DLabs, ISB Hyderabad Launch ‘Build for Billions’ Accelerator in Collaboration with RBIH and Union Bank

• ByStartupStory     |    January 18, 2024

DLabs, the business incubator at the Indian School of Business (ISB), has joined forces with the Reserve Bank Innovation Hub (RBIH) and Union Bank of India to introduce ‘Build for Billions,’ a 50-day equity-free accelerator focusing on financial inclusion for the informal economy.

This accelerator aims to address challenges faced by gig workers, migrant workers, domestic workers, street vendors, carpenters, plumbers, electricians, and construction laborers who form the backbone of the informal economy. The initiative provides a platform for visionary fintech startups to develop solutions for low and volatile income, irregular income streams, limited access to credit and savings, and a lack of social security nets.

The comprehensive support offered by ‘Build for Billions’ includes mentorship, capacity building, resources, networking opportunities, the chance to pitch to banks and investors, and a unique piloting opportunity with Union Bank.

Rajesh Bansal, CEO of Reserve Bank Innovation Hub, expressed enthusiasm for the initiative, stating, “Empowering the informal economy is our commitment for a future where everyone, regardless of their occupation, enjoys seamless access to financial services. The Reserve Bank Innovation Hub is excited to partner with DLabs and Union Bank for the launch of ‘Build for Billions.'”

Prof Bhagwan Chowdhry, Faculty Director, I-Venture @ ISB, emphasized the importance of supporting the finance infrastructure for a skilled labor force, calling it the backbone of building a robust economy.

Shri Nitesh Ranjan, Executive Director, Union Bank of India, highlighted the collaboration’s focus on finding innovative solutions for formalizing the informal workforce. He expressed excitement and anticipation for new ideas that will emerge from this partnership.

Startups dedicated to enhancing access, usage, and the quality of financial services for the informal economy are encouraged to apply for the program by January 21, 2024. Following the submission period, applications will be evaluated, and tailored goals will be set for each selected startup.

For more details and to apply, please visit: Build for Billions Accelerator

Contact Information: [email protected] / [email protected]

The Reserve Bank Innovation Hub (RBIH), a wholly owned subsidiary of the Reserve Bank of India, focuses on promoting and facilitating an environment that accelerates innovation across the financial sector, while DLabs specializes in incubation, acceleration, and funding for startups at the Indian School of Business (ISB), Hyderabad.

Follow Startup Story