Note to Readers: Moneycontrol, India’s leading financial news digital platform and CommsCredible, an integrated communications consultancy, have come together to partner with Grant Thornton Bharat, one of the largest fully integrated Assurance, Tax & Advisory firms in India, to launch Faces of Vibrant Bharat (FoVB), an initiative that tells stories of organisations making an impact on India's social fabric with their work at the grassroot level.
Born and raised in New York, Ajaita Shah returned to her roots and found her calling in unravelling the rural markets in India. She came to India with a career in microfinance and discovered that the rural areas were a colossally underserviced market.
“Products designed for 65% of India’s customers, the rural population either lacked in quality or were too expensive,” says Shah, who then conceptualised Frontier Markets (FM), a social venture based on the twin pillars of creating new markets serviced by rural women. The enterprise’s mission is to empower and uplift the rural women through financial independence. Thus, establishing a women-led distribution network and facilitating rural households’ participation in the economy through income-generation opportunities.
Today, FM has successfully sold 3 million solutions to 500,000 rural customers through a network of 10,000 ‘Sahelis’ in 2,500 villages. For the future, the enterprise has already chalked out a goal for a platform of one million rural women entrepreneurs serving 100 million rural customers by 2030.
One million rural women entrepreneurs will have access to wealth to enable better planning for their kids’ future, have agency in household decision-making and become a known leader in their village. 100 million rural families will have access to quality energy, healthcare, agriculture, finance and digital tools to help them address safety, poverty and aspire to achieve a better life.
As a woman in the start-up business, there were challenges for Shah, especially in generating funds and trust in her business. It was her ‘never give up’ spirit that made her balance between business and impact. “Our customers, partners, employees, suppliers, investors are all content with the economic incentives and outcomes. It is time to shift the lens. See rural markets not rural areas; dignified customers, not beneficiaries; women as smart business drivers, not social enablers. I am working to make the world realise how rural markets are the future of the world,” concludes Shah.
What made Shah a Face of Vibrant Bharat?
“To lay the foundation for sustainability in rural communities, smart businesses must focus on the bottom-line. The gender and digital inclusive approach followed by Frontier Markets not only amplifies the voices of rural India and adapts to the evolving needs of rural customers, but also drives economic value for women. Their deep understanding of the rural ecosystem coupled with strong business sense and robust system design has made a tangible impact,” said Akshay Garkel, Partner & Cyber Leader, Grant Thornton Bharat.
"In building a social commerce platform for rural households, Frontier Markets has not only brought to light the power of these untapped emerging markets but has also created a new breed of women entrepreneurs in the process. Ajaita's pioneering efforts have created shared value for stakeholders in the rural ecosystem while amplifying their voice, and meeting their sustainable development needs. A powerful story of a new frontier disrupting rural communities," said Aman Dhall, Founder of CommsCredible.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
