Mufin Green, An NBFC for EV Loans, Raises $1 Mn in Funding from Shell Foundation

New Delhi based Mufin Green Finance Limited, formerly APM Finvest Ltd., has raised INR 80,000,000 (approximately USD 1 million) from Shell Foundation, a UK registered charity, reported Economic Times.

Mufin Green Finance is an NBFC catering to Electric Vehicle Loans for income generation purpose. 

The funds raised will be used to create a $2 million joint de-risking pool, known as First Loan Default Guarantee (FLDG). The infusion of funds is expected to unlock commercial capital for financing 2-wheeler and 3- wheeler EVs for low-income transporters in India on a large scale, with the help of larger financial institutions such as IREDA and SBI, paving the way for wider adoption of clean mobility solutions.

The ET report said that the funding is expected to allow Mufin to finance approximately 42,000 EVs, providing more than 210 million rides to low-income groups, and reducing around 0.37 million tons of CO2 over a five-year period.

Founded in 2016, Mufin Green Finance is India's first listed NBFC with a 100% focus on EV financing. With a capital base of 150 Cr and a disbursement history of 250Cr and EV vehicles, Mufin has financed EV assets worth more than 300Cr over the last couple of years. The EV financing company claims to hold a 7-8% market share of Erickshaw financing in our operating territory, spread across 14 states.

A subsidiary of Hindon Mercantile Limited, Mufin Green Finance is backed by Incofin India Progress Fund, a Belgium-based impact investor, as equity partners. Mufin Green's debt partners include State Bank of India, IREDA (India's most trusted financial institution for renewable energy), and Symbiotic, a global impact fund, that has started a partnership in the form of green bonds with Mufin Green.

Earlier this month, industry body CII, in a report titled "Roadmap for Future Mobility 2030", said that — Financing for electric vehicles in India remains a challenge and therefore it is necessary to offer options that can help adjust costs and electric vehicles (EVs) to bring equal to the cost of vehicles with internal combustion engines (ICE).

Meet 10 Women Entrepreneurs Selected As 1st Cohort of POWERED Accelerator

Its been over three months since entrepreneurship programme, POWERED accelerator was launched by UK govt.'s Department for International Development (DFID) India and Shell Foundation in partnership with Zone Startups. Now in a latest upcoming, ten women entrepreneurs have been selected as the first cohort into the POWERED Accelerator programme and will now receive financial and business support to develop their businesses and deliver solutions in access to energy across India.

In April this year, DFID India, Shell Foundation (the independent global charity), Department of Science and Technology, Government of India, and Zone Startups India announced the POWERED Accelerator, touted as a first of its kind entrepreneurship programme focused on twin Sustainable Development Goals of Energy and Diversity. Following the launch in Mumbai, the POWERED Accelerator was launched in six cities across India.

The objective of the POWERED Accelerator is to support female-led ventures by helping them expand their innovative and consumer-responsive products and services; the ultimate goal being to empower women-owned and managed businesses in the energy space. The accelerator is focused on core themes of access to energy, sustainable mobility, waste to value, energy efficiency, and smart energy solutions.

More than 130 women entrepreneurs applied to the accelerator programme from varied backgrounds, all having created innovative solutions in the energy sector. The startups were evaluated based on the applicant’s background, innovativeness, scale of impact, problem solution fit, clarity of thought, and programme fit. The top-ten entrepreneurs selected for the first cohort will now receive support for one year to scale their business including a six-week residential mentoring programme and access to an equity-free seed fund of $10,000 each.

