Naveen Raju, Executive Director- TiE Mumbai, said, “As we celebrate International Women’s Day, we are reminded of the immense talent, strength, and resilience of women entrepreneurs. TiE Mumbai is committed to empowering and supporting women on their entrepreneurial journeys, and we believe that by harnessing their potential, we can drive sustainable economic growth and create a more equitable society.”

Devangi Parekh, Managing Director, AzaFashions.com, said, “Women’s representation is paramount in fostering an inclusive and innovative future. At Aza Fashions, we recognize the invaluable contributions women make to our success. From leadership roles to every facet of our organization, women bring diverse perspectives, talents, and insights that enrich our workplace and drive innovation. As we continue to expand as the premier destination for luxury designer creations, catering to a global audience of women, we are committed to championing forward-looking policies of diversity, inclusion, and equal opportunities for all.”

Chris George, Co-Founder & CEO QubeHealth stated, “At QubeHealth, we celebrate Women’s Day every day, reflecting our commitment to a workplace where diversity thrives. Nearly 50% of our team consists of women, and we are proud to have Director Priyanka leading critical business functions within the company. Our perspective on equality goes beyond merely mirroring male roles; it is about recognizing and respecting the unique strengths and skills that women bring to our team.”

“Women entrepreneurs are aggressively changing the ecosystem by spearheading profitable businesses, expanding their footprints, and designing unique business models. We at Azent, India’s leading study abroad platform, ensure holistic growth for our women employees by investing in, strengthening, and supporting important milestones and career development for them. From mentorship programs for women, to embracing hybrid work, to emphasizing equal pay and addressing gender bias, our inclusive workplace policies enable young women to realize their potential.” said Priyanka Nishar, Founder & Managing Director- Azent Overseas Education.

“From dorm room dreams to a nationwide impact, Adapt Wellness is not just a startup; it is a mental health care revolution to support student wellness. By adapting to individuals’ unique journeys, we empower them to adapt to their own challenges. Together, we are reshaping the narrative around mental well-being. Platforms like TiE that helped us connect with various women founders who uplift and support the growth of one another, have immensely enriched our journey!” said Preet Bhatti, Co- Founder, Adapt Wellness.

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The report highlights the preference for biometric authentication, with over 95% of female customers opting for AePS for cash withdrawal. While cash remains the favored mode of transaction, with 48% of women favoring it, Aadhaar-led transactions and UPI QR codes are gaining momentum in double digits. Cards continue to have a minimal presence in this segment. Notably, women aged 18-30, followed by 31-40, are the most digitally adept, showing a strong inclination towards financial transactions. Interestingly, 41% of women mentioned that they do not use any payment app on their phones.

Cash withdrawal, mobile recharges, and bill payments emerge as the top three services availed by women at PayNearby retail outlets. The most common withdrawal range falls between ₹1000-2500, while EMI payments typically range from ₹500-1000. The report reveals that 70% of women hold Jan-Dhan savings accounts primarily used for cash withdrawals. More than 25% of women admitted to their husbands managing their bank accounts instead of themselves.

Among the top three saving goals, ‘child education’ topped the list, followed by ‘medical emergency’ and ‘buying household electronic items’. 54% of women indicated ₹750-1000 as their preferred range for monthly savings, highlighting their approach towards financial planning. Notably, only 27% of the respondents preferred to save above ₹1500 to accrue a corpus in the long run. 71% of women exhibited a higher inclination towards short-term investments, with savings tenure between 3-5 years. The report observes a marginal but noteworthy trend towards investment diversification, particularly in recurring and fixed goal-based deposits. This suggests an increasing awareness among women regarding alternative investment avenues, reflecting a growing interest in financial management and wealth creation.

Interestingly, 74% of women rely on their family members when making investment decisions, whereas 11% seek guidance from financial advisors. The financial advisors were typically women influences in their affinity. The survey also revealed that 16% of women were extremely aware, and 55% were moderately aware of various government schemes and initiatives related to financial well-being. Impressively, 45% of women report availing benefits from government-backed initiatives indicating a growing number of women availing these schemes.

