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funding gap emerging markets
India

Mahashakti Foundation 2

  • Milaap
  • Invest in a Financial Institution
  • + 25 other investors
  • With EUR 20,600 many households in the slums of Khandagiri can be provided with educational loans for children.

    €20,600
    Amount
    3.00%
    Interest
    24 months
    Maturity
    6 months
    Repayments
    EUR
    Currency
    Amount€20,600
    Interest3.00%
    Maturity24 months
    Repayments6 months
    CurrencyEUR
      100%
      Fully funded in 3 days on 20 November 2016.

      Summary

      Not very distant from the city of Bhubaneshwar lies the town of Khandagiri, home to the historical and well-known Udayagiri and Khandagiri caves. What many of us, however, are not aware of is the other side of this archaeological district- a space dotted with several slums that are barely integrated in the semi-urban landscape. These slums lack basic amenities such as personal water connections and toilets. Their inhabitants hail from rural villages in Odisha, and have gathered here in their search of better job opportunities near the city.

      The women of these households are homemakers, or are engaged in small-businesses such as tailoring, incense stick making, petty shops or beauty parlours, while the men are usually away, working in nearby towns and cities as carpenters, drivers, construction workers and daily wage labourers. The women and men of these households together are able to bring in no more than $90-$150 per month.

      The younger members of this community go to local government schools as their parents now understand the importance of education, and wish for their children to have greater opportunities than they had themselves. For higher education, students have to travel 1-2 hours every day to a nearby town. Life remains full of tough challenges for these children despite their exposure to education. The cramped houses with little to no ventilation do not make for ideal places to study. Additionally, the girls do not receive the same kind of support for pursuing their education and are often expected to help out with household chores.

      In spite of these hardships, the children and their supportive parents have not relinquished their dreams and aspirations. Milaap, through its partnership with Mahashakti Foundation, will provide children from Khandagiri education loans- to fund their tuition fees, stationery needs, textbooks, school uniform etc.

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

      Company nameMahashakti Foundation 2
      CEOJugal Kishore Pattnayak
      Founded2004-01-01
      LocationOdisha
      SectorFinancial services
      Turnover€281,441.15
      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 2 jobs are created
      • With this investment 8 lives are improved

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      We have already contributed to Mahashakti Foundation 2

      Martijn Kistemaker
      Bart van Vliet
      Hans Bierhuis
      Bas Pieters
      + and another
      25
      investors