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funding gap emerging markets
India

Mahashakti Foundation 3

  • Milaap
  • Invest in a Financial Institution
  • + 63 other investors
  • With a loan of EUR 26,200 the Mahashakti Foundation can provide 600 houdeholds with solar lamps.

    €26,200
    Amount
    3.00%
    Interest
    24 months
    Maturity
    6 months
    Repayments
    EUR
    Currency
    Amount€26,200
    Interest3.00%
    Maturity24 months
    Repayments6 months
    CurrencyEUR
      100%
      Fully funded in 8 days on 6 December 2016.

      Summary

      One of the most financially poor States in India is Odisha- where 91% of the population resides in villages, and 39% belongs to tribal communities where the average daily income is below $1. Mahashakti Foundation covers six of the most underserved districts here.

      Villages in these districts, such as Subarnapur despite being on the grid, face frequent power cuts on a daily basis. On any given day, there is no electricity for 4-5 hours. Naturally, this means that many more challenges for the residents. The most discernible of these include their inability to cook food post sunset, children having to finish up with their studies before 5 in the evening, hawkers packing up and the high expenditure on kerosene lamps. The lesser obvious ones include wild animals entering the village causing havoc and the sick not getting proper treatment due to lack of visibility. Against this backdrop, Mahashakti Foundation started a Solar Energy programme in 2012. Mahashakti builds and operates micro-grids, solar lights, charging stations and improved smoke-free cookstoves. Solar powered lighting has improved the general quality of life in the region. 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. Milaap and Mahashakti Foundation are working towards making solar lighting affordable and available to households in rural Odisha. Through the current project, 600 families will gain access to a clean and efficient source of lighting- solar lanterns and help them overcome some of their current struggles.

      Local partner Milaap provides a loan to the Mahashakti Foundation that must be repaid within 24 months. 

      Company nameMahashakti Foundation 3
      CEOJugal Kishore Pattnayak
      Founded2004-01-01
      LocationOdisha
      SectorFinancial services
      Turnover€282,372.30
      Employees203

      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 10 jobs are created
      • With this investment 40 lives are improved

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      We have already contributed to Mahashakti Foundation 3

      Cees van Iperen
      Marcel Linssen
      Gerard de Boer
      Elke Krekels
      Peter Boot
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      63
      investors