While women have been under-represented in the business front for a long time, the past few years have witnessed a change in this norm. While in 2014, the 6th economic census concluded that only 14% of businesses are owned or run by women, the numbers have certainly improved in recent times. For instance,
- Close to 38% of the start-ups in India have women directors.
- Women make up 14% of the total entrepreneurship representation in India.
While these figures might still be behind the global average for women in business, they are certainly improving steadily. In this regard, the introduction of various schemes and loans for women has been remarkably significant in aiding them to set up their endeavours.
Here is a look at some of the exemplary success stories of Indian women in business outlining how prospective female entrepreneurs can transform their start-up dreams into reality.
Top businesswomen in India – A look at their success stories
- Kiran Mazumdar Shaw
Founder of the biotechnology company Biocon Limited, Kiran Mazumdar Shaw was named the 65th most powerful woman globally by Forbes magazine in 2019. With a net worth of approximately $3.1 billion, she is arguably one of the most successful women in business in the Indian entrepreneurial context. Her company, at present, has expanded to biopharmaceuticals, alongside manufacturing industrial enzymes, in its portfolio.
- Alice G. Vaidyan
The Managing Director and Chairman of General Insurance Corporation of India, Alice G. Vaidyan was named ‘Woman CEO of the Year’ at the 2019 Women Leadership Awards by ETPrime. Vaidyan’s contribution to raising GIC’s market share from 55% to 65% is noteworthy.
- Vandana Luthra
The chairperson of the Beauty and Wellness Sector Skill Council, Luthra started VLCC in 1989. Over the years, the company has evolved to be among the most prominent contributors in its sector. Vandana Luthra was awarded the Padmashree in 2013 by President Pranab Mukherjee. She has set precedence on how to build a business brand successfully.
- Falguni Nayar
One of the most notable success stories of recent times, Falguni Nayyar founded the e-commerce start-up Nykaa.com in 2012. As of 2017, Nayar had a net worth of Rs.280 crores. While initially the portal was dedicated to selling beauty and wellness products, in 2015, Nykaa expanded its operations to include the production of in-house branded items.
In this regard, it is worth mentioning that in recent times the easy availability of business loan for women have allowed businesswomen to expand the scope of their ventures easily.
- Upasana Taku
One of the co-founders of MobiKwik – a mobile-based digital wallet app, Upasana Taku has had an illustrious career with remarkable achievements. With a degree from Stanford University, she was employed at PayPal in the US until she decided to get on-board MobiKwik as a co-founder in 2008.
These are currently among the most notable women entrepreneurs in India who have paved the way for more such success stories in India.
- As per a report published in the Economic Times, India can add $700 billion to its economy if the percentage of working women in the country reaches a global average of 48%.
To encourage women engagement in entrepreneurial initiatives and tap their potential, the Government of India, alongside other financial institutions, has introduced several loans for women, which can finance large-scale business requirements.
Following is an overlook on what women entrepreneurs need to know about financing their business through these loans.
These business loans, available up to an amount of Rs.30 lakh, come with no end-use restrictions that allow borrowers to meet diverse business funding requirements conveniently. Be it to run a successful restaurant business or to expand a boutique line; these loans can be utilised to fund any type of entrepreneurial venture. Furthermore, the minimum eligibility and business loan document requirements from lending institutions like Bajaj Finserv make these advances more easily accessible to women.
The lender also makes availing advances faster and easier with their pre-approved offers. These offers, available on business loans, personal loans and several other financial products make funding readily available for women entrepreneurs. One cancheck the pre-approved offer by providing their name and contact number.
With such loans for women and heightened opportunities, bridging the gender gap to realise the goals of female entrepreneurs in India has become significantly easier.