Fundraise, global client deals, cash flow positivity, steady innovation emerges at Afthonia Lab with the first batch of startups
Afthonia Lab leads the charge for fintech startups with a proven incubation strategy to ensure businesses hit the ground running and achieve operational success swiftly
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Afthonia Lab, India’s foremost fintech incubator, shared the news of the success met by its first batch of start-ups as they become business ready within a year of inception. With 4 companies from their first batch thriving despite the worldwide chaos, Afthonia Lab firmly establishes itself as a significant enabler. With Afthonia Lab backed exposure and collaboration, each of the companies onboarded have shown clear business wins.
The total capital raised by these fintech startups stands at $150,000 (fund raise + bridge capital amount) through a diverse clutch of angel investors based in India and overseas, even as the pandemic continues to create adverse impact on businesses the world over. The fintech start-ups have been able to achieve a diverse set of milestones in addition to the fund raise. Afthonia Lab provides a result driven incubation model that attracts and launches high-quality Fintech start-ups, focusing on improving early operational readiness, financial needs and client acquisition to ensure sound product market fit. Afthonia’s excellent results vindicate that innovation and collaboration go hand in hand. Here’s the first batch of fintech startups Afthonia has shepherded to business readiness:
- Niivo: An end-to-end fully integrated platform for financial intermediaries has raised an undisclosed amount of pre-seed round through Indian and overseas angel. The funds will be used to expand core operations and expedite product development. The startup already has 21 intermediaries serving 2478 retail clients with a combined AUM of Rs 36.5cr, all within the first month of launch.
- Ginger Root Code Factory (GRCF) received its first round of seed investment earlier this year. The undisclosed amount was raised from a group of investors that was curated by Afthonia Lab. Committed to creating exceptional offerings in the Payments processing and Remittance Processing fields using modern day digital tools, Ginger Root aims to effectively counter problems of distance and time for transactions. Keeping the core philosophy in mind, Ginger Root has inked 2 deals in the global markets - a. focusing on processing payments for a marketplace and b. in the BFSI space where they will be facilitating payments
- Tarrakki: A wealth management app that provides wealth creation opportunities to anyone through its strategic investment strategies across different asset classes. Tarrakki has recently raised an undisclosed amount in a pre-seed round with the help of global mentors empaneled with Afthonia Lab. The capital raised will go towards enhancing the core operations and ensuring rapid customer acquisition
- BlockSurvey: Even as the world reels from the effects of Covid - 19, the team at BlockSurvey has proven its mettle by not only winning back to back client deals in the US market but also turning cash flow positive during this crucial time. A privacy driven data collection platform that uses tools such as surveys, polls, and forms, the startup helps both large and small organisations gather insights to attain authentic results through its blockchain technology. BlockSurvey has around 500 customers (including 4 Enterprises) using the platform and a healthy pipeline of businesses that the startup is getting ready to onboard in the coming months
Tanul Mishra, CEO, Afthonia Lab said,” We are proud of all the hard work and determination our first batch of startups have shown even as the chips are down world over. We encourage fintech startups in our fold to build sound economic metrics that ensure longevity of business and not fall into the trap of valuation driven growth strategies. This was an exciting collaboration that brings to the fore the import of the right mix of mentorship from industry experts, access to the global markets and providing the startups with the right tools at nascent stages of business inception. Afthonia Lab works with early stage fintech startups and seasoned industry leaders to bring them closer to the market, providing them with value-based insights and business-driven solutions. “
She adds, “Working within the broad spectrum of the fintech industry, the incubator bridges the gap between innovation and market fit. It encourages its seed stage startups to achieve noteworthy scale at different stages of the business’ life cycle by enabling them to flourish and build solid resilient business models that can withstand the test of time.”
FinTech is amongst the sunrise sectors at present in terms of both business growth and employment generation. According to recent reports, India and China were the global leaders in consumer fintech adoption with an 87 percent adoption rate, compared to the global average of around 64 percent in 2019. Talking about the current market scenario, Covid-19 pandemic has given a great push to fintech companies to come up with hassle free and innovative solutions to resolve the bottlenecks in the current system. Fintech services are now tasked with transforming the financial landscape to make it safer, contact-less alongside the established goals of making it more efficient, accessible, and affordable.
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