Mahashakti Foundation
With EUR 44,200 the Mahashakti Foundation will enable more families access to solar energy in India.
€44,200
3.00%
12 months
6 months
EUR
CurrencyAmount | €44,200 |
Interest | 3.00% |
Maturity | 12 months |
Repayments | 6 months |
Currency | EUR |
The project
Mahashakti Foundation was founded as a public charitable trust in 2004. They operate in one of the most financially poor States in India - Odisha where 91% of the population resides in villages, and 39% belongs to tribal communities where the average daily income is below $1. The foundation covers six of the most underserved districts here.
Against this backdrop, the organization started a Solar Energy programme in 2012, amongst their existing programmes. Mahashakti builds and operates micro-grids, solar lights, charging stations and improved smoke-free cookstoves. As of August 2016, they have been successful in helping 17,839 borrowers and their families access alternate sources of energy. Solar powered lighting has improved the general quality of life in the region where most households face power-cuts on a daily basis for atleast 2 hours, hampering their productivity. The beneficiaries have reduced expenses on traditional sources of lighting such as kerosene, increased economic activity through extension of working hours, fewer health issues arising from toxic kerosene and cow-dung fumes, and higher literacy rates as children can study after sunset.
Milaap partners with Mahashakti Foundation and Lendahand to bridge the need for financing to fund their projects. They currently need funds to take one step further and increase their reach to cover more energy deficient districts across the State. The loan must be repaid in 12 months.
Company name | Milaap |
CEO | Jugal Kishore Pattnayak |
Founded | 2004-01-01 |
Location | Odisha |
Sector | Financial services |
Turnover | €272,601.63 |
Employees | 203 |
Impact
Milaap is the largest crowdfunding platform in India, enabling stories of hope, courage, and change. They provide credit services to the poor and excluded to help them to work themselves out of poverty.
Milaap partners with a range of credit-worthy field partners who hold a strong social mission. They grant loans for energy projects, water access, artisan supply chains, and more, mostly in rural areas. Many of their projects empower women entrepreneurs, mainly providing working capital to women with a weaving enterprise, small shops, or handicrafts.
SDG’s impacted
With this project you are contributing to the following Sustainable Development Goals:
SDG 1. No poverty
SDG 3. Good health and well-being
SDG 5. Gender equality
SDG 6. Clean water and sanitation
SDG 8. Decent work and economic growth
SDG 10. Reduced inequalities
Read more about the impact you can make through our platform and the SDGs on our impact page.
- With this investment 4 jobs are created
- With this investment 16 lives are improved