NSW partners with Afthonia Labs to boost fintech in India

The New South Wales (NSW) Government has partnered with Indian incubator Afthonia Labs to support NSW tech startups entering the Indian market.

The initiative will involve a six-month accelerator program to aid eight fintech startups from NSW, facilitating their market entry into India. The selected startups include RackCorp, Inaam.ai, GoMist, ViCyber, Footprint Labs, Wholesale Investor, Cyberstash, and Enteruptors, all specialising in fintech areas such as cybersecurity and AI-powered platforms.

India is recognised for its vibrant startup culture and substantial global presence in technology, bolstered by a USD $250 billion tech industry. The accelerator program, administered by Afthonia Labs from Bangalore, will feature both in-person and virtual sessions.

This collaboration continues the joint efforts between NSW and India in innovation, following a Memorandum of Understanding (MoU) signed earlier this year. The MoU involves the NSW Government, India's National Association of Software and Services Companies (nasscom), and Business NSW. It aims to facilitate a reciprocal acceleration of startups entering each other's markets.

As part of this agreement, nasscom members can access the International Landing Pad at the Sydney Startup Hub, while NSW tech firms will benefit from nasscom's services to partner with Indian counterparts, enabling their growth in the Indian market.

The NSW Government is dedicated to maximising opportunities arising from the Australia-India Economic Cooperate and Trade Agreement (AI-ECTA) and aiming to position NSW within the emerging Australia-India technology corridor.

Minister for Innovation, Science and Technology Anoulack Chanthivong, said, "For technology companies looking to grow and expand overseas, there can be significant obstacles when it comes to setting up, understanding foreign markets, and ensuring they're connected with the right people. Our partnership with Afthonia Labs provides a great opportunity for NSW fintech startups to learn more about India's regulatory environment and engage directly with corporate funding partners to support their international growth."

Minister Chanthivong further emphasised the timeliness of this initiative by stating, "Australia and India have never been closer. With the AI-ECTA in place and negotiations continuing for a Comprehensive Economic Cooperation Agreement (CECA), now is the right time for NSW businesses to capitalise on the economic opportunities in the fast-growing Indian market."

Tanul Mishra, Founder of Afthonia Labs, highlighted the value of this program, saying, "With a strategic blend of resources, mentorship, and robust industry networks, our accelerator program offers an unmatched opportunity for NSW startups to build a sustainable foothold in India – one of the world's most dynamic markets."