“We know that given the right opportunities, women can play a critical role across the energy-value chain. As energy enterprises scale-up in India they provide rural and low-income women with new opportunities to generate income and achieve greater economic empowerment. Through the POWERED programme we will work towards strengthening the ecosystem for more women-owned and managed businesses across the energy value chain. We are confident that these 10 women entrepreneurs will enable greater inclusion and sustainability towards a more energy secure and equitable future for all.” – Gavin McGillivray, Head DFID India

“Shell Foundation is excited to see the first cohort of high quality female entrepreneurs come through the POWERED Accelerator programme. We believe these inspiring women have the potential to deliver long-term energy and mobility solutions that address market gaps and break down some of the barriers that are preventing low-income consumers from accessing these critical services. The Accelerator programme is one element of the POWERED initiative, a partnership between DFID India and Shell Foundation, which will deliver 5000 jobs, and support more than 100 women-owned micro-enterprises in rural and urban India.” – Sam Parker, Director – Shell Foundation

“At the time of launching POWERED Accelerator, we were not sure of the number of women-entrepreneur led start-ups in the extended energy sector. After 6-roadshows, and close to 2 months of extensive campaigning, we ended up getting more than 130 high-quality applications. Selecting only 10 from a shortlist of 30 businesses was a tough task. We see the entire application pool as a part of a larger funnel of start-ups that presents us with an opportunity to build other interventions in this niche ecosystem. We have some great partners onboard, and we look forward to making the first cohort a grand success" - Ajay Ramasubramaniam, Director - Zone Startups India

The cohort comprises of start-ups in areas ranging from access to energy, water conservation, application of energy in agriculture, easy finance, last-mile distribution, waste to fuel and more.

The Cohort:

Simmi Sareen, Loans4SME

Srujana Raghupatruni, Cellerite Systems

Puspalata Pani, Kumidini Enterprise

Mousumi Medhi, HoneyComb Inventions

Amishi Parasrampuria, Upcycler's Lab

Kavita Aggarwal, BluPrints

Ruchi Jain, Taru Naturals

Manvi Dhawan, Agnij-Adjustable Thermoelectric Power Generator

Neha Upadhyaya, Guna

Nidhi Pant, S4S Technologies

1.      Simmi Sareen, Loans4SME 

Simmi is a veteran in financial services with more than 19 years of experience in credit and lending. She is head of the Mumbai-based startup Loans4SME, which is an alternative lending platform that connects businesses with debt providers. They aim to help small businesses navigate the complexities of the lending market, all the while enabling lenders to invest in the right company. The next step is to create products and structures that expand supply of capital for renewable energy beyond the currently existing lenders.

 

2.     Srujana Raghupatruni, Cellerite Systems 

Srujana is a postgraduate in Power Systems from IIT Delhi with 7 years’ experience in teaching Electrical Engineering to graduates and undergraduates. She is the Founder and CTO of Hyderabad-based startup Cellerite Systems that is developing an innovative Electric Vehicle charger that focuses on reducing the charging time of the vehicle, thereby increasing the travel range of these vehicles. 

3.     Puspalata Pani, M/S KUMUDINI ENTERPRISE 

Puspalata has a Master’s Degree in Social Work (MSW) and Rural Management with 19 years of experience in youth leadership development. She is the Co-Founder of and manages operations at Odisha-based startup M/S Kumudini Enterprise, an organisation, which is completely run by women, that aims to provide energy services and devices in rural communities, with a special focus on Particularly Vulnerable Tribal Groups (PVTGs). They also promote training and capacity building of the rural communities with an emphasis on the women in the community. 

4.    Mousumi Medhi, HoneyComb Inventions 

Mousumi has 8 years of experience in project management and holds an MBA Degree. She is the CEO of Mumbai-based startup HoneyComb Inventions, which is aimed at enhancing the duration of power back up supplies of healthcare facilities. 

5.     Amishi Parasrampuria, Upcycler's Lab 

Amishi has 4 years of experience as a social entrepreneur in the field of sustainability. She is the Founder of Mumbai-based startup Upcycler’s Lab, which makes sustainability-based learning tools for children above the age of five. They aim to create awareness and educate children on the need for sustainability in accordance with UN SDG 12 – Responsible Consumption and Production. 