Despite growing awareness of insurance products among women (29%), consumption remains low at 2%. 45% of women report benefiting from government-backed schemes. The survey indicates a willingness among 68% of women to take formal credit, emphasizing the need for affordable credit solutions. Women cited emergency expenses like medical bills, home repairs, and children’s education or for agricultural needs such as buying seeds, fertilizers, or equipment as reasons to avail credit.

The PWFI report also highlights the increasing adoption of online commerce (24%) and online entertainment (18%) among women. Online commerce saw a decent adoption among women at retail stores with daily groceries & household items (at 27%) being the most commonly ordered category. This was followed by clothing & accessories and home & kitchen items at 24% and 23%, respectively. It ratifies the fact that women at the last mile are aspirational and validates the latent demand for such services among them. Travel bookings and PAN card issuance have seen significant uptake, with 96% of the respondents showed a willingness to book a rail ticket from their nearby store. This showcases women’s desire to become self-reliant and financially included.

Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “It is delightful to see that women in Bharat are asserting their entrepreneurial spirit more than ever with over 63% seeking avenues for income augmentation. In the journey towards a nation’s development, women should be equal stakeholders. At PayNearby, we recognize women as the GDP reserve of our nation, wielding the power to drive social and economic change. As an institution, we are aligned with the government’s shift from women development to women-led development.”

“The increasing adoption of newer services such as e-commerce, mutual funds, and fixed deposits signifies a promising trend in rural areas, where women are gearing up to engage in formal economic activities. We aim to empower women with greater autonomy over their savings, investments, and other crucial aspects. Sashakt Naari, Sashakt Desh,” Bajaj added.

Jayatri Dasgupta, CMO, PayNearby, said, “Bharat stands on the threshold of a profound digital transformation. Yet, to fully unlock its potential, we must equip our women with the tools necessary to integrate seamlessly into this rapidly evolving digital landscape. With the launch of our fourth edition of PWFI, we undertake a comprehensive assessment of our progress and chalk out the roadmap to make women equal participants in Bharat’s growth journey.”

With our recently launched Digital Naari initiative, we are providing additional income opportunities for women at the last mile, enabling them to provide financial and digital access to their communities at their convenience of time, location (from home/store), and product preferences. Our aim is to create a women-led development that breaks down technological and financial barriers and creates a more equitable society”, Dasgupta added.

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The primary goal is to enhance the ease of doing business for women entrepreneurs across India by improving their access to information and uptake of public schemes and initiatives.

The Sarthika web portal (https://www.tide.co/en-in/wehub-tide/) will work at the grassroots level and help navigate through the application process, eligibility criteria, and other important aspects of the schemes. After the completion of full KYC process, Tide India and WE Hub will work with relevant government departments to quicken operationalisation of the schemes.

The programme’s first phase consists of three schemes

• Prime Minister’s Employment Generation Programme (PMEGP): Focuses on credit subsidy for self-employment.
• Raw Material Assistance Scheme: Offers access to higher quality raw materials.
• Barcode Registration Subsidy: Enables businesses to conform to global standards of trade and commerce.

The government has rolled out several measures to boost growth and opportunities for women in business. However, a lack of information about eligibility and availability of schemes, poor allocation of resources, and complex processes have led to weak demand from those who these schemes could best serve.

WE Hub CEO Deepthi Ravula said, “Enabling access and opportunity for women to partake in the economic workforce of the nation is of pivotal importance to the growth of the nation. While there have been efforts to ease this process, awareness and handholding support is often amiss. In our collaboration with Tide, we are looking at addressing this problem statement and are positive that this will lead to a monumental change!”

This move also elevates Tide’s India Chapter of ‘Women in Business’ and the company’s plan to work as an incubator to digitally transform women-led SMEs beyond Tier 2 and 3 regions of India.

Earlier this year, Tide conducted a mentorship programme for women entrepreneurs to decode the Union Budget 2023 and help them understand how new government policies, tax laws, and funding opportunities may affect their businesses.

