By: Kartikey Srivastava
We are a bit late this week for our roundup so firstly apologies! Last week brought forward some interesting updates in the landscape of socially focused ventures. Below we feature a fund-raising campaign which has allowed 40 students to complete their education, the education of 7thgraders in the topic of investment, news of an Indian enterprise receiving funding to expand and a rural entrepreneur’s story of helping farmers.
Milaap is an online fund-raising platform which allows people from all around the world to make donations. They launched the ‘Adopt-A-Student’ campaign recently which would allow students to receive full funding for their studies.
When the campaign was launched, 40 fundraisers came forward to help one student each. The response was great. Over 200 lenders offered money with the amount ranging from ₹300 to ₹33,000.
The lenders came from many different countries including Germany, the USA and Singapore. 40 deserving students will receive a good education and the lenders will be repaid their money at the end of the loan cycle.
Much has been written about teaching people about social enterprises and investing from an early age. This is exactly what is being done at a school in Pune. It is being headed by Payoshni Saraf who is a Rang De social investor and Teach for India fellow.
She taught a group of 7ththe concept of ‘saving’ and ‘investing’ and the kids saved their money for a month. After the month was up, the kids and Saraf decided to invest their savings.
They chose to invest in a vegetable stall, a hair salon and a mess service. So they spent a total of ₹900. They are looking to invest even more in the next month. Perhaps, they will be investing in social enterprises when they are older.
Spring Health, a for profit social enterprise, is to receive an investment from investors from the Artha Initiative, the Stone Family Foundation and two private investors who the Impact Invesment Exchange Asia (IIX) helped find.
Spring Health provides safe and affordable drinking water to thousands in rural India. This investment will help in expanding to more of Eastern India. They have provided 38,000 people in 95 villages with clean water by installing water tanks at local shops.
The water is sourced locally and treated with chlorine. It is then sold at very low prices. Their aim is to reach 800,000 people in the next two years and 8 million in the next five. This investment will help them in reaching their goals.
Farmers in India face huge difficulties; many of them live on less than $1 a day. The smallholder farmers manage to get just one harvest each year. Therefore, it becomes impossible to work themselves out of poverty.
Amitabha Sadangi’s family faced similar issues. To change the fate of these farmers, Sadangi started Global Easy Water Products (GEWP). This is a for profit social enterprise that markets and distributes affordable drip and sprinkler micro-irrigation products.
Usage of the product can improve yields by 30-35% and reduce water consumption by around 30%, leading to increases in income. They have sold 150,000 systems in seven states and are aiming to increase the impact.
The Ennovent Network is a global online community where entrepreneurs, mentors, investors, and experts collaborate to accelerate innovations for low-income markets. Join the Ennovent Network now.