6.    Kavita Aggarwal, BluPrints 

Kavita has core experience in Embedded Systems Design, in Building ATC and War-Room communication infrastructure for IAF. She also holds an MBA degree from University of Leeds and an MCA Degree from IMT, Ghaziabad. She is the Founder and CEO of Delhi-NCR-based BluPrints, an R&D Driven Embedded Systems Technology Company specializing in Retail-Tech and Fin-Tech Devices. One of the focuses being a system designed for electricity billing. 

7.     Ruchi Jain, Taru Naturals 

Ruchi holds a Master’s Degree in Environment Change and Management from Oxford University. She has also worked with the Ministry of New and Renewable Energy, European Academies Sciences Council and as a Campaigner with 350.org and Indian Youth Climate Network. She is the Founder and CEO of Mumbai-based Taru Naturals, which is a network that connects farmer communities with clean technology and renewable energy. It is an ecosystem builder for small-scale farmers, wherein they mobilise the village community to adopt sustainable methods of agriculture such as solar power pumps, solar dryers, etc. 

8.   Manvi Dhawan, Agnij-Adjustable Thermoelectric Power Generator

Manvi has 2 years of experience in project management and systems engineering, she also holds a Master’s Degree in Aerospace Engineering from IIT Bombay. She is the CEO and CFO of Mumbai-based Agnij- Adjustable Thermoelectric Power Generator, which is developing a product called Agnij. Agnij is a thermo-electric belt, which can be placed around any heated vessel or chullahs to use waste heat. 

9.    Neha Upadhyaya, Guna

Neha is an organic macrobiotic coach based in New Delhi. She is the Founder of New-Delhi based Guna, which trains rural women farmers in Ladakh and Sikkim to develop eco model villages through a focus on organic farming and the use of solar energy in post-harvest management by the use of solar dryers, solar pumps, etc.

10.Nidhi Pant, S4S Technologies

Nidhi is a social entrepreneur who holds a Bachelor’s Degree in Chemical Engineering. She is one of the Co-Founders of Mumbai-based S4S Technologies and heads marketing and sales in the company. S4S Technologies manufactures solar dehydrators that are used by farmers for food preservation; they also provide the farmers market linkage to sell these dehydrated food products. 

As part of the broader aim of the programme, the accelerator will also be organising ecosystem development activities, grand challenges, a one-week residential boot camp, and an incubator for women in energy.

Zone Startups India will continue accepting applications for the next cohort on the website of the POWERED Accelerator - powered.org.in/accelerator/

Set up as a joint initiative of Shell Foundation and Zone Startups, and funded by DFID India (UK Government) and DST Government of India, the objective of the POWERED Accelerator is to support selected ventures, by helping them expand their innovative and consumer-responsive services, products, and financing; with an ultimate goal to increase economic empowerment of women-owned businesses in the energy space.

Meet 10 Women Entrepreneurs Selected As 1st Cohort of POWERED Accelerator

Its been over three months since entrepreneurship programme, POWERED accelerator was launched by UK govt.'s Department for International Development (DFID) India and Shell Foundation in partnership with Zone Startups. Now in a latest upcoming, ten women entrepreneurs have been selected as the first cohort into the POWERED Accelerator programme and will now receive financial and business support to develop their businesses and deliver solutions in access to energy across India.

In April this year, DFID India, Shell Foundation (the independent global charity), Department of Science and Technology, Government of India, and Zone Startups India announced the POWERED Accelerator, touted as a first of its kind entrepreneurship programme focused on twin Sustainable Development Goals of Energy and Diversity. Following the launch in Mumbai, the POWERED Accelerator was launched in six cities across India.

The objective of the POWERED Accelerator is to support female-led ventures by helping them expand their innovative and consumer-responsive products and services; the ultimate goal being to empower women-owned and managed businesses in the energy space. The accelerator is focused on core themes of access to energy, sustainable mobility, waste to value, energy efficiency, and smart energy solutions.