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With one out of every 5 startups successfully run by Indian women, India is seeing an uprising concerning women entrepreneurs. Over the years, many women leaders have emerged who are dominating their respective industries by their sheer hard work and talent. This list is to recognise such women who have built world-renowned brands.

1. Falguni Nayar, CEO & Founder of Nykaa

Nykaa, India’s biggest fashion and lifestyle portal, is a creation of Mumbai-based, India’s first self-made female billionaire entrepreneur Falguni Nayar. After serving 20 years as a venture investor and merchant with Kotak Mahindra, she suddenly announced her departure to pursue her dream. Nykaa was founded in 2012; capitalising on the scope of beauty and skincare products online, Nykaa created history. Falguni Nayar is associated with one of the top B-schools in India, IIM Ahmedabad. 

She has been honoured by ‘Businesswoman of the Year’ at the Economic Times Awards for Corporate Excellence 2019, for her contribution to the Indian beauty industry, and the ‘Woman Ahead’ award at the Economic Times Startup Awards in 2017. With the Nykaa IPO creating a buzz in the share market, She has marked her presence in Indian Startups history and a real-life example of “Age is just a number”.

2. Akanksha Hazari, CEO & Founder of LoveLocal

Akanksha Hazari is the CEO & Founder of LoveLocal, a hyperlocal eCommerce startup that is revolutionising how India shops by empowering local retailers and digitising the $1.1 trillion unorganised retail market. LoveLocal has grown 40x since its inception in January 2020 and currently serves over 35+ cities and 1300+ pin codes across India. Akanksha is a Princeton University and Cambridge University alumnus. A successful second-time entrepreneur, Akanksha has 10+ years business experience across India, MENA and the US.

She has won multiple awards, including the Hult Prize 2011, where she was awarded $1 million by former US President Bill Clinton and the Vital Voices Global Economic Empowerment Award 2016 from Secretaries of State Hillary Rodham Clinton and Madeleine Albright and is named / recognised in US Senate Resolution 418. Akanksha is the only Indian tech entrepreneur to be featured in the book – “100 Women Using their Power to Empower”. The book celebrates 100 global women leaders who are redefining power, in which Akanksha is featured alongside Melinda Gates, Serena Williams, Greta Thunberg, and many other inspiring women. Akanksha speaks six languages and is a former competitive squash player ranked among the top 20 junior players internationally.

3. Upasana Taku – Co-Founder of Mobikwik 

India’s largest independent mobile payments network, MobiKwik, was founded by Upasana Taku and Bipin Preet Singh in April 2009. It allows you to shop at stores, pay bills, recharge, send money, accept payments with 1-tap and connect over 30 million users with 75,000 retailers.

An alumnus of Stanford University, Upasana has over 10+ experience in the fintech sector. Her entrepreneurial journey has been an inspiration for many. She has been awarded the “Best Woman Entrepreneur Award 2017” by the Associated Chambers of Commerce and Industry of India (ASSOCHAM). The co-founder has become the first female to run a payments company in India and strongly believes in her vision for India’s fintech market. 

4. Kamalika Bhattacharya, CEO & Co-Founder of QuoDeck

Kamalika Bhattacharya is the Co-Founder and the business brain behind QuoDeck, a B2B SaaS Digital Learning and Engagement Platform that enables organizations to use interactivity and games to engage audiences such as employees, value chain and gig workforces.
 
Her passion for entrepreneurship has been built over many years through her 22-year long career, where for the most part of it, she has worked with startups and ventures to raise private equity and venture capital for them.
 
She co-founded QuoDeck in 2017 along with Arijit Lahiri with a view to combine their love for gaming with their ambitions of building a global product. Under her leadership, QuoDeck has grown into a thriving company with marquee Fortune 500 clients.
 
In her past avatar as an investment banker, she has held senior roles in business building in companies such as ADP, ICRA, IDFC and Intellecap. At QuoDeck, she heads business development and drives the team’s hunger to be better, bigger and faster.
 
