the launch of the fourth edition of Visa Accelerator Program with an open call for applications. The initiative aims to enable startups in India to unlock growth potential by collaborating with Visa’s payments experts. The 2024 edition focuses on new opportunity areas – Artificial Intelligence (AI), Global Money Movement, and Loyalty of the Future, with an emphasis on areas like Digital Acceptance for Micro, Small, and Medium Businesses (MSMBs) and Embedded Finance.
Speaking on the launch of the program, Sandeep Ghosh, Group Country Manager, Visa India and South Asia, said, “We are delighted to invite up-and-coming payment innovations of the country to the Visa Accelerator Program and power their solutions with Visa. The Program offers startups a unique opportunity to work with our subject matter experts to enhance and test their solutions with real-world opportunities, building a runway for growth. We aim to drive the next wave of momentum for global payments by enabling seamless, safe money movement through positive payment experiences.”
Tailored for companies in the pivotal expansion stage, the program will emphasise on development of proof of concept, product solutions and fast-tracked commercialisation, arming startups with potential collaboration and accelerated growth. A select group of startups from across the Asia-Pacific region will, through the program, address evolving challenges of the payment ecosystem. They will also co-develop, test, and iterate new solutions and leverage Visa’s extensive network of financial institutions, merchants, and digital partners to pursue tangible go-to-market opportunities.
Launched in 2020, the Visa Accelerator Program has consistently supported advanced-stage startups with experienced mentors, cutting-edge technology, and opened doors to investment opportunities. In 2023, of the seven startups selected, two were India-based companies – Transpure and Twid.
Applications for this edition of the Program opened on January 8, 2024, and will close on March 8, 2024. The selected startups will engage in the program from May to November 2024, culminating with a Demo Day later.
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- By Rabindra
30, Nov 2023
Godrej Capital Nirmaan enhances its offering; partners with DBS Bank India, Visa, and Amazon to aid MSME growth
Mumbai: Over the last decade, significant strides have been made in reducing the credit gap for small businesses in India. However, securing credit is only one of the many challenges faced. It’s a long list, but growing sales amidst intense competition, efficient cash flow management, scarcity of skilled manpower, the uphill task of an ever-changing technology landscape, and grappling with legal and compliance norms due to limited resources and know-how are right up there along with timely credit at good terms.
Amidst this backdrop, the Godrej Group, with a rich history of over 125 years in Indian business, stands poised to tackle these challenges. Rooted in the ethos of ‘nation-building’ and fortified by the trust of Indian consumers in the brand Godrej, Godrej Capital is betting bigger on its Nirmaan platform by significantly expanding its collaborative network. Partnerships with industry stalwarts such as DBS Bank India, Visa, Amazon, and others underscore Godrej Capital’s commitment to providing growth opportunities for MSME owners. These collaborations are designed to empower MSMEs, offering a diverse array of value-added services and comprehensive support throughout their business journey. In a testament to its commitment, Nirmaan has expanded its collaborative model to include 13+ partners, aligning with a vision to actively contribute to the growth of MSMEs in the dynamic landscape of the Indian financial services sector.
The platform aims to foster growth revolving around three critical areas for MSMEs:
· Expansion of customer base
· Streamlining of operations
· Enhancement of employee productivity
Speaking about the partnership, Manish Shah, MD & CEO at Godrej Capital, said, “We are delighted to expand our partner ecosystem, reinforcing our commitment to help MSMEs grow, through Nirmaan. We aim to be catalysts and help MSMEs beyond lending by being a part of their business growth journey. Aligned with the Godrej Group’s nation-building ethos, we see ourselves as enablers and we firmly believe that, with the collective commitment and services provided by our partners, we can make a difference and contribute towards making India a 5 trillion-dollar economy.”
This partnership will enable DBS Bank India to offer MSMEs access to a comprehensive suite of value-added services, featuring a customized current account. Businesses registered with Nirmaan can enjoy exclusive benefits that go beyond the regular suite of offerings such as – a 1-year waiver on Minimum Average Quarterly Balance non-maintenance fees, seamless integration with Tally ERP for connected banking, highly competitive trade and FX pricing, the convenience of a Business Debit Card powered by Visa, and exclusive partner offers, providing holistic financial support for MSMEs.
Commenting on the partnership, Rajat Verma, MD and Head of Institutional Banking Group, DBS Bank India, said, “Leveraging our local market insights and deep understanding of business realities, DBS Bank India has created an innovative offering with Godrej Capital Nirmaan. We have designed an exclusive set of benefits for MSMEs on Nirmaan that will help free up cash flows through special fee waivers on the current account variant, along with a host of partner offers to enhance business agility. The partnership underlines our commitment to empowering MSMEs across India to unlock their growth aspirations.”
Visa, a global leader in digital payments, will provide comprehensive payment solutions for MSMEs through the Nirmaan platform. Its extensive network and global acceptance will also support DBS Bank India’s specially curated offerings for Nirmaan users.
Sujai Raina, Vice President and Head – Business Development, India, Visa said, “We are delighted to collaborate with Godrej Capital Nirmaan and DBS Bank India to offer comprehensive payment services to small businesses in India. MSMEs are vital to the socio-economic and inclusive growth of the country, and Visa helps them unlock opportunities and value with its solutions. We are facilitating the DBS Current Account with a Business Debit Card offering specially curated for Nirmaan users, that allows MSMEs to make payments seamlessly, thus enabling them to drive business priorities and growth imperatives”.
Amazon’s partnership with Nirmaan will help MSMEs showcase and sell their products to customers across India by listing them on Amazon.in. It will additionally help open the door to global markets, with a three-month subscription to Amazon’s e-commerce exports program called Amazon Global Selling. Nirmaan users will also be able to get free-of-cost access to website creation and omni-channel inventory management solutions from Smart Commerce by Amazon until March 2024.
Speaking on the partnership, Gaurav Bhatnagar, Head of seller Acquisition at Amazon India said, “Amazon is deeply committed to forging partnerships with MSMEs to address the ever-evolving customer landscape, with a focus on our three fundamental pillars: selection, value, and convenience. Through our collaboration with Godrej Capital Nirmaan, we aim to bring the benefits of digitization and e-commerce closer to MSMEs. They will be able to leverage Amazon to showcase and sell their products to customers across India and capitalize on export opportunities. They will also be able to digitize their day-to-day operations through omni-channel inventory management solutions. We believe that such collaborations will help MSMEs serve their customers with unparalleled dedication and grow their business excellence.”
In addition to the existing partners Onsurity, Zolvit, and MSMEx, the new partners – GeM Tech Paras, Escrowpay, GreytHR, and Serapis Knowledge Solutions – will provide MSMEs with access to a wider range of solutions to help them grow their businesses.
Focusing on overall value creation through ecosystem development and partnerships, Godrej Capital Nirmaan aims to contribute towards the entrepreneurial and socio-economic development of the MSME sector in India, ultimately contributing to the growth of the economy and nation-building. The platform goes beyond lending offerings and provides value-added services encompassing business growth opportunities, ease of business, and knowledge and network avenues.