More than 130 women entrepreneurs applied to the accelerator programme from varied backgrounds, all having created innovative solutions in the energy sector. The startups were evaluated based on the applicant’s background, innovativeness, scale of impact, problem solution fit, clarity of thought, and programme fit. The top-ten entrepreneurs selected for the first cohort will now receive support for one year to scale their business including a six-week residential mentoring programme and access to an equity-free seed fund of $10,000 each.

“We know that given the right opportunities, women can play a critical role across the energy-value chain. As energy enterprises scale-up in India they provide rural and low-income women with new opportunities to generate income and achieve greater economic empowerment. Through the POWERED programme we will work towards strengthening the ecosystem for more women-owned and managed businesses across the energy value chain. We are confident that these 10 women entrepreneurs will enable greater inclusion and sustainability towards a more energy secure and equitable future for all.” – Gavin McGillivray, Head DFID India

“Shell Foundation is excited to see the first cohort of high quality female entrepreneurs come through the POWERED Accelerator programme. We believe these inspiring women have the potential to deliver long-term energy and mobility solutions that address market gaps and break down some of the barriers that are preventing low-income consumers from accessing these critical services. The Accelerator programme is one element of the POWERED initiative, a partnership between DFID India and Shell Foundation, which will deliver 5000 jobs, and support more than 100 women-owned micro-enterprises in rural and urban India.” – Sam Parker, Director – Shell Foundation

“At the time of launching POWERED Accelerator, we were not sure of the number of women-entrepreneur led start-ups in the extended energy sector. After 6-roadshows, and close to 2 months of extensive campaigning, we ended up getting more than 130 high-quality applications. Selecting only 10 from a shortlist of 30 businesses was a tough task. We see the entire application pool as a part of a larger funnel of start-ups that presents us with an opportunity to build other interventions in this niche ecosystem. We have some great partners onboard, and we look forward to making the first cohort a grand success" - Ajay Ramasubramaniam, Director - Zone Startups India

The cohort comprises of start-ups in areas ranging from access to energy, water conservation, application of energy in agriculture, easy finance, last-mile distribution, waste to fuel and more.

The Cohort:

Simmi Sareen, Loans4SME

Srujana Raghupatruni, Cellerite Systems

Puspalata Pani, Kumidini Enterprise

Mousumi Medhi, HoneyComb Inventions

Amishi Parasrampuria, Upcycler's Lab

Kavita Aggarwal, BluPrints

Ruchi Jain, Taru Naturals

Manvi Dhawan, Agnij-Adjustable Thermoelectric Power Generator

Neha Upadhyaya, Guna

Nidhi Pant, S4S Technologies

1.      Simmi Sareen, Loans4SME 

Simmi is a veteran in financial services with more than 19 years of experience in credit and lending. She is head of the Mumbai-based startup Loans4SME, which is an alternative lending platform that connects businesses with debt providers. They aim to help small businesses navigate the complexities of the lending market, all the while enabling lenders to invest in the right company. The next step is to create products and structures that expand supply of capital for renewable energy beyond the currently existing lenders.

 

2.     Srujana Raghupatruni, Cellerite Systems 

Srujana is a postgraduate in Power Systems from IIT Delhi with 7 years’ experience in teaching Electrical Engineering to graduates and undergraduates. She is the Founder and CTO of Hyderabad-based startup Cellerite Systems that is developing an innovative Electric Vehicle charger that focuses on reducing the charging time of the vehicle, thereby increasing the travel range of these vehicles. 

3.     Puspalata Pani, M/S KUMUDINI ENTERPRISE 

Puspalata has a Master’s Degree in Social Work (MSW) and Rural Management with 19 years of experience in youth leadership development. She is the Co-Founder of and manages operations at Odisha-based startup M/S Kumudini Enterprise, an organisation, which is completely run by women, that aims to provide energy services and devices in rural communities, with a special focus on Particularly Vulnerable Tribal Groups (PVTGs). They also promote training and capacity building of the rural communities with an emphasis on the women in the community. 

