NE NEWS SERVICE
AHMEDABAD, JULY 8
The Wadhwani Foundation, set up by US-based entrepreneur Dr Romesh Wadhwani, has committed a Rs 200 crore funding under its ”Sahayata” initiative to assist small and medium-sized (SMEs) businesses affected by the coronavirus pandemic. The foundation said that the Sahayata initiative will support 10,000 SMEs with business survival, stability, and growth consulting to help save or create up to 100,000 jobs in the country, says a Foundation release.
It has also pledged to provide skills training to up to 10 lakh Asha, Anganwadi, nurses, aides and home-health workers for the care of COVID-19 patients. The initiative will also provide grants to up to 50 start-ups to help accelerate innovation in public health technology in India.
Padma Shri Dr Romesh Wadhwani, Founder and Chairman, Wadhwani Foundation, said, “The foundation’s large investment in Sahayata supplements the government’s massive stimulus package by providing 10,000 SMEs with consulting services that will help them survive, stabilize, and ultimately grow into successful businesses and help save or create 100,000 jobs”.
Wadhwani Foundation has committed Rs 200 Crore and is building an ecosystem of partners, including government ministries and agencies, banks, and consulting firms, to help operationalize this large and complex initiative. The Sahayata Initiative consists of three programs: the Sahayata Business Stability program, the Sahayata COVID-19 Skilling program, and the Sahayata Public Health Innovation program. The Foundation built all three Sahayata programmes over the last 90 days. The rapid deployment will begin in August 2020.
Wadhwani Foundation has signed partnerships with SIDBI, Clix Capital, IIFL Finance, Power2SME, and Magma Fincorp to select the SMEs for this program, jointly. Wadhwani Foundation is expanding its internal team dedicated to this program to 100 SME business consultants. Additionally, the Foundation is planning to partner with KPMG, FlexingIt, GroCurv, Strategy Garage, Bada Business, VentureBean Consulting, The Catalyst, Imbibe Consultancy Services, Black Brix Services, KonektUp, CFOBridge, Midas CFO, Dhandabadhao.com, and several curated individual subject matter experts, advisors and mentors, to provide SME consultants to this Sahayata initiative, at pro bono or substantially discounted rates.
Arun. M. Kumar, Chairman, and CEO, KPMG in India, said,“We are pleased to put our shoulder to the wheel with Wadhwani Foundation’s Sahayata Initiative to help SMEs that have been severely impacted by COVID-19. We are proud to partner with the Foundation and Mr. Romesh Wadhwani in their visionary intervention to help this section of the industry that accounts for a disproportionate number of jobs and livelihoods.”
Mohammad Mustafa, Chairman and Managing Director, SIDBI, said, “In the extraordinary circumstances of COVID-19, we believe that leading organizations should partner with each other to help MSMEs. As a responsive measure to facilitate revival and thriving of MSMEs, we are glad to know that Wadhwani Foundation, our existing MoU partner on mentoring MSMEs, is launching Sahayata Business Stability program. It shall provide free access to webinars, Do-It-Yourself tools, a curated bench of advisors, and mentors. This shall facilitate the emergence of stronger MSMEs, thus giving a fillip to the national mission of Aatmanirbhar Bharat.”
Pramod Bhasin, Founder and Chairman, Clix Capital, said, “While the government through various measures has ensured that affordable credit is available to MSMEs who need it, expertise and specialized talent across specific areas continue to be a major handicap. Through our partnership with the Wadhwani Foundation, we aim to create a support program to plug the skill gap for our MSME partners with measurable outcomes.”
