RangDe explained

Rang De
Industry:Personal finance
Predecessors:-->
Successors:-->
Founded:2008
Founders:Smita Ramakrishna, Ramakrishna NK
Hq Location City:Bengaluru
Hq Location Country:India
Areas Served:-->
Key People:Smita Ramakrishna, Ramakrishna NK
Products:Peer-to-peer lending
Owners:-->

Rang De is India's first peer-to-peer online micro-lending platform founded in 2008. It is based in Bengaluru, India.

History

Smita Ramakrishna and Ramakrishna NK founded Rang De in 2008 as a not-for-profit organisation to serve the credit needs of the under-served communities and low income households.[1] [2] It connects individual social investors to a community of curated entrepreneurs and students from low-income households across the country, enabling them to invest in the livelihoods and education needs of this community.[3] [4] [5] [6]

In 2013, Rang De opened the platform for foreign social investors.[7] In 2015, Rang De collaborated with OnePlus for the Joy of Giving Week.[8] Rang De is supported by ICICI Foundation, CSO Partners, Center for Bharatiya Management Development, Association for Sustainable Community Development, and Tata Trusts.[9] Over 93% of the borrowers are women. Rang De works with around 16 field partners across the country.

On 8 March 2017, at the Yeswanthpur village in Kolar, the Swabhimaan initiative was launched to impart financial literacy to village women, give customised credit, and enable them to make informed financial decisions. Self serviced kiosks called Bioscope are created to impart financial education.[10] [11] Bank accounts created under the Pradhan Mantri Jan Dhan Yojana, eKYC, Aadhaar, and Unified Payment Interface (UPI) is used to disburse credit.[12] [13] [14] [15]

Concept

Rang De connect social investors with under-served communities of borrowers, enabling the low income households to get financial help. Social investors can begin by lending as low as INR 100 through the Rang De platform. It partners with non-governmental organisations and micro-lending institutions to screen borrowers at the grassroots level. The platform keeps track of disbursements and returns, which the investor can withdraw or reinvest.[16]

Recognition

The Development Marketplace (DM) of the World Bank supports Rang De.

Notes and References

  1. News: Thomas . Anu . 2018-09-27 . How Rang De is using crowdsourcing to make micro loans cheaper . The Economic Times . 2019-10-02.
  2. Web site: with Rangde.org founder Ram N. 2009-07-24. India Microfinance. en-US. 2019-10-15.
  3. Web site: Hynes . Casey . The Long Game: How Developing Countries Can Get Microfinance Right . 2020-03-24 . Forbes . en.
  4. Web site: 2010-08-13 . Small investments usher in big change . 2020-03-24 . Deccan Herald . en.
  5. News: Katiyar . Prerna . 2010-06-27 . Rang De: India's first online platform for micro-credit . The Economic Times . 2019-10-11.
  6. News: Variyar . Mugdha . 2017-03-07 . Rang De helps rural women use India Stack to avail micro loans . The Economic Times . 2019-10-15.
  7. Web site: Rang De's Online Micro-credit Service: "Less Than 1% Of The Investors Take Their Money Out". 2013-01-24. MediaNama. en-US. 2019-10-15.
  8. Web site: OnePlus and RangDe.org Come Together to Harness the 'Power Of One'. Moneycontrol. 2019-10-11.
  9. Web site: Microcapital Story: Microfinance Brokerage Sites Rangde.org and dhanaX.com Launch in India Following Kiva.org. Knapp. Sarah. 2008-06-27. MicroCapital. en-US. 2019-10-15.
  10. Web site: Bioscope bank. The New Indian Express. 2019-10-15.
  11. News: Rang De launches Swabhimaan to provide customised credit to women in rural India. Thomas. Anu. 2017-03-08. The Economic Times. 2019-10-15.
  12. News: Rang De helps rural women use India Stack to avail micro loans. Variyar. Mugdha. 2017-03-07. The Economic Times. 2019-10-15.
  13. News: Rang De helps rural women use India Stack to avail micro loans. Variyar. Mugdha. 2017-03-07. The Economic Times. 2019-10-15.
  14. 2002-07-30. Information and Communication Technologies and Rural Development (Summary in Spanish). Information and Communication Technologies and Rural Development. 10.1787/9789264193079-sum-es. 9789264186705.
  15. Book: Emerging markets from a multidisciplinary perspective challenges, opportunities and research agenda. Dwivedi . Yogesh . Rana . Nripendra P. . Slade . Emma L. . Shareef . Mahmud Akhter . Clement . Marc . Simintiras . Antonis . Lal . Banita . 23 April 2018. 978-3319750125. 1020073121.
  16. News: NGO Rang De's peer to peer lending platform on internet makes big out of small. Krishna. Geetanjali. 2014-12-12. Business Standard India. 2019-10-15.
  17. Web site: Manthan Awards 2011 - Digital innovations for the larger good - 1 Microcredit Loans. Scribd. en. 2019-10-15.
  18. Web site: Fellow Connect February 2012. Issuu. en. 2019-10-11.
  19. Web site: Heroes set the bar high. December 10, 2013. Bangalore Mirror. en. 2019-10-11.
  20. Web site: Millennium Alliance. www.millenniumalliance.in. 2019-10-11.

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