PayU and AWS Introduce Their Second Fintech-Focused Accelerator Programme Cohort

Nitin Konde, Varun Bhardwaj

Dec 13, 2024 — 3 min read

PayU and AWS Launch Second Fintech Accelerator Cohort

PayU, a digital payment aggregator, and Amazon Web Services (AWS) have introduced inFINity 2.0, a fintech-focused accelerator program for early-stage Indian startups, its second cohort. Startups looking to raise less than $10 million between the seed and Series A rounds will be the program's objective. According to a statement from PayU, the program's application period will begin on December 12 and end on February 15, 2025. Beginning in March 2025, InFINity 2.0 is a 12-week hybrid accelerator program. Virtual office hours are held after a three-day in-person boot camp in Bengaluru. PayU added that it has invested up to $5 million in any business that meets its investment requirements. Benefits of InFINity 2.0 include access to PayU's vast merchant, bank, and consumer networks; a customised masterclass taught by professionals in the banking, fintech, and finance sectors; and possible investment opportunities from Prosus and other investors.

Shailaz Nag and Nitin Gupta launched PayU. In 2002, Jose Velez, Martin Schrimpff, Arjan Bakker, and Grzegorz Brochocki founded the Nasper Group, which is owned by Prosus. With Nitin Gupta and Shailaz Nag as cofounders, its Indian affiliate, PayU India, was established in 2011. In addition to India, it offers financial and payment services throughout Africa, Central and Eastern Europe, Southeast Asia, and Latin America. "This collaboration aims to empower the nation's fintech entrepreneurs to accelerate their businesses and develop innovative solutions that address the dynamic financial needs of Indians by leveraging PayU's operational expertise alongside Prosus' extensive investment expertise and AWS's leading cloud solutions," said Anirban Mukherjee, chief executive at PayU.

Perks that Selected Cohort will Receive

According to a statement from the payments business, the chosen cohort will receive $100,000 in PayU Startup Program credits and discounts, as well as AWS Activate credits, to help them develop. A year has passed since the first iteration of inFINity was introduced in July 2023 in collaboration with AWS and Chiratae Ventures, including a group of 30 entrepreneurs and ending with a $5 million seed investment in the cross-border payments platform BRISKPE. According to Mukherjee, collaboration's dedication to promoting innovation and nourishing the fintech ecosystem for early-stage Indian entrepreneurs is reflected in InFINity 2.0. "As we continue to invest in India's fintech ecosystem, we have funded significant fintech businesses like Fisdom, IndiaGold, and Vayana," he added.

Fierce Competition in India’s Fintech Sector

In terms of finances, PayU India, which is owned by Prosus, had a 12% increase in sales to $237 million in the first half of the fiscal year that ended in March 2025 (H1 FY25). Additionally, PayU asserts that during that time, it onboarded more than 4,000 merchants. According to Prosus' H1 FY25 report, the company's total payment value (TPV) increased by 25% during that time. The program was announced by PayU at a time when the fintech business is clearly becoming more competitive.

The potential of their technological developments is boosting investor confidence as they extend their service offerings, explore new markets, and improve their technology. Through its Pre-Series B investment round earlier, Mumbai-based fintech firm Snapmint raised $18 million via a combination of debt and equity to improve its technology, provide new BNPL products, broaden its product offerings, and bring on new merchants. To bolster its position in the supply chain finance segment and increase its presence in important industries, Mintifi, another fintech business, raised $180 million (more than INR 1500 crore) in its Series E funding round a few days ago through a combination of main and secondary transactions.