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Upaya Social Ventures Invests in Indian Confectionery Startup, GO DESi
GO DESi becomes the newest addition to Upaya’s investment portfolio of social enterprises; funds will create employment opportunities for rural women and farmers in India
Seattle, WA – February 25, 2020
Upaya Social Ventures is pleased to announce its latest investment in GO DESi, an Indian confectionery brand specializing in traditional handmade snacks sourced from rural micro-entrepreneurs. GO DESi was founded in 2018 by Vinay Kothari with the goal of bringing authentic regional treats to the masses while creating sustainable employment opportunities in India’s poorest regions.
The confectionery market in India is dominated by large, multi-national chains, from which, Kothari estimates, farmers receive less than 10% of the economic value of their products. GO DESi’s model benefits farmers by eliminating the middle men. All of GO DESi's products are sourced, packaged, and branded at the farm gate with the aim of increasing incomes and job opportunities for marginal farmers and micro-entrepreneurs so they can own a larger, more sustainable share in the food value chain.
"Upaya is very interested in business models that bring value back to the farmers,” Said Kate Cochran, CEO of Upaya. “GoDesi's unique on-farm processing creates jobs where they are needed. We look forward to watching them succeed and hopefully, inspire others to try this kind of business model, generating reliable income for rural families."
Vinay Kothari, GO DESi Founder
GO DESi currently produces six unique products, including its most popular Imli Pop. Each of their wholesome snacks is inspired by regional flavors that appeal to Indian nostalgia.
"During my travels, I have seen amazing products made by farmers from their leftover produce for their own consumption,” says Kothari. “Every region in India has such products... These products were lost in the hinterland, and they are literally begging to be taken to urban markets."
Upaya’s $50,000 investment is part of a Rs 4.5 crore ($596k USD) round of funding led by Rukam Capital. The funds will support the expansion of the company’s network of distribution outlets and women-run micro-units. Kothari expects the company to create employment in rural areas for over 600 people in the next three years through its factories and micro-units and provide additional income for farmers by directly sourcing from them.
"The Upaya team and I were impressed by Vinay and his approach in bring products to market, shown by the traction with Imli Pop” says Amit Antony Alex, Upaya’s India Country Director. “His commitment to continue to source directly from farmers and process products at the farm gate, shows his commitment to creating impact."
GO DESi was one of 11 early-stage agribusinesses that participated in Upaya’s 2018 Accelerator Program. The program is designed to equip social entrepreneurs with the tools to grow their businesses, connect them with professional resources, and provide exposure to potential investors. Upaya is gearing up for its next accelerator program and expects to select 10-12 early-stage enterprises for its fourth cohort in February, 2020.
ABOUT UPAYA SOCIAL VENTURES
Upaya Social Ventures is fighting extreme poverty through dignified jobs. Founded in 2011, Upaya provides investment and consulting support to early-stage businesses aimed at creating jobs for the poorest of the poor. Upaya’s continually growing portfolio of impact investments has created over 14,500 lasting, dignified jobs. Endorsed by ImpactMatters as a high-impact, cost-effective nonprofit, Upaya’s teams in Seattle and Bangalore are committed to a goal of helping entrepreneurs create jobs for 50,000 people in India by 2023. Please visit www.upayasv.org for more information.
MEDIA CONTACT
Heather Targosz
Upaya Social Ventures
hsoehn@upayasv.org
