Twenty social enterprises, on Wednesday, were awarded grants totalling $2 million by the India Development Marketplace (DM) funded by the World Bank Group (WBG). The grantees received $100,000 each to extend and scale up their innovative business models i
Twenty social enterprises, on Wednesday, were awarded grants totalling $2 million by the India Development Marketplace (DM) funded by the World Bank Group (WBG). The grantees received $100,000 each to extend and scale up their innovative business models in the states of Madhya Pradesh, Chhattisgarh, and Jharkhand.
Through its India Development Marketplace initiative, the World Bank Group (World Bank and the International Finance Corporation) has identified scalable, replicable, and financially sustainable projects for support. These organizations who have received grants have developed business models to expand access to basic services such as livelihood and employment, education, women and child welfare, agriculture, energy, health care and financial services.
“The World Bank Group is committed to supporting innovative models and programs that support underserved communities, particularly in low-income states. The DM provides an opportunity to understand what works and under what conditions as a means to improve services to the poor,” said Onno Ruhl, Country Director, World Bank India.
“Linking early-stage enterprises to next-stage financing through grant support and advisory services is important for the growth of emerging social enterprises in India. This year, too, the IDM will support grassroots organizations to refine and build their business models to ensure sustainable impact over the long term,” said Anil Sinha, Regional Head, South Asia Advisory Services, International Finance Corporation.
In order to accelerate the impact of these organizations, the WBG will provide capacity building support services over the next 18 months. They will undergo business mentoring, and receive technical assistance in such areas as business development, financial management and strategic planning. Also in partnership with Innovation Alchemy, a Bangalore-based firm focused on supporting social enterprises, the DM will also help these enterprises identify additional local partners to expand their reach and sustainability.