She holds an MBA from the Indian School of Business (ISB), Hyderabad, and is an Economics graduate from Osmania University.

5. Anuja Joshi, Director of Join Ventures

Anuja Joshi is the Co-Founder of the Indian chapter of Interflora, the world’s largest, most recognised, and respected flower delivery service. Supported by a network of over 58,000 florists worldwide, Interflora delivers to approximately 140 countries. For over 100 years, Interflora has enjoyed a reputation for excellence. Used throughout the ages, the Mercury Man emblem has been recognised worldwide as a symbol of swift and timely delivery and the very best quality floral gifts. 

Anuja heads Interflora India business and has led the execution of floral decor at some of India’s largest weddings and corporate events. She is a trained classical dancer, interior designer and an alumnus of The London School of Economics (LSE). She also holds an MBA from Symbiosis Institute of Management Studies, Pune and has served in leadership roles for many other companies in the past.

She is also the director at IGP.com, one of the world’s and India’s leading multi-category gifting company, providing one of the best-curated collections of festival merchandise, gifts, fresh flowers, cakes, plants, gourmet foods & personalised products for all occasions & festivals. 

6. Smiti Bhatt Deorah – Co-Founder of Advantage Club

Smiti Deorah is the Co-Founder and the Chief Operating Officer of HRTech startup Advantage Club, an AI-enabled platform for driving employee engagement. Over the years, the company has emerged as the leading employee engagement platform in India and is growing 20 percent on an MoM basis. The company has also gone global with a presence in more than 70+ countries. The company has reinvented the wheel around employee benefits and engagement by building deep engagement products that can be further personalised according to each user’s behaviour.

She is an alumnus of the University of California in Los Angeles (UCLA) and has done her master’s in computer science. Smiti has strong experience in B2B relationship building and account management. Smiti has worked in one of the world’s tech giants ‘Microsoft’ for over 2 years and gained expertise in what she does. As a founder at Advantage Club, She wears various hats at the company, focusing on Business Development, Marketing, Hiring, Content and Customer Relations, making her a superwoman entrepreneur.

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The increasing presence of women as entrepreneurs has led to the change in the demographic characteristics of the business and economic growth of the country. Women-owned businesses enterprises are playing a prominent role in society inspiring others and generating more employment opportunities in the country.

There is a need for sustainable growth of women entrepreneurs, to promote balanced growth in the country. By 2022 more than 1 billion women are set to join the economy as leaders, producers, employers, employees, and entrepreneurs. 

The contribution of women to the economy is at the highest point and keeps growing as we speak. Various researches have shown that women-led businesses are outperforming their peers. Businesses, in the past few decades, have been realizing the importance of women in the top leadership to drive sustainable financial returns.

Women entrepreneurs are becoming the face of almost all sectors of the economy and the traditionally male-dominated B2B space is one such sector where women’s participation has been increasing.

Four of such women entrepreneurs who are changing the B2B landscape in the country. 

 1. Smiti Bhatt Deorah, Co-Founder and COO, Advantage Club.

Smiti Bhatt Deorah is a young and enthusiastic entrepreneur who co-founded the Advantage club with Sourabh Deorah. She has worked with Microsoft in the past and has done her master’s in Computer Science from the University of California in Los Angeles (UCLA).

With substantial experience in B2B relationship building and account management, Smiti launched Advantage Club with Sourabh in 2016. The company is an employee-centric organization and offers companies curated deals, rewards, and offers from more than 200 brands.

For Smiti, it all began while working at Microsoft when she felt valued and rewarded by the employee perks and benefits she received. Smiti and Sourabh together recognized the potential employee rewards platforms had and came back to start India’s first employee reward and recognition platform. 

Today the company is profitable and has over 6000 companies as clients, including Café Coffee Day, Samsung, Lifestyle, PNB Home Loans, Max Healthcare, and several others. Personalized rewards offered under Advantage Club are a measure that helps companies to improve employee satisfaction and engagement.

