200 Women Entrepreneurs to Receive INR 850 Cr Funding Through Goldman Sachs' Finance for Growth Program Goldman Sachs' funding milestone boosts women-led businesses in India, driving job creation and economic growth through capital access, mentorship, and networking opportunities.
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Goldman Sachs announced that 200 women entrepreneurs from its 10,000 Women Finance for Growth initiative are expected to secure INR 850 crore (USD 100 million) from investors.
This funding milestone will significantly expand these businesses, creating job opportunities and enhancing economic activity across India. The initiative is part of Goldman Sachs' ongoing commitment to support women-led businesses by providing them with access to capital, essential mentorship, and networking opportunities.
Union Minister for Commerce and Industry Piyush Goyal said, "The Goldman Sachs 10,000 Women initiative highlights the untapped potential in women. I am confident they will continue to break barriers and empower others. They are committed to investing in and supporting the progress of women." Goyal highlighted that 3,500 women from this initiative have already generated significant employment, aligning with the government's vision for a developed India (Viksit Bharat) by 2047.
Founded in 2008, the 10,000 Women initiative by Goldman Sachs aims to promote economic growth by offering business education, access to capital, and mentorship for women entrepreneurs globally.
In India, the initiative partners with the Indian School of Business, Hyderabad, and the Indian Institute of Management, Bangalore, to deliver a comprehensive three-month business program.
Since its inception, the program claims to have reached over 200,000 women across 150 countries, including 3,500 in India alone, fostering substantial economic impact through job creation and revenue growth.
The Finance for Growth program, launched in 2023 in collaboration with NSRCEL, IIM Bangalore's incubation arm, focuses on equipping women entrepreneurs with a robust understanding of business finance and connecting them with investment networks.
A study of program participants titled Breaking Barriers: Unlocking the Potential of Women Entrepreneurs revealed that graduates have doubled their workforce, quadrupled revenue, and increased productivity five-fold within 18 months of completion.
Asahi Pompey, global head of Goldman Sachs' Office of Corporate Engagement, stated, "Empowering women entrepreneurs with the right skills, mentorship, and strategic networks to access the right kind of capital at the right time is transformative, not only for their businesses but for broader economic growth."
Sonjoy Chatterjee, CEO of Goldman Sachs India, added, "The Goldman Sachs 10,000 Women Finance for Growth initiative equips women entrepreneurs with a deeper understanding of how they can access external finance for growth. It is a testament to our commitment to support women-led businesses by bridging the credit gap through our network of investors in India."
The event celebrating this milestone included prominent attendees like two-time Oscar-winning producer Guneet Monga, journalist Faye D'Souza, and industry leaders.