4.    Mousumi Medhi, HoneyComb Inventions 

Mousumi has 8 years of experience in project management and holds an MBA Degree. She is the CEO of Mumbai-based startup HoneyComb Inventions, which is aimed at enhancing the duration of power back up supplies of healthcare facilities. 

5.     Amishi Parasrampuria, Upcycler's Lab 

Amishi has 4 years of experience as a social entrepreneur in the field of sustainability. She is the Founder of Mumbai-based startup Upcycler’s Lab, which makes sustainability-based learning tools for children above the age of five. They aim to create awareness and educate children on the need for sustainability in accordance with UN SDG 12 – Responsible Consumption and Production. 

6.    Kavita Aggarwal, BluPrints 

Kavita has core experience in Embedded Systems Design, in Building ATC and War-Room communication infrastructure for IAF. She also holds an MBA degree from University of Leeds and an MCA Degree from IMT, Ghaziabad. She is the Founder and CEO of Delhi-NCR-based BluPrints, an R&D Driven Embedded Systems Technology Company specializing in Retail-Tech and Fin-Tech Devices. One of the focuses being a system designed for electricity billing. 

7.     Ruchi Jain, Taru Naturals 

Ruchi holds a Master’s Degree in Environment Change and Management from Oxford University. She has also worked with the Ministry of New and Renewable Energy, European Academies Sciences Council and as a Campaigner with 350.org and Indian Youth Climate Network. She is the Founder and CEO of Mumbai-based Taru Naturals, which is a network that connects farmer communities with clean technology and renewable energy. It is an ecosystem builder for small-scale farmers, wherein they mobilise the village community to adopt sustainable methods of agriculture such as solar power pumps, solar dryers, etc. 

8.   Manvi Dhawan, Agnij-Adjustable Thermoelectric Power Generator

Manvi has 2 years of experience in project management and systems engineering, she also holds a Master’s Degree in Aerospace Engineering from IIT Bombay. She is the CEO and CFO of Mumbai-based Agnij- Adjustable Thermoelectric Power Generator, which is developing a product called Agnij. Agnij is a thermo-electric belt, which can be placed around any heated vessel or chullahs to use waste heat. 

9.    Neha Upadhyaya, Guna

Neha is an organic macrobiotic coach based in New Delhi. She is the Founder of New-Delhi based Guna, which trains rural women farmers in Ladakh and Sikkim to develop eco model villages through a focus on organic farming and the use of solar energy in post-harvest management by the use of solar dryers, solar pumps, etc.

10.Nidhi Pant, S4S Technologies

Nidhi is a social entrepreneur who holds a Bachelor’s Degree in Chemical Engineering. She is one of the Co-Founders of Mumbai-based S4S Technologies and heads marketing and sales in the company. S4S Technologies manufactures solar dehydrators that are used by farmers for food preservation; they also provide the farmers market linkage to sell these dehydrated food products. 

As part of the broader aim of the programme, the accelerator will also be organising ecosystem development activities, grand challenges, a one-week residential boot camp, and an incubator for women in energy.

Zone Startups India will continue accepting applications for the next cohort on the website of the POWERED Accelerator - powered.org.in/accelerator/

Set up as a joint initiative of Shell Foundation and Zone Startups, and funded by DFID India (UK Government) and DST Government of India, the objective of the POWERED Accelerator is to support selected ventures, by helping them expand their innovative and consumer-responsive services, products, and financing; with an ultimate goal to increase economic empowerment of women-owned businesses in the energy space.

First of Its Kind Women Entrepreneurship Program Focused on Energy Business Announced By DFID India, Shell Foundation and Zone Startups

The Department for International Development (DFID) India and Shell Foundation in partnership with Zone Startups India announced the POWERED Entrepreneurship program. This is a first of its kind program, globally, to nurture and support women entrepreneurs building ventures in the energy value chain. The programme invites applications from women entrepreneurs building innovative growth and early-stage companies with disruptive technologies and business model innovations.

