BizDateUp Allocates INR 40 Crore to Foster Women-Led Entrepreneurs in India

By: WE Staff | Friday, 28 June 2024

BizDateUp, amongst the largest ecosystem enablers for startups that provide comprehensive support services, announces the allocation of INR 40 crore to support women entrepreneurs across India. This initiative underscores BizDateUp’s commitment to fostering diversity, promoting social equity, and driving economic growth through inclusive entrepreneurship.

Starting from July 1st, women entrepreneurs can apply for funding via BizDateUp’s official website. The INR 40 crore fund will be distributed through a structured application and evaluation process. Applicants must submit a detailed business plan, financial projections, and an outline of how the funding will be utilized. Each application will undergo a thorough review by a panel of experts who will assess the business’s potential, innovation, scalability, and impact. The distribution will prioritize equitable access and impactful use of resources.

India has been making strong strides in supporting women-led enterprises. Since 2015, the government’s MUDRA Yojana scheme has facilitated the disbursement of 300 million loans to women entrepreneurs, providing small loans of up to approximately $12,000 to micro-entrepreneurs.
According to NITI Aayog, India boasts 63 million micro, small, and medium enterprises (MSMEs), with around 20% being women-owned, employing 22 to 27 million people. Additionally, India is home to about 12 million Self-Help Groups, with 88% being women-led, forming the world’s largest microfinance project and serving 142 million families with savings deposits totalling roughly $5.7 million.

“Women entrepreneurs in India often face unique challenges, including limited access to capital, mentorship, and networks,” said Meet Jain, Co-Founder at BizDateUp. “BizDateUp aims to support a diverse portfolio of ventures. In addition to funding, we will provide beneficiaries with access to a network of mentors, industry experts, and seasoned entrepreneurs. Beneficiaries will also have opportunities to connect with investors, participate in workshops and training programs, and receive personalized business development support.”

“At BizDateUp, we are open to applications from women-led startups across various industries,” said Jeet Chandan, Director at BizDateUp. “Our goal is to fund at least five women-led startups each year through this initiative, creating over 1,000 jobs within the supported businesses. Our milestones include tracking the progress of funded startups, measuring their industry impact, and ensuring a significant portion of the businesses achieve sustainable growth within the first two years of receiving funding.”