Tata Trusts supports microcredit initiative to fight poverty
Bengaluru, Sept 25: Tata Trusts has extended its support for a period of four years to India's pioneering Internet-driven peer-to-peer micro-lending platform, Rang De.
This initiative aims to offer affordable micro-credit solutions to nearly a quarter of a million families, over the next five years.
They will be given access to improved livelihoods, education, health and sanitation facilities. During the first year, Rang De will scale up the team and increase their crowd-funding network with an additional 12,000 social investors.
Tata Trusts has been involved in multiple sectors related to socio-economic development in the country.
Mr Ganesh Neelam, Development Manager, Tata Trusts, said, "The concept of leveraging technology to deliver low cost, community based solutions is a path-breaking concept."
"Tata Trusts is working towards bringing this idea to life through the microcredit initiative. Since our partnership fuels entrepreneurship at the very grass-root level in the country, we are confident that this will make a difference to the social sector," He added.
He also said, "It will help improve livelihoods, education, health and sanitation facilities, through affordable solutions."
Ramakrishna NK, Co-founder and CEO, Rang De said, "We are very excited and grateful to have Tata Trusts guidance and support in our mission to fight poverty in India."
"We plan to do this by bringing over 100 corporates and 1.5 lakh new socially conscious Indians to play the role of social investors over the next five years. We are expanding our team and inviting stellar professionals across technology, marketing and communications to power our growth."
RangDe.org is India's first internet-based peer-to-peer micro-lending website, empowering individuals to lend to a rural entrepreneur across the country.
Designed as a non-profit social business, Rang De has raised over 38,000 loans totaling over INR 40 crores, funded by over 8000 individual "social investors" and 25+ corporate partners.
Tata Trusts are amongst India's oldest, non-sectarian philanthropic organisations that work in several areas of community development.
Tata Trusts seek to be catalysts in development through giving grants to institutions in the areas of Natural Resources Management, Rural Livelihoods, Urban Livelihoods and Poverty, Education, Enhancing Civil Society and Governance, Health and Media Arts, Crafts and Culture.