MICROCAPITAL BRIEF: UK, Silicon Valley Entrepreneurs Set Sights on India with Shanti Microfinance Fund

A number of UK and Silicon Valley entrepreneurs, including Brent Hoberman, founder of Lastminute.com, and venture capitalist John Hummer, one of the early investors in Napster, have gathered to back Shanti Microfinance, a not-for-profit microfinance fund founded and headed by Sheetal Mehta Walsh, who was till recently the Director of Venture Capital Relations at computing giant Microsoft.

Also supported by Edward Hoare of Hoare’s Bank; JP Rangaswami, chief scientist of software service provider Salesforce; and Ken Olisa, chairman of private equity investor Restoration Partners and board member of the Thomson Reuters news service, Shanti fund is aimed at providing entrepreneurial know-how and financing to Indian startups. It aims to raise approximately GBP 500,000 (the equivalent of USD 772,000) in donations. The funds will be lent out to startups at 12 percent, and this interest will be used to cover administrative costs rather than being distributed to investors. Shanti Microfinance expects to fund 2,000 entrepreneurs in Vasan and Juhapura in Gujarat, India, with expansion into Mumbai planned for 2011.

By Paul K Kim, Research Associate

ABOUT Shanti Microfinance:
Shanti Microfinance is a not-for-profit microfinance fund founded and headed by Sheetal Mehta Walsh, who was previously the Director of Venture Capital Relations at Microsoft. It aims to help donors participate in grass roots development and philanthropic opportunities without the need to build their own corporate social responsibility strategies. Shanti is currently working with entrepreneurs in Gujarat, India, leveraging microfinance and technology.

SOURCES:
[1] The Economic Times. “UK and silicon valley entrepreneurs start Indian microfinance fund” http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/finance/uk-and-silicon-valley-entrepreneurs-start-indian-microfinance-fund/articleshow/7158026.cms

MicroCapital’s Microfinance Universe Profile: Shanti Microfinance

https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Shanti+Microfinance

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