The POWERED programme aims to address today’s economic problems related to energy access, and tomorrow’s opportunities by empowering women entrepreneurs thereby addressing several of the 17 Sustainable Development Goals.

Interestes women entrepreneurs in energy business can apply for the program here.

The other partners to the program include Department of Science and Technology (Government of India), Microsoft and HDFC Bank.

“At Shell Foundation, we believe integrating gender-inclusion strategies leads to better performing businesses. Women entrepreneurs have limited access to blend of early-stage support and capital they require to grow sustainably. This program is a unique opportunity to create an enabling ecosystem to nurture and support women entrepreneurs innovating in the energy value chain through products and business models,” says Sam Parker, Director, Shell Foundation.

“The UK’s department for international development has always put girls and women at the heart of all its interventions. DFID's Strategic Vision for Girls and Women has set out to achieve ambitious targets enhancing the economic empowerment of girls and women in developing countries by helping 18 million women to access financial services, and 4.5 million women to strengthen their property rights. The key channels through which girls and women can become economically empowerment include work (employment, enterprise and livelihoods), access to financial services and other economic resources, vocational and technical skills and training and social protection for the poorest and most vulnerable. The wider environment is also critical, both in terms of a formal institutions such as a conducive investment climate and informal institutions such as supportive social and cultural norms,” says DFID India spokesperson.

Uniquely set-up as a hybrid program that comprises an accelerator program, a series of bootcamps, workshops, industry engagements and a community of women entrepreneurs; POWERED seeks to select up to 30 entrepreneurs in two cohorts. The program aims to work with a wider set of entrepreneurs in the energy access space through bootcamps and a community network, to reach a larger number of women entrepreneurs in the energy access sector.

Zone Startups India will provide end-to-end program management of POWERED.

Established in India in 2014, Zone Startups has been at the forefront of startup and entrepreneurship programs in India. Starting with a first program, Zone Startups India, in partnership with BSE Institute and Department of Science and Technology, has gone onto establish corporate accelerators and innovation programs with leading partners such as Barclays, Axis Bank, Kerala Startup Mission, Lodha Group, Visa, EY India, Viacom18, HDFC Bank and ICICI Lombard in a short span.

“This partnership with Shell Foundation and DFID India is something unique and exciting for us,” says Ajay Ramasubramaniam, Director (India), Zone Startups. “Shell Foundation is a global leader enabling access to energy and economic growth. We have had good success working with women entrepreneurs through our flagship initiative empoWer. Now, with Shell Foundation bringing in their knowledge and deep-domain expertise in the energy access domain, and we bringing in our ability to identify and onboard strong women entrepreneurs, POWERED is a very compelling program for women entrepreneurs building ventures in the energy access vertical. It is all the more exciting for us, as through this initiative, we have broadened our focus to work with tech and non-tech entrepreneurs,” he adds.

Modelled on the successful format of empoWer, POWERED will comprise of a 6-week residential accelerator program that will open-up industry connects for the cohort, in addition to mentorship, professional services, access to investors, entrepreneurial connect and networking opportunities.

Additionally, some of the selected startups will also be eligible to get a $10,000 grant funding from the program, which will allow them to cover costs during the accelerator phase; as well as incur operating expenses. Post accelerator phase, the selected entrepreneurs will be eligible for Shell Foundation’s investment committee to evaluate the metrics for possible grant investments. All startups accepted into the program, automatically get to access Zone Startups network of accelerators, resources and partnerships.

Shell Foundation and Zone Startups India will be conducting roadshows in Mumbai, Bangalore, Ahmedabad, Chennai, Shillong, Dehradun and Delhi to talk about the benefits of the program, and engage local entrepreneurs with the leadership team at Shell Foundation. The program will accept applications until 18th June 2018, with the launch of the cohort in July 2018.

Speaking about Zone Startups, it is a leading global technology accelerator, and early stage investment fund, with multiple accelerator programs and entrepreneurship initiatives across Canada, India and Vietnam. In India, the flagship program is Zone Startups India, established in 2014 as a partnership between Ryerson Futures Inc. and BSE Institute; partly funded by Department of Science & Technology, GOI. Since then, in India, Zone Startups has also lent its program set-up and management expertise to leading corporates such as Lodha Group, EY, Visa, Viacom18, Thomson Reuters, Barclays, KSUM, Publicis, CapGemini, Axis Bank and ICICI Lombard to name a few. Zone Startups India also operates empoWer, India’s only tech accelerator for women entrepreneurs.

In February, Zone Startups has been chosen by the Canadian Government and Indian Government to establish a new bi-lateral program to support entrepreneurs from both countries, through a market access program. The program is jointly funded by respective ministries from Canada and India, under the aegis of the Canada-India S&T Agreement.

Zone Startups India also recently completed 5-years of its annual Next Big India Contest; wherein it identifies 5 hi tech Indian startups through a competitive application process, and provides them with a market access trip to Canada. In the past 5 years, 27 companies have benefited from this initiative, and some notable names include CitrusPay, Konotor, Shield Square, Maya App, AdSparx, Vidooly etc.

This month, US Embassy had too launched the Nexus Startup Hub at the American Center in Delhi, with emphasis on women entrepreneurship.

Speaking about DFID, it is a United Kingdom government department responsible for administering overseas aid. The goal of the department is "to promote sustainable development and eliminate world poverty". DFID is headed by the United Kingdom's Secretary of State for International Development.

[Top Image - Sintesistv.com.mx]

First of Its Kind Women Entrepreneurship Program Focused on Energy Business Announced By DFID India, Shell Foundation and Zone Startups

The Department for International Development (DFID) India and Shell Foundation in partnership with Zone Startups India announced the POWERED Entrepreneurship program. This is a first of its kind program, globally, to nurture and support women entrepreneurs building ventures in the energy value chain. The programme invites applications from women entrepreneurs building innovative growth and early-stage companies with disruptive technologies and business model innovations.

The POWERED programme aims to address today’s economic problems related to energy access, and tomorrow’s opportunities by empowering women entrepreneurs thereby addressing several of the 17 Sustainable Development Goals.

Interestes women entrepreneurs in energy business can apply for the program here.

The other partners to the program include Department of Science and Technology (Government of India), Microsoft and HDFC Bank.

“At Shell Foundation, we believe integrating gender-inclusion strategies leads to better performing businesses. Women entrepreneurs have limited access to blend of early-stage support and capital they require to grow sustainably. This program is a unique opportunity to create an enabling ecosystem to nurture and support women entrepreneurs innovating in the energy value chain through products and business models,” says Sam Parker, Director, Shell Foundation.

“The UK’s department for international development has always put girls and women at the heart of all its interventions. DFID's Strategic Vision for Girls and Women has set out to achieve ambitious targets enhancing the economic empowerment of girls and women in developing countries by helping 18 million women to access financial services, and 4.5 million women to strengthen their property rights. The key channels through which girls and women can become economically empowerment include work (employment, enterprise and livelihoods), access to financial services and other economic resources, vocational and technical skills and training and social protection for the poorest and most vulnerable. The wider environment is also critical, both in terms of a formal institutions such as a conducive investment climate and informal institutions such as supportive social and cultural norms,” says DFID India spokesperson.

Uniquely set-up as a hybrid program that comprises an accelerator program, a series of bootcamps, workshops, industry engagements and a community of women entrepreneurs; POWERED seeks to select up to 30 entrepreneurs in two cohorts. The program aims to work with a wider set of entrepreneurs in the energy access space through bootcamps and a community network, to reach a larger number of women entrepreneurs in the energy access sector.

Zone Startups India will provide end-to-end program management of POWERED.

Established in India in 2014, Zone Startups has been at the forefront of startup and entrepreneurship programs in India. Starting with a first program, Zone Startups India, in partnership with BSE Institute and Department of Science and Technology, has gone onto establish corporate accelerators and innovation programs with leading partners such as Barclays, Axis Bank, Kerala Startup Mission, Lodha Group, Visa, EY India, Viacom18, HDFC Bank and ICICI Lombard in a short span.

“This partnership with Shell Foundation and DFID India is something unique and exciting for us,” says Ajay Ramasubramaniam, Director (India), Zone Startups. “Shell Foundation is a global leader enabling access to energy and economic growth. We have had good success working with women entrepreneurs through our flagship initiative empoWer. Now, with Shell Foundation bringing in their knowledge and deep-domain expertise in the energy access domain, and we bringing in our ability to identify and onboard strong women entrepreneurs, POWERED is a very compelling program for women entrepreneurs building ventures in the energy access vertical. It is all the more exciting for us, as through this initiative, we have broadened our focus to work with tech and non-tech entrepreneurs,” he adds.

Modelled on the successful format of empoWer, POWERED will comprise of a 6-week residential accelerator program that will open-up industry connects for the cohort, in addition to mentorship, professional services, access to investors, entrepreneurial connect and networking opportunities.

Additionally, some of the selected startups will also be eligible to get a $10,000 grant funding from the program, which will allow them to cover costs during the accelerator phase; as well as incur operating expenses. Post accelerator phase, the selected entrepreneurs will be eligible for Shell Foundation’s investment committee to evaluate the metrics for possible grant investments. All startups accepted into the program, automatically get to access Zone Startups network of accelerators, resources and partnerships.

Shell Foundation and Zone Startups India will be conducting roadshows in Mumbai, Bangalore, Ahmedabad, Chennai, Shillong, Dehradun and Delhi to talk about the benefits of the program, and engage local entrepreneurs with the leadership team at Shell Foundation. The program will accept applications until 18th June 2018, with the launch of the cohort in July 2018.

Speaking about Zone Startups, it is a leading global technology accelerator, and early stage investment fund, with multiple accelerator programs and entrepreneurship initiatives across Canada, India and Vietnam. In India, the flagship program is Zone Startups India, established in 2014 as a partnership between Ryerson Futures Inc. and BSE Institute; partly funded by Department of Science & Technology, GOI. Since then, in India, Zone Startups has also lent its program set-up and management expertise to leading corporates such as Lodha Group, EY, Visa, Viacom18, Thomson Reuters, Barclays, KSUM, Publicis, CapGemini, Axis Bank and ICICI Lombard to name a few. Zone Startups India also operates empoWer, India’s only tech accelerator for women entrepreneurs.

In February, Zone Startups has been chosen by the Canadian Government and Indian Government to establish a new bi-lateral program to support entrepreneurs from both countries, through a market access program. The program is jointly funded by respective ministries from Canada and India, under the aegis of the Canada-India S&T Agreement.

Zone Startups India also recently completed 5-years of its annual Next Big India Contest; wherein it identifies 5 hi tech Indian startups through a competitive application process, and provides them with a market access trip to Canada. In the past 5 years, 27 companies have benefited from this initiative, and some notable names include CitrusPay, Konotor, Shield Square, Maya App, AdSparx, Vidooly etc.

This month, US Embassy had too launched the Nexus Startup Hub at the American Center in Delhi, with emphasis on women entrepreneurship.

Speaking about DFID, it is a United Kingdom government department responsible for administering overseas aid. The goal of the department is "to promote sustainable development and eliminate world poverty". DFID is headed by the United Kingdom's Secretary of State for International Development.

[Top Image - Sintesistv.com.mx]