THE STORY OF HINDAVI Solution, the Pune-based manufacturer of the emerging Beestofix brand of adhesives, paints and ink, is as instructive as it is revelatory. While its success is built on an individual’s ambition, hard work, and unwavering commitment, the journey lays bare the challenges women entrepreneurs face.
“The challenges were multifaceted — the social stigma surrounding women in science, technology, engineering and mathematics (STEM), financial constraints and the struggle to secure a business loan due to a lack of collateral,” says Amruta Mangale, speaking of her struggles when she founded Hindavi Solution in 2016.
After multiple rejections, she finally secured a loan of Rs 20 lakh with the help of Bharatiya Yuva Shakti Trust (BYST), a non-profit organisation. During the Covid-19 pandemic, when several micro, small and medium enterprises shut down, Hindavi Solution not just thrived but even enjoyed flexibility thanks to the use of technology.
That it’s not easy being a woman entrepreneur is borne by data. About 3,057 Indian MSMEs led by women entrepreneurs shut down in between 1 July 2020 and 2 February 2023, said Minister of State (MoS) for MSME Ministry Bhanu Pratap Singh Verma in the Rajya Sabha while sharing data from the Udyam portal.
Challenges Galore
Today, nearly 20 per cent of all MSMEs in the country are run by women. They are constrained by various challenges, principally access to finance at different stages of the business. A large body of evidence has documented the disparities in access to finance between men- and women-run enterprises.
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