Alternative-financing fintech platform GetVantage launched Rise-Up Fund dedicated to support women entrepreneurs. A non-dilutive fund of Rs 100 crore has been established with the goal of deploying the capital within the next 12 months to support the growth of over 400 women-led businesses, the company said.
GetVantage will disburse funds through its own NBFC GetGrowth Capital, along with Varanium’s Debt Fund partnership, among other NBFCs and AIFs.
Mumbai-based NBFC claims that it has helped hundreds of women founders with on-demand access to fair and reliable financing. Over 40 per cent of the businesses across 20+ sectors in the GetVantage portfolio (of 800+ businesses) are led by inspiring women entrepreneurs including Capsul by Bhavisha and Meenakshi, Open Secret by Ahana Gautam, Samosa Singh by Nidhi Singh, Hyugalife by Avni Shah, Ziniosa by Ashri Jaiswal, MyMuse by Anushka Gupta, EatBetter by Mridula Kanoria, The Ayurveda Co by Shreedha Singh, Noto by Ashni Shah, The Indus Valley by Madhumitha Udaykumar, Sweet Karam Coffee by Nalini Parthiban and many more.
Currently, women constitute 14 percent of entrepreneurs in India, amounting to approximately 8 million individuals. They possess 10 percent of all formal enterprises, and women-led businesses represent over 20 percent of the MSME sector, employing around 23 percent of the workforce. This equates to 13.5 to 15.7 million businesses led by women, offering employment to 22 to 27 million individuals.
According to analysis and data by the World Economic Forum and International Finance Corporation (IFC), women-led businesses in India faced an unmet credit gap of more than $11.4 billion, and these same women founders received only 5.2 per cent of the outstanding credit granted to enterprises by Indian public sector banks.
A report released this week by Encubay, found that of 799 funding deals worth $6.6 billion over the last nine months, ventures with female founders raised only 4.5 per cent of the total funding.
Women-founded businesses comprise only 18 per cent of the Indian start-up ecosystem. Despite that, India has 17 Unicorns with women-led businesses in the country, with a valuation of $30 billion+ with another 20 in-making.
