six organisations get $800,000
At the beginning of the year, Dasra, Omidyar Network, and The Rockefeller Foundation came together to launch the India Impact Economy Innovations Fund (IEIF).
Recognizing that impact investing – the notion of channeling investments into organizations that provide measurable environmental, social, and financial returns – in India is still without infrastructure, financing, and policy support, the $800,000 IEIF was created to award organizations that can help build the impact investing ecosystem. Aside from India, the IEIF has also been implemented in Africa, Southeast Asia, and Latin America.
“If the impact investing industry wants to grow both in depth and scope so as to provide individuals with alternative and innovative financial access, then we need to focus on building the ecosystem to impact the lives of the poor or vulnerable” said Rehana Nathoo, Program Associate, The Rockefeller Foundation.
Now, six organizations have been announced as recipients of the IEIF grant in India. They include the Indian Institute of Management Ahmedabad Centre for Innovation Incubation and Entrepreneurship, who will be engaging India’s high net-worth individuals in impact investing; Samhita, who will launch a platform for supporting and investing in social businesses; UnLtd India and Villgro, both incubators for social entrepreneurs who will expand into smaller cities across India; Social Story, an information platform for entrepreneurs in India who will increase information sharing and the visibility of social entrepreneurs; Intellecap, who will create the Indian Impact Investor’s Council to develop policy and governance frameworks.
The application process was a competitive one. The organizations were chosen from a pool of 120 applicants by a judging team consisting of representatives from Omidyar Network, ICICI Foundation, Unitus Capital, Sir Dorabji Tata Trust, and The Rockefeller Foundation. Now that’s certainly cause for celebration!