Vigyos Centre, a fintech and adtech startup incubated by the prestigious Indian Institute of Management in Bangalore, has secured Rs 1 crore in funding from Japanese investors. Employees from Softbank also participated in the funding round. The startup plans to use the raised capital to strengthen its research and development department (R&D), hire quality manpower, and build robust technology infrastructure.
Co-founded by Kanishq Gupta and Faiz Khan, Vigyos Centre offers more than 200 financial services. It provides offline and online services to small and middle enterprises in Tier II and III cities through a franchise setup. Many SMEs often face challenges in growing due to a lack of funds. The startup’s team provides loans and assistance in filing patents and expanding their businesses. By doing so, the startup aims to address the vulnerability of SMEs to theft and exploitation, especially when they have cutting-edge technologies that they have not patented due to a lack of procedural knowledge.
The funding from Japanese investors and Softbank employees will enable Vigyos Centre to upgrade its technological infrastructure. This will help it reach out to more SMEs. The company’s mission is to empower small and middle enterprises. It aims to provide them access to affordable and efficient financial services to help them grow and thrive.
Enabling Financial Inclusion for SMEs in Tier II and Tier III Cities
Vigyos Centre’s franchise setup allows SMEs to access various financial services. This includes loans to increase their present capacity or set up a new business, assistance in filing patents, and registering trademarks. The startup targets Tier II and III cities, where SMEs often lack access to financial services. This is due to the dominance of large financial institutions in urban areas.
The Indian government has been trying to promote entrepreneurship and support SMEs. This is being done to promote economic growth and job creation. Programs like the Startup India initiative aim to create a conducive startup ecosystem. This will help them flourish by providing access to funding, mentorship, and other resources. The startup’s focus on Tier II and III cities aligns with the government’s efforts to promote inclusive growth. This ensures that economic development benefits reach all parts of the country.
Unlocking Growth and Job Creation in India
Vigyos Centre’s innovative approach to providing financial services to SMEs has the potential to impact the Indian economy significantly. SMEs are the backbone of the Indian economy. They contribute over 30% of the GDP and employ over 110 million people. However, access to credit and financial services remains a significant challenge for many SMEs. Thus, hindering their growth and limiting their potential.
Vigyos Centre can help unlock these businesses’ potential and promote economic growth and job creation by providing affordable and efficient financial services to SMEs in Tier II and III cities. The funding from Japanese investors and Softbank employees is a testament to the potential of the startup’s business model and its ability to address the challenges SMEs face in India.
Vigyos Centre Offers Significant Market Opportunities for Growth
The startup’s success in raising funding from Japanese investors and Softbank employees is also a testament to the growing interest in India’s fintech sector among international investors. In recent years, India has emerged as one of the fastest-growing fintech markets in the world. India has a large number of startups offering innovative solutions. This addresses the challenges faced by the country’s large and diverse population.
The startup’s success will depend on its ability to continue innovating and adapting to the evolving needs of SMEs in India. As the Indian economy continues to grow and evolve, the demand for affordable and efficient financial services is only expected to increase. Thus, creating a significant opportunity for startups like Vigyos Centre to make a meaningful impact.
