The Inspiring Journey of Kalpana Mali: From Job-Seeker to Entrepreneur
What does it take for a woman from a small village to transform her life and become a successful entrepreneur? Kalpana Mali’s journey from a job-seeking graduate to a thriving business owner offers some compelling answers. With a blend of determination and support from fintech innovations, women like Kalpana are reshaping the landscape of entrepreneurship in rural India. Her story is not just about personal success; it reflects a broader movement towards empowering women through technology and finance.
Discovering Opportunities in Unlikely Places
Kalpana’s entrepreneurial journey began unexpectedly when she stumbled upon YouTube videos demonstrating how to make cold-pressed oils from various sources like peanuts, mustard seeds, and almonds. With the market increasingly leaning towards healthier alternatives, she recognized a golden opportunity. However, the path to entrepreneurship was fraught with challenges. Lacking a credit score or financial backing, securing a loan seemed impossible. Yet, Kalpana’s determination shone through; she mortgaged her gold and took a loan from Mann Deshi Mahila Sahakari Bank to kickstart her venture, KalpNil Naturals.
Building a Business with Community Support
Joining Mann Deshi’s Chambers of Commerce was a pivotal step for Kalpana. This membership not only helped her obtain an FSSAI license but also provided her with essential resources for branding and packaging her products. Her participation in exhibitions and her commitment to both B2C and B2B sales began to yield results. Kalpana’s business rapidly grew, demonstrating the power of community support and collaboration in entrepreneurship.
Leveraging Digital Platforms for Growth
The partnership between Mann Deshi Foundation and ONDC (Open Network for Digital Commerce) proved to be a game-changer for Kalpana. By registering her business online, she expanded her reach beyond Maharashtra, receiving orders from across India, including states like Haryana, Jharkhand, Kolkata, Chennai, Lucknow, and Odisha. In just four months, she received orders for over 500 liters of cold-pressed oils, generating an impressive revenue of INR 200,000. This success underscores the importance of digital platforms in enabling rural entrepreneurs to thrive.
Voices of Empowerment at the Global Fintech Festival
Kalpana, along with fellow rural women entrepreneurs Rupali and Vanita, is set to take the stage at the upcoming Global Fintech Festival. They aim to discuss how fintech can further empower women like them to grow their businesses. Their expectations from the festival are clear: they want fintech platforms to listen, engage, and recognize them as active participants in India’s digital journey. These women aspire to own assets, control their finances, and build businesses on their terms, seeking empowerment through partnership rather than mere financial transactions.
The Role of UPI and Digital Public Infrastructure
The success of UPI (Unified Payments Interface) in India is a testament to how fintech can transform lives. UPI has penetrated even the most remote villages, enabling women to engage in financial transactions with ease. The critical question now is how these fintech platforms can help women gain control over their finances, thereby facilitating their journey as successful entrepreneurs.
Moreover, the microcredit industry has also played a significant role in empowering women. By providing access to capital, it has allowed women to invest in their businesses, leading to economic growth. When women are given opportunities, they thrive, and the economy flourishes.
E-Commerce as a Catalyst for Change
Kalpana’s success story exemplifies how e-commerce, supported by digital public infrastructure, can empower women entrepreneurs. Platforms like ONDC provide women with a sales and payment trajectory, which not only helps them secure orders but also creates a digital history that lenders can rely on. This digital footprint reduces risks for lenders, making them more willing to offer loans, even to those without a traditional credit rating. By leveraging AI, fintech can automatically calculate a pre-credit score based on transaction history, further facilitating access to capital for women entrepreneurs.
Overcoming Skepticism and Building Resilience
Women entrepreneurs often face skepticism from their families, friends, and the broader ecosystem. Bankers may doubt their ability to repay loans, while vendors might question their operational capabilities. Surrounded by naysayers, these women often find that their courage becomes their most valuable asset. Kalpana’s journey illustrates the resilience required to overcome such challenges and the importance of support systems in fostering entrepreneurial spirit.
Learning from Women Entrepreneurs
When women like Kalpana share their experiences at platforms like the Global Fintech Festival, they provide invaluable insights that can help sensitize the ecosystem. Understanding the challenges faced by women entrepreneurs can bridge the gaps in the supply side of the financial ecosystem. If fintech companies actively listen to the voices of women innovators, disruptors, and job creators, they can implement changes that empower not just women but the economy as a whole.
A Call for Tailored Solutions
The Global Fintech Festival presents an opportunity for the fintech community to empower women like Kalpana, Rupali, and Vanita while also learning from them. By listening to their experiences, fintech innovators can develop customized products and services that cater to the specific needs of women entrepreneurs. This approach not only benefits women by providing tailored solutions but also empowers fintech companies to reach and include those who have been historically excluded from the digital economy.
Kalpana’s journey from a struggling job seeker to a successful entrepreneur is a powerful narrative that highlights the transformative potential of digital platforms and supportive financial ecosystems. It is essential for fintech providers to come together at such festivals to listen, innovate, and empower women. After all, while platforms like ONDC have empowered Kalpana, it is equally true that these platforms are enriched by the presence of women like her.
(Chetna Gala Sinha, Founder and Chairperson, Mann Deshi Bank and Mann Deshi Foundation, with inputs from Anagha Kamath.)
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