New Delhi, July 28th (PTI) Kalaari Capital on Wednesday launched its CXXO program to promote women’s entrepreneurship in the country by providing founding CEOs with access to capital, community and coaching.
Kalaari Capital has provided 10 million US dollars (approx. 74.3 billion rupees) annually, which is invested in start-ups in which female founders act as key decision-makers, ideally in the role of chief executive officer.
The program will create a cohort of 8-10 female founder-CEOs each year with the ambition to make a significant impact, Kalaari CEO Vani Kola said in a virtual briefing.
The program will provide the cohort with seed and Series A funding ($ 500,000 to $ 5 million) followed by access to growth funding and resources.
“We want women in important decision-making positions, that is the reason for this program. We want to bet on them. CXXO is a Kalaari Capital-backed initiative dedicated to promoting women’s entrepreneurship. India’s March to a US $ 5 Trillion Economy for Growth to Be Inclusive and Equitable, ”she added.
Kola noted that the CXXO program aims to meet the specific needs of every CEO and their startup, providing not only capital but also customized support. India’s startup ecosystem is booming, with 16 new unicorns minted in 2021 alone, making a total of 53. However, only one of the unicorns has a wife as the founder-CEO.
Kola said inclusive growth is not possible without adequate opportunities for women at the top.
“Successful female founders as company founders play an important role in Indian economic development. The CXXO program will ensure that there is no bias and discrimination in access to capital. ” She said.
CXXO has assembled a leadership team of female trailblazers to lead and drive this movement in the startup ecosystem. This team includes Kola, Zilingo Co-Founder and CEO Ankiti Bose, Microsoft Country Head Venture Capital and PE Partnerships Lathika Pai, Dream Sports Chief Communications and Public Affairs Officer Paroma Roy Chowdhury, Priyanka Gill (Founder and CEO, POPxo – Plixxo) and Co and -Founder and President of MyGlamm and Shradha Sharma (Founder and CEO of YourStory Media).
Female founder CEOs are often highly skewed when it comes to access to finance. Between January 2018 and June 2020, startups led by female founder CEOs received only 1.43 percent of the total capital raised in India.
CXXO will also activate connections for founders to develop their ideas and grow their business. CXXO will assign a champion to each entrepreneur who will take on the role of a trustworthy advisor. PTI SR SHW SHW
Disclaimer: – This story was not edited by Outlook staff and is automatically generated from news agency feeds. Source: PTI
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