2. Upasana Taku, Co-Founder, and COO, Mobikwik.

Upasana, a Standford University alumni, co-founded digital payments and financial services startup Mobikwik with Bipin Preet Singh back in 2009 to simplify payments in India. The company started as an e-wallet service and today has expanded in three business lines – consumer payments, payment gateway, and financial services. 

Before starting a venture of her own Upasana headed many high impact projects for companies like HSBC and PayPal and gained immense experience in payment systems. She is one of the most recognized faces in the fintech space in the country.

3. Rashi Aggarwal, Co-Founder, and COO, Zypp.

Rashi Aggarwal co-founded Zypp India’s 1st electric bike and e- Scooter sharing app and platform in 2017 with Akash Gupta. This dockless eco-friendly bike-sharing platform started as a B2C business, and recently it has shifted focus towards the B2B sector with clients ranging from food delivery business to e-commerce establishments. Previously a fashion entrepreneur, this is the second entrepreneurial venture undertaken by Rashi who dreams of a cleaner and carbon-neutral world.

4. Ankiti Bose, Co-Founder, Zilingo.

Mumbai based, Ankiti Bose, is the first Indian female co-founder and CEO of a unicorn status startup. She has been featured in Forbes Asia 30 Under 30 list in 2018 and Fortune’s 40 Under 40 along with Bloomberg 50 in 2019. Her achievements come at the back of Zilingo, a technology and commerce platform in the fashion industry that offers services for players across the fashion supply chain.

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A study finds that the underlying conditions for women business ownership/entrepreneurship in India are less favourable as compared to countries like China and the US.

The study, called Mastercard Index of Women Entrepreneurs (MIWE) and conducted by the global payments major, reveals that Indian women business owners, leaders or professionals exhibit less inclination towards business ownership due to cultural bias. They are also less likely to grow their business, whether locally or overseas, and are more prone than other regions to discontinue their businesses due to unprofitability or lack of finance.

The study focuses on female entrepreneurs’ ability to capitalise on opportunities granted through various supporting conditions within their local environments. India ranks 52nd (unchanged from the previous year) amongst 57 countries studied, significantly behind the United States (4th) and China (29th).

Commenting on India’s position on the Mastercard Index of Women Entrepreneurs, Manasi Narasimhan, Vice President, Marketing and Communications, Mastercard, said, “Markets like India, which are comparatively less wealthy and developed tend to render less enabling conditions for women’s advancement as entrepreneurs. The index serves as an informative mouthpiece to inspire change at the economic, political and social levels, and empower women to run successful businesses and lead richer, more fulfilling lives. Learning from top-ranked countries in the Index such as the US and China, India needs to cultivate an environment where women have higher participation in the workforce and access to tertiary (post-secondary) education and financial services.”

The progress of women entrepreneurs was held back by one or more obstacles in nearly all of the 57 economies covered. These obstacles are largely caused by perceptions of gender bias, which contribute to poor social and cultural acceptance, lack of self-belief and access to financial funding or venture capital.

Below is India’s performance on three components used for developing the index:

Women’s advancement outcome: India ranks 52nd with respect to Women’s Advancement Outcomes, i.e., degree of bias against women as workforce participants, political and business leaders, as well as the financial strength and entrepreneurial inclination of women, far behind the United States 8th and China 27th.

Knowledge assets and financial assets: India ranks 55th in terms of Knowledge Assets & Financial Access for women entrepreneurs. On the other hand, China (10th), and the United States of America (16th) provide much higher degree of access to basic financial services, advanced knowledge assets to women, and better support the small and medium enterprises.

Supporting entrepreneurial conditions: India ranks 47th when it comes to supporting entrepreneurial conditions, not far behind China (41st). However, the US (11th) scores significantly over the two when it comes to overall perceptions on the ease of conducting business locally, quality of local governance, women’s perception of safety levels and cultural perception of women’s household financial influence.

As per this study, India can enable high women entrepreneurship by increasing women enrolment in tertiary (post-secondary) education, increasing access to financial services such as business loan, and by providing single window clearances to businesses, tax breaks, and other measures to promote ease of doing business in the country.

Picture courtesy: Pixabay

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