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Rang De

2008

Non-profit

Microfinance

1 following

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Details


Region of operation

India

Headquarters address

A 1102, Ajmera Green Acres Bannerghatta Road Bangalore Country: India Zip: 560076

Target problem

90% of the total estimated demand for microcredit of Rs. 200,000 cr was still unmet and that 80% of India’s population still does not have access to any form of credit. RangDe tries to create a platform to lend money to the poor villagers who want to start something of their own but can't get any money.

Key product / Service

Microfinance Platform RangDe

Team size

51-100

Number of beneficiaries

45000

Awards and recognition

  • Won the Bihar Innovation Forum award organised by JEEVIKA (Bihar Rural Livelihoods Promotion Society) of the Government of Bihar
  • 2013 Bangalore Heroes Award
  • 2013 Millennium Alliance Award
  • Ashoka Fellowship in February 2012
  • Won the SAFRG (South Asian International Fund Raising Group) Fund raising Campaign of the year Award
  • 1st Runner's up award for Best Use of Internet for Social Good at the India Digital Awards 2012
  • Manthan South Asia Awards for 2011 under the E-inclusion category

Funding and Operating Model


Funding round

Angel

Total funding raised

Business details

The unique proposition we offer to the social investor is that they have the ability to select an individual borrower to whom the money goes to – based on business activity and geography. Social Investor also has the ability to monitor the progress made by the borrower through a unique wellness score. Rang De engages with a network of grassroot organizations to help in screening borrowers, disbursing the loan and collecting repayments. While the social investor gets a tangible social return and a nominal financial return of 2% flat p.a. or 3.5% APY, the field partners get 5% flat p.a. to cover their operational costs. Rang De charges 1% flat p.a. to cover its transaction costs. Rang De ensures that the borrower pays no more than 8.5% flat p.a. as interest towards the loan. There are no hidden charges or processing fees.