Rang De, an internet based peer-to-peer micro lending platform which is fighting poverty, has got extension of support from Tata Trusts for four years. The platform is empowering individuals to lend to a rural entrepreneur across the country.
In a release, it said that they will be given access to improved livelihoods, education, health and sanitation facilities. With this initiative, it is aiming to provide affordable micro-credit solutions to nearly a quarter of a million families, over the next five years.
During it’s first year, Rang De will scale up the team and increase crowd-funding network with an additional 12,000 social investors. Working as a non-profit social business, Rang De has raised over 38,000 loans totaling over Rs 40 crores, funded by over 8,000 individual “social investors” and more than 25 corporate partners.
Founded in 2008, Rang De’s vision is to make poverty — a historical fact in India by reaching out to underserved communities through microcredit. It is aiming to do so through a network of committed field partners and social investors, by offering microcredit that has a positive impact on business, education, health and environment of the communities.
Mr. Ganesh Neelam, Development Manager, Tata Trusts, said,
The concept of leveraging technology to deliver low cost, community based solutions is a path-breaking concept. Tata Trusts is working towards bringing this idea to life through the microcredit initiative.
Since our partnership fuels entrepreneurship at the very grass-root level in the country, we are confident that this will make a difference to the social sector. It will help improve livelihoods, education, health and sanitation facilities, through affordable solutions.
Ramakrishna NK, Co-founder and CEO, Rang De said,
We are very excited and grateful to have Tata Trusts guidance and support in our mission to fight poverty in India. We plan to do this by bringing over 100 corporates and 1.5 lakh new socially conscious Indians to play the role of social investors over the next five years.
We are expanding our team and inviting stellar professionals across technology, marketing and communications to power our growth.