Indian women entrepreneurs get big boost as Get Vantage, fintech platform, recently announced the launch of its Rise-Up Fund. This fund is dedicated to supporting women entrepreneurs and businesses with inclusive capital. The non-dilutive fund with an initial corpus of INR 100 crore. The fund aims to deploy the capital in the next 12 months to help over 400 women-led businesses scale up.
GetVantage will disburse the funds through its own NBFC GetGrowth Capital, along with Varanium’s Debt Fund partnership, among other NBFCs and AIFs.
Since its inception in 2019, GetVantage has been committed to eradicating friction and bias from fundraising.
Over the last three years, the GetVantage platform helped hundreds of women founders with on-demand access to fair and reliable financing.
Today, over 40% of the businesses across 20+ sectors in the GetVantage portfolio (of 800+ businesses) are led by inspiring women entrepreneurs including Capsul by Bhavisha & 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.
According to the International Finance Corporation (IFC), women-led businesses in India faced an unmet credit gap of more than $11.4bn, and these same women founders received only 5.2% of the outstanding credit granted to enterprises by Indian public sector banks.
Through the new partnership, Encubay and GetVantage will also explore innovative ways to further expand capital access for more women across industries in India, design education and community outreach programs, as well as work to create an environment that allows women entrepreneurs to thrive.
“Despite running successful businesses, women entrepreneurs everywhere remain chronically underrepresented and underserved by the incumbent venture finance infrastructure. The Rise-Up fund by GetVantage expands our commitment to empowering women entrepreneurs in India,” said Karun Arya, Chief Growth Officer, GetVantage. “Encubay, with their extensive network of female founders, is a strategic long-term partner with whom we share a common mission to provide more women in business with fair, inclusive, and unbiased access to non-dilutive funding to realize their scaling ambitions.”
Deeksha Ahuja, Founder, Encubay said, “Of 799 funding deals amounting to $6.6 billion in the past nine months, ventures led by female founders secured only 4.5% of the total funding. With an increasing number of women venturing into entrepreneurship and many seeking funding for their initiatives, the present moment presents a pivotal opportunity for collective action.
Collaborating with GetVantage, we are enthusiastic to help lead the effort to dismantle barriers and level the playing field for women entrepreneurs across India.”
Meher Taff, co-Founder, natch snacks, said, “GetVantage came through for our business when traditional lenders overlooked us. Not only did their funds allow us to extend our runway until our next fundraise, it allowed us to focus on what is most important – growing our team and scaling our brand. Initiatives like this are important to help bridge critical funding gaps in the ecosystem for entrepreneurs regardless of gender.”
Richa Pendake, Founder & CEO, Nutrizoe, shares, “As a woman entrepreneur deeply immersed in the startup ecosystem, this is more than just about funding; it’s about recognizing and amplifying the voices and potential of women in entrepreneurship. I’ve experienced the uphill battle of securing funding and navigating the male-dominated landscape.
GetVantage’s commitment to empowering women like myself resonates deeply with me. I firmly believe that initiatives like this not only bridge the funding gap but also foster a more inclusive and diverse entrepreneurial ecosystem, ultimately driving innovation and progress.”
Women-founded businesses comprise only 18% of the Indian startup ecosystem.
While there has been trailblazing work, and a renewed focus by policy-makers too with various schemes floated by state governments and with the help of startupindia, the Women Entrepreneurship Program (WEP) by Niti Aayog, more needs to be done. GetVantage is serving as a catalyst bringing the community and stakeholders together to foster a favorable and equitable environment for women founders and small business owners to unlock their potential.
For GetVantage the strategic collaboration with Encubay builds on a strong foundation built over the years to empower more women entrepreneurs including the collaboration with leap.club in 2023.
