Digital payments aggregator PayU, in partnership with Amazon Web Services (AWS), has launched the second cohort of fintech accelerator program inFINity 2.0 to help early-stage Indian startups.
InFINity 2.0 is a 12-week hybrid accelerator program, targeting startups looking to raise less than $10 million between seed and Series A stages.
The accelerator program comes a year after the initial version of inFINity launched in July 2023, partnering with AWS and Chiratae Ventures with a cohort of 30 startups.
Digital payments aggregator PayU, in partnership with Amazon Web Services (AWS), has launched the second cohort of its fintech-focused accelerator program, inFINity 2.0, for early-stage Indian startups.
The program will target startups looking to raise less than $10 million between seed and Series A stages.
Applications for this program will be open from December 12 and closed on February 15, 2025, PayU said in a statement.
InFINity 2.0 is a 12-week hybrid acceleration program, starting in March 2025. It involves a 3-day in-person boot camp in Bangalore, followed by virtual office hours.
PayU further said it has committed up to $5 million in investments for each company that qualifies its investment criteria.
InFINity 2.0 comes with a host of benefits, including a tailor-made masterclass led by experts from the finance, banking and fintech industries, with access to extensive merchant, bank and consumer networks from PayU, as well as potential investment leads from Prosus and other investors.
PayU, founded by Nitin Gupta, Shailaz Nag Jose Velez, Martin Schrimpff, Arjan Bakker and Grzegorz Brochocki in 2002, is part of Prosus’ Nasper Group. Its Indian subsidiary, PayU India, was launched in 2011, with Nitin Gupta and Shailaz Nag as co-founders.
Besides India, it provides payment and financial services in Latin America, Southeast Asia, Central and Eastern Europe and Africa.
“By leveraging PayU’s operational expertise, Prosus’ extensive investment expertise and AWS’s cutting-edge cloud solutions, we aim to enable fintech entrepreneurs in the country to accelerate their businesses and develop innovative solutions that meet the dynamic financial needs of Indians,” said Anirban Mukherjee, Managing Director. at PayU.
Additionally, the selected cohort will receive AWS Activate credits and $100,000 in PayU Startup Program credits and discounts to support their growth, the payments company said in a statement.
The acceleration program comes one year after the initial release inFINity was launched in July 2023, in partnership with AWS and Chiratae Ventures with a cohort of 30 startups, resulting in a $5 million seed investment in cross-border payments platform BRISKPE.
Mukherjee said, “InFINity 2.0 reflects our commitment to fostering innovation and nurturing the fintech ecosystem for early-stage startups in India. Having backed impactful fintech startups like Fisdom, IndiaGold and Vayana, we continue to double down on the Indian fintech ecosystem.
Financially, Prosus PayU India revenue soared 12% to $237 million in the first half of the financial year ending March 2025 (H1 FY25). PayU also claims to have onboarded over 4,000 merchants during this period.
During the same period, the company’s total payments value (TPV) increased by 25%, according to Prosus’ H1FY25 report.
PayU’s announcement of the program comes at a time when there is a clear increase in competition in the financial technology sector. Investors are gaining confidence through the potential of their technological advancements, entering new regions and expanding their service offerings.
Earlier today, a Mumbai-based fintech startup Snapmint raised $18 million in its pre-Series B funding round in a mix of debt and equity to improve its technology, launch new BNPL products, expand product categories and onboard new merchants.
Meanwhile, a few days ago, another fintech company Mintifi raised a total of $180 million (over INR 1,500 Cr) through its Series E funding round in a combination of primary and secondary transactions to expand its presence in key sectors and strengthen its position in the channel finance segment supply.