A startup for social causes, Social Quotient has raised an undisclosed amount of funding from fashion designer Anita Dongre and her son Yash Dongre. The mother-son duo has partnered with Milind Sarwate, founder, Increate Value Advisors for the investment.
Following the investment, Yash has been appointed as the director of the company, while Milind will join the advisory board.
Founded in 2015 by Samyak Chakrabarty and Deep Master, Social Quotient is a group of social enterprises in the domain of water, digitisation, social cause marketing, renewable energy, skill development, education, rural development, agriculture, and egovernance.
Commenting on the investment, Yash said, “Large problems require smart and dynamic solutions which tackle the issue at the root level. Social Quotient’s theory of change is in sync with current times. We are happy to enable this disruptive and 360-degree approach to problem-solving.”
The company aims to strike a balance between inclusive development, business interests, and government mandates by forming unique partnerships and using innovation to solve India’s rural and urban issues.
Samyak Chakrabarty, co-founder, Social Quotient said, “Currently CSR is largely looked upon as a mandatory tax, hence, most companies merely just donate or strategically maneuver the funds. We believe our approach will not only attract more resources for the purpose of development but will also enable innovation and change at a larger scale. Companies will be made to look at impact as a strategic investment for the future.”
Social Quotient claims to use a business-driven approach to deliver returns on investment to corporate entities in the form of opening up of new markets (rural/semi-urban), brand building, customer acquisition and government partnerships.
In 2014, SocialCops, a data-driven platform that aims to solve grassroots problems through data analysis raised $320K in its first round of funding. SocialCops aims to power decision-making through better data sourced from the grassroots to solve problems facing humanity. It works in the public infrastructure, public health and education spaces.
In 2015, Gurgram-based startup home services startup, Findyahan.com had come up with anti-mosquito/dengue initiative in the city in partnership with Hi Care pest control services. In August this year, SHEROES, a Delhi-based job and career platform for women, aimed at their empowerment raised $1.8 Mn (INR 12 Cr) in Series A funding.
This development was first reported in ET.