ADB Ventures funds Indian pension-tech startup
The Asian Development Bank’s (ADB) venture capital funding arm has provided seed funding, along with two other investors, for an Indian pension tech start-up striving to provide retirement solutions for millions of informal workers in India and across Asia, Africa and Latin America.
ADB Ventures, which invests in early stage technology companies globally that address urgent development challenges in emerging Asia and the Pacific, has committed to invest in the New Delhi based firm pinBox that has developed a micropension platform.
In India, pinBox is working with players such as HDFC Pension and SBI AMC to deliver pension schemes, including access to the National Pension System, and insurance products to nonsalaried workers.
Startup India Seed Fund Scheme (SISFS):
Seed funding or seed stage funding is an initial investment intended to help grow a business and generate its own capital.
The scheme was launched by the Department for Promotion of Industry and Internal Trade.
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