Pallavi Shrivastava, the co-founder of Progcap, a Google-backed fintech startup providing working capital to small and medium-sized businesses, doesn’t shy away from addressing the realities of gender bias and discrimination. With a career spanning corporate giants and the development sector, she offers a unique perspective on how to deal with these issues. Pallavi firmly believes that gender bias and discrimination aren’t exclusive to any gender; they affect everyone in some form, directly or indirectly. Instead of dwelling on bias, she advocates realizing the power to change the narrative. She emphasizes that merely talking about bias won’t bring change; action is needed.

Born into a family accustomed to relocating due to her banker father’s job, Pallavi developed a strong desire for freedom and a mission-driven career. She always aspired to run her own venture, knowing that it would provide both independence and an opportunity to create a meaningful impact. Pallavi’s path to entrepreneurship was paved with diverse job experiences, including roles at Infosys, Hinduja, World Bank, IFC, and others. Each position contributed to her skill set and honed her capabilities for the role of a founder. Her transition from the corporate sector to the development sector, even with a 60 percent pay cut, demonstrated her commitment to her mission.

Throughout her career, Pallavi often found herself