As a Christmas special edition, CNBC-TV18's show Young Turks celebrated the spirit of giving back to the society with young change makers who are working to empower those on the margins of society.
Rajiv Lall, founder of Lok Capital spoke to CNBC-TV18 about his venture capital funds that invest in enterprises working to serve the bottom of the pyramid. Founded in 2000 with a seed grant from the Rockefeller Foundation, Lok Capital has invested over a Rs 125 crore into businesses that seek to create a positive socioeconomic impact.
Promoted by Brahmanand Hegde, Vistaar Finance provides specialized finance to small businesses. Currently operating out of 40 branches in three states the venture has disbursed Rs 120 crore so far. Funded by Lok Capital, Omidyar Network, Elevar Equity and Saama Capital, Vistaar is looking at building an asset book of about Rs 1,600 crore by 2016.
What started in 2008 as a pilot project for HDFC Bank, now has 1,300 rural employees across 12 centres in eight states in India and is known as India’s largest rural BPO project. With a turnover of Rs 30 crore, Rural Shores hopes to provide sustainable employment to over a 100,000 rural youth by 2025.
Targeting impoverished women who own businesses as well as contract labour Ujjivan promotes financial inclusion through microfinance. Having disbursed Rs 3,931 crore, the venture employees 3,500 people and serves customers in 20 states through 300 branches. Having raised capital worth Rs 275 crore, Ujjivan hopes to expand its portfolio to savings, remittances, pensions and specialized loan products like housing and health insurance.
A non-banking finance company engaged in providing loans to women from economically weaker sections and the marginal poor who do not have access to traditional banking Suryoday was incorporated in 2008. With equity infusion from HDFC Holdings and HDFC Life the venture operates out of 33 branches and has achieved cumulative disbursement of Rs 335 crore with an active customer base of 140,000.