HDFC, IvyCamp Seek Applications From Tech Startups For Finnovation Phase II Innovative startups working in metaverse applicability and fraud detection have been invited to submit applications until 30th November 2022

By Soumya Duggal

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Housing Development Finance Corporation (HDFC) and IvyCamp, an initiative of IvyCap Ventures Advisors, have together launched the second phase Finnovation, a corporate engagement program to identify innovative tech startups with relevant and scalable solutions. The call for applications will be open until 30th November 2022.

The selected startups will get an opportunity to work with the HDFC team and scale their solutions across key areas, such as AI/ML for fraud detection and metaverse applications. The program is aimed at early-stage startups in the insurance and fin-tech space. Applying companies must be established, with founders working full-time there.

The shortlisted startups will pitch to the senior management at HDFC for an opportunity for proof of concept, strategic alliance and/ or an investment opportunity.

Selected startups from the first phase of Finnovation include PRN Fincon, which offers innovative risk solutions through a mix of sophisticated products and bespoke services, and RecoSense, which offers AI-powered data intelligence solutions.

"Integrating leading edge technologies in our offerings has always been our foremost priority. The pandemic brought about a permanent shift in consumer behaviour that pushed organizations across sectors to keep technology at the centre of all their offerings. Finnovation has been instrumental in bringing future-ready solutions to our lending ecosystem that has helped us maximise efficiency, enhance customer experiences and reduce costs," said Renu Sud Karnad, managing director, HDFC.

IvyCamp leverages its global alumni network to power India's startup ecosystem. The Engagement Platform has more than 6000 startups, 500 mentors, and 30 accelerators, with whom they engage to support the unique needs of entrepreneurs, and encourage the flow of innovative ideas that bring about real and lasting impact.

"We have been working closely with the HDFC Group companies since last year on Finnovation to facilitate meaningful startup-corporate engagements. During the first phase of the program, 20 startups were shortlisted to present their solutions to HDFC management. After several rounds of discussion three startups got the go-ahead to do the proof of concept. This program is a great opportunity for founders to pitch the solutions to engage with organizations and validate and scale their solutions," said Anju Gupta, co-founder and president, IvyCamp.

The mentors at Finnovation include Vikram Gupta, founder and managing partner, IvyCap Ventures; Ravi Dhariwal, former CEO, Times of India; Deep Kalra, founder and CEO, MakeMyTrip; and several others.

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