UIDAI to launch seed fund for Aadhaar-linked tech startups
UIDAI is gearing up to launch a seed fund to back startups building cool Aadhaar-linked tech—think fraud detection, biometrics, and digital ID tools.
Neelkanth Mishra, UIDAI's chairperson, shared the news at the Bharat Fintech Summit in Mumbai.
Fund will help startups before they chase private investors
The fund aims to give early-stage cash (possibly as grants or from UIDAI's own resources) so startups can build out their ideas before chasing private investors.
Details like how much money and when it'll roll out are still being worked out.
Startups focused on things like gig worker verification or affordable face authentication could benefit.
UIDAI is also working on ways to cut down ID fraud
Aadhaar recorded an average of 9 crore authentications per day in the last financial year—and is expected to cross 10 crore a day this year.
UIDAI is also making it easier for startups to test their solutions securely and is working on ways to cut down ID fraud by plugging Aadhaar checks into platforms used by gig workers, MSMEs, and businesses.