1. Indian women contribute to only 18% of GDP while constituting 48% of population, Thus, simply bridging gender gap could raise India's GDP by 30 percent.
2.The Center for Monitoring the Indian Economy (CMIE), found only 10% of working-age Indian women in 2022 were either employed or looking for jobs. This means only 39 million women are employed in the workforce compared with 361 million men.
3. According to a 2020 study, women in India receive credit equivalent to only 27% of the deposits they contribute, while men receive credit equal to 52 % of their deposits
4.Saral Credit, a fin-tech platform, recently surveyed that roughly 67% of India’s population had taken a personal loan at least once to meet their financial requirements. Among them 36% took out a loan to buy or renovate a home, 9% took out a personal loan for travel and vacation.
5.The majority of female borrowers repay their loans on time. Women borrowers have a much lower consumer level 90-day-plus delinquency rate of 5.2%, compared to 6.9% for men borrowers. According to the same report, the number of female borrowers is increasing, but they still account for only 29% of all borrowers bcz of non regular income.
6. Above all survey leads low woman workforce leads low regular income leads low % of credit to woman leads to be reason that rest of the woman shift to high rate interest lenders to get the finance, their interest rate in range of 5% to 10% per month. Delay in EMI raise a social issues.
Startup Description
Low woman workforce leads low regular income leads low % of credit to woman leads to be reason that rest of the woman shift to high rate interest lenders to get the finance, their interest rate in range of 5% to 10% per month.
Even delay in EMI of high lenders attract so many social issues like socially abused, domestic violence, mental and physical harassment , assets and vehicle detachment, un- necessary push to police complaint and advocate faces. sometime lead to suicide. specially this badly impact on child upbringing.
Somewhere we believe woman entrepreneurship and easy finance to woman in a group (not an individual ) to start their own household business certainly increase their % in Indian GDP. And promoting such groups for skill upgradation and linkage to income generation programme can change the picture at large at social level also and at economic level also.
Hence we started a VO FINCORP LLP -a bootstrapped start-up disbursing micro loan at affordable interest to woman group only to start a her own house hold business and promote such group for a skill upgradation and income generation module.
Till August 2023 we disbursed a micro loan to 137 group consisting a 600+ woman for their personal needs and promote them for a skill upgradation and income generation module programme. And now at this stage we look for an social investor who can invest in our vision to empower 50,000 woman by 2030, and make this start-up more scalable and profitable.
Product Screenshots
Business Model
VO FINCORP LLP is addressing social issues faced by women who often fall victim to high- interest lenders who subject them to abuse, harassment, and other forms of exploitation. By offering microloans exclusively to women and operating through a joint liability group system, VO ensures that women borrowers have access to credit without the fear of being subjected to such experiences.
1. VO disburses micro loans of up to Rs. 50,000 to women only in groups. The group members take collective responsibility for repaying the loan, incentivizing prompt and reliable payments. By fostering solidarity, responsibility, and support among group members, VO promotes a culture of trust and empowerment among its borrowers.
2. In the event of non-payment of EMI, VO empowers borrowers by providing them with skill upgradation and income generation support. This enables them to start or improve their own household businesses and generate income, making them more capable of meeting their loan obligations.
3. Fair interest rates: VO ensures that it disburses loans at affordable interest rates, as per RBI guidelines. This not only facilitates the repayment of loans but also promotes financial inclusion for women borrowers, who may not otherwise have access to credit.
4. By generating income from the interest charged on its loans, VO FINCORP is able to sustain its operations. VO passes deposit rates to its social investors and recognized them with social impact awards for its efforts.
Customers
based in
India
Business
Modal Type
Marketplace
Type of
Sales
B2C
Competitors
Small finance banks and leading micro finance
Teams
Mr. Mukesh Patil
FOUNDER
Mr. Uday Dhadhal
ADVISOR
KINJAL BHAVESH RAJDEEP
CO-FOUNDER PARTNER
Tell us a bit about how founding team knows
each other.
We all are connected since decade & associate through one of sports club played a vital role in developement of KHO KHO game in surat - Gujarat. Uday has his own share market business and managing our equity portfolio, Mukesh & Kinjal - MHRD classmates and both has a corporate sales HR and business operation experiences, we all 3 align on one of social issues face by woman to get finance from high lenders n how we got the business idea on micro finance to woman in a group n promote for skill up
Why did you decide to start this
company?
We believe woman entrepreneurship and easy finance to woman in a group to start their own household business certainly increase their % in Indian GDP. And promoting such groups for skill upgradation.
Are all the founders full-time on this
project?
Yes
Looking for an
opportunity to invest in companies
like VO FINCORP LLP?
