After a rigorous six-month application, evaluation, and mentoring process, the Sankalp Social Enterprise Awards has chosen the final eight social enterprises to compete for a $40,000 grand prize.
They are Swayambhu Biologics (Agriculture, Food & Livelihoods), Aura Herbal (Clean Energy/Technology), Karadi Path (Education & Vocational Training), Kinara Capital (Financial Inclusion), iKure (Health, Water & Sanitation), Spatial Ideas (Technology for Development), MicroGraam (Women Empowerment), and Nokooda (Clean Cookstoves).
In addition, the Sankalp People’s Choice Award went to iMerit.
Aparajita Agrawal, the director of Sankalp Forum, an initiative by India-based financial advisory firm Intellecap to build social enterprises and catalyze impact investment, said she was pleased to see 21 of the 24 finalists operating in India’s low-income states including Jharkhand, Chattisgarh, and Odisha.
“The true impact potential of social enterprises is at the base of the economic pyramid, therefore seeing an operational focus in low income regions of India is extremely encouraging,” she said.
The Awards brought in 165 applicants representing revenue-generating, early-stage enterprises. Although only eight companies were given a chance to grab the grand prize, the finalists selected showed high potential for immediate scale.
“This year’s process also had about 46% of the finalists in growth stage, seeking equity to tap newer geographies and markets,” said Agrawal. “In fact, the average ticket size that each enterprise is looking to raise in equity is close to INR 9 crore ($1.5 million).”
According to a recent tweet, Spatial Ideas and Swayambhu Biologics have been announced as the grand prize winners. Social Enterprise Buzz has reached out to Sankalp to confirm. We will update this post when we hear back from them.
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