The NSW Government has partnered with Indian incubator Afthonia Labs to run an accelerator program for NSW startups to help them enter and thrive in the Indian market.
The six-month program is supporting eight fintech startups from NSW with market entry support, mentorship, and industry insights to gain a sustainable foothold in India.
The startups selected include RackCorp, Inaam.ai, GoMist, ViCyber, Footprint Labs, Wholesale Investor, Cyberstash, Enteruptors - which are a mix of fintechs that specialise in cybersecurity and AI powered platforms.
India has a vibrant startup culture and is a global technology powerhouse with a $250 billion tech industry. Afthonia Labs will run the accelerator program from Bangalore, providing a combination of in-person and virtual sessions.
The partnership with Afthonia Labs builds on NSW and India's collaborative efforts in innovation.
Earlier this year a Memorandum of Understanding (MoU) was signed between the NSW Government, India's National Association of Software and Services Companies (nasscom), and Business NSW for startups to receive accelerated access to each other's markets.
Members of nasscom - the peak body representing technology businesses in India - will have access to the International Landing Pad at the Sydney Startup Hub. In return, NSW technology companies will have access to nasscom's services to find suitable partners and clients to grow in the Indian market.
The NSW Government is committed to fostering opportunities from the Australia-India Economic Cooperate and Trade Agreement (AI-ECTA) and positioning NSW at the centre of the expanding 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.
"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."
Afthonia Founder Tanul Mishra said:
"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."
