MICROCAPITAL STORY: Pochampally Chenetha Kalanetha Collectives, Samhita Microfinance and Synergics Awarded at the 2008 Srijan Microfinance Business Plan Competition hosted by Intellecap, Standard Chartered Bank, Aavishkaar Goodwell and Financial Express

Srijan recently announced the winners of its 2008 Business Plan Competition, reported by MicroCapital here. Cash prizes were given to the top three contestants, with the first prize sponsored specifically by Standard Chartered Bank. The winners will also have the opportunity to meet investors, though Srijan has not yet specified which investors. All finalists will be able to create accounts on the India Development Gateway Portal, as reported here by MicroCapital.

The equivalent of USD 11,585 was awarded in recognition of Srijan 2008 Best Business Idea Award to G. Muralidhar and Vepoor Murali for their enterprise: the Pochampally Chenetha Kalanetha Collectives. The collective aims to serve weavers of Pochampally, a village near Hyderabad, India. The money will be used connect the weavers through collective organization, eventually provide financial services and facilitate market research. Last year the emerging enterprise had an annual turnover of the equivalent of USD 2.3 million.

The equivalent of USD 4,634 was awarded to Praseeda Kunam of Samhita Microfinance for the Most Promising Business Idea- I Award. Launched in 2007, Samhita Microfinance operates in the central Indian state of Madhya Pradesh. It is the microfinance branch of Samhita Community Development Services, which as of April 2008 has partnered with international nonprofits Unitus, Opportunity International Australia, and the Michael and Susan Dell Foundation. Samhita aims to use economic, health and technological services to focus on poor rural women. Its total equity as of February 5th 2008 was the equivalent of USD 20,284.

Micro-equity investment firm, Synergics, launched by entrepreneurs V. Hitendra Shankar and K. Naveen Chand, also received the equivalent of USD 4,634, for the Most Promising Business Idea- II Award. These entrepreneur’s aim to use Synergics funding to jointly-operate start-up microenterprises through equity, guarantees to commercial banks and professional business development services. No current financial information on Synergics is available.
The Srijan Business Plan Competition is sponsored by Intellicap, Standard Chartered Bank, Aavishkaar Goodwell and Financial Express. MicroCapital has reported on a variety of Intellecap’s previous microfinance initiatives here, including Intellecap research, publications, investments made in Intellecap and Intellecap’s fellowship program.

By Sarah Knapp, Research Assistant

Additional Resources:

Aavishkaar Goodwell

Business Wire Press Release

Financial Express.

Intellicap

MicroCapital.org: 3rd Annual Srijan Microfinance Competition, Intellecap Announces In-house Partnership between its India Development Gateway and its Srijan Competition

Pochampally Chenetha Kalanetha Collectives

Standard Chartered Bank

Synergics

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