National, November 18, 2021: Women in India have come a long way as entrepreneurs, standing equal to some of the most powerful men in today’s corporate bandwagon. Over the years, they have braved numerous gender disparities and surpassed the boundaries of house chores not only by getting employed but also by becoming employers. They are no strangers to entrepreneurship anymore!
From running home-based businesses to scaling established companies, women have been breaking barriers by finding success with startups or embarking on a journey to become independent consultants. A significant part of this transformation is attributed to fintech startups giving equal growth opportunities to women and encouraging them to emerge as job creators. One such startup is Indifi Technologies, one of India’s leading MSME lending platforms, accelerating women’s entrepreneurial journey by seamlessly lending them funds to grow or expand their businesses.
Since its inception, Indifi has successfully disbursed over 38,000 loans to several businesses, of which approximately 20% went to companies with women promoters. 75% of these loans that went to women entrepreneurs are from tier 1 cities and the remaining 25% are from tier 2/3/4 cities with an uptick in the women led businesses from metros and tier 1 cities. The mix is expected to change as more women led businesses grow from other smaller cities.
The company also observed that women are not only great entrepreneurs but also maintain better credit profiles, with approximately 50% higher monthly turnover than male businesses which contributes to building a healthy credit profile. As per Indifi’s data, most women entrepreneurs seeking credit are from e-commerce and food (restaurant) sectors, standing at 45% of the overall disbursals. Moreover, as part of its recent association with Facebook, Indifi provides special concessions on the back of 0.02% interest rate reduction to women-owned businesses.
Mr. Alok Mittal, CEO & Co-founder, Indifi, said, “Fintech startups have recognized the value of women not only from an employment perspective but also encouraging them by developing products keeping their needs and requirements in mind. At Indifi, we strongly believe that such opportunities are pivotal in empowering women to make greater decisions and make better choices, inspiring many others through their success stories. And by ensuring their equal involvement and empowerment, fintech players are doing a great job in serving the underserved and driving financial inclusion across the country. We hope our country’s women follow their passion with grit and grace to reach new entrepreneurial heights. We are immensely proud to help them in their endeavours.”
According to a study, women-owned businesses in India are envisioned to grow up to 90% in the next five years as compared to similar businesses in the US and the UK, where the expected growth trajectory accounts at 50% and 24%, respectively. In fact, around 80% of women – from semi-urban and rural India – feel a significant improvement in their socio-economic and cultural status after becoming entrepreneurs. Thanks to the government and private players like Indifi that are working together and significantly contributing to women empowerment in India through multiple initiatives.
