The Task The Approach The Analysis The Outcome

Building Markets

· Trade Strategy

· EU–India

A $100M blueprint for India’s world-class fintech innovation

India’s fintech ecosystem was expanding rapidly, but structural gaps in talent, startup acceleration, and applied research were constraining long-term competitiveness. The mandate was to design an integrated fintech institute model that could develop industry-ready skills, enable start-up success at scale, and drive innovation, alongside a bankable programme structure to make it investable.

Client

Government / Multilateral

Geography

India

Status

Completed

Practice areas

Innovation Ecosystem Fintech Skills Development Investment Climate

$100M+

fintech startups to be supported through incubation and acceleration

200

policy recommendations developed to inform EU-India FTA and investment negotiations

The Task

An integrated institute model for talent, incubation, and applied research.

India’s fintech ecosystem faced three structural gaps: a shortage of industry-ready talent in AI, blockchain, and data analytics; constrained access to funding, mentorship, and market linkages for start-ups; and low levels of applied research limiting long-term competitiveness.

The mandate: design a comprehensive, integrated fintech ecosystem centred on an institute model that could deliver industry-aligned education, enable start-up success at scale, and drive research and financial inclusion, all supported by a sustainable and investable funding model.

The Approach

Four steps. Designed for depth, representation, and credibility.

Phase 01

Demand assessment

Primary and secondary research including surveys and stakeholder consultations across key fintech hubs, identifying systemic gaps in skills development, incubation support, and research capacity.

Phase 02

Stakeholder engagement

Engagement with government stakeholders, industry leaders, academia, investors, and global fintech experts, including partnership discussions with universities, incubators, and accelerators.

Phase 03

Global benchmarking

Benchmarking against leading international fintech institutes and innovation ecosystems, with exploration of hybrid operating and partnership models to develop an operating model for India.

Phase 04

Results-Based Framework

A results-based framework across five pillars: climate-resilient institute infrastructure, industry-aligned training, start-up incubation and acceleration, applied R&D, and institutional governance.

Phase 05

Financing and Operationalising

A blended financing model combining public funding and multilateral support, with defined governance, timelines, procurement structures, and implementation roadmap.

The Analysis

Innovation ecosystems succeed when governments move beyond infrastructure and policy, and deliberately design how capital, talent, institutions, and markets function together as an integrated system.

Start-up incubation was not failing due to the absence of funding mechanisms, but because access to capital, mentorship, and markets remained fragmented. While India’s fintech ecosystem was among the largest globally, with thousands of firms and strong investment momentum, only a small proportion of startups were actually funded, and many struggled to scale due to limited access to finance and market linkages. At the same time, education and skilling systems were not aligned with rapidly evolving fintech needs, with no structured pathway to connect training, research, and industry demand.

These were not independent gaps. They reflected a single systemic failure. The programme explicitly recognised that creating a functional fintech ecosystem required building incubation, research, skills development, and industry collaboration as an integrated system, supported by dedicated institutional capacity. Embedding inclusion, innovation, and industry alignment from the outset, rather than layering them later, was essential to translating ecosystem assets into sustained startup growth, investment, and social impact.

The outcome

A globally renowned FINTECH hub to accelerate India's fintech future and strengthen financial inclusion.

Integrated fintech institute model

A scalable institutional design combining talent development, start-up incubation, and applied innovation within a single coordinated architecture.

Design and Monitoring Framework

A structured DMF linking programme outputs, outcomes, and long-term impact, enabling performance tracking and accountability from the outset.

Blended financing model

A $100M+ programme structure combining public funding and multilateral support, with defined governance, timelines, and procurement structures ready for approvals.

200 fintech startups supported

Through incubation and acceleration, creating a sustained pipeline of market-ready firms emerging from the ecosystem.

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