Mumbai: Visa (NYSE: V), the global leader in digital payments technology, today announced the launch of a grant program in India to support women entrepreneurs with its global partner, IFundWomen. As an extension of two successful programs launched in the U.S. this year, women entrepreneurs in India will now receive funding from Visa to grow and expand their business. IFundWomen, the go-to marketplace for women-owned businesses and all the people who want to support them with access to capital, coaching, and connections. Visa’s partnership with IFundWomen is specifically designed to help women entrepreneurs secure the funding they need through a series of grants.
T R Ramachandran, Group Country Manager, India, and South Asia, Visa said, “Women-owned businesses play an important role in commerce and employment generation. However, they constitute only around 14% of the total entrepreneur base in India[1]. We want to see this number increase but our interactions with women entrepreneurs show that access to capital to fund, run, and grow their businesses remains a challenge. The Visa and IFundWomen grant program in India, the first outside of the U.S., aims to boost female entrepreneurship and empower budding businesswomen through our network, guidance, financial support, and resources to help achieve their dreams. Visa is committed to championing women in all facets of life in the pursuit of economic growth, job creation, and inclusive society.”
From today until October 20, Visa will be seeking applications from women entrepreneurs across all sectors. To participate, applicants need to submit details about their business and online presence, along with a short video about their business to www.ifundwomen.com/visa-india. Three winners will be selected from the shortlist and receive grants of Rs. 7,00,000 each and coaching from leaders within the Visa and IFundWomen network. Visa has partnered with FLO (the ladies’ wing of FICCI) and Instamojo as Digitization partner for the program in India.
In June, Visa committed to supporting 50 million small businesses globally to power recovery and enable them digitally. In August, through the first India edition of Visa Everywhere Initiative, it awarded three fintech startups with monetary awards and technological support from Visa to take their solutions to market. Now with the announcement of this grant program, Visa furthers its commitment to support small businesses, particularly those led by women entrepreneurs across India.
[1]Women & Entrepreneurship In India 2019: Our New Study Uncovers What Women Need To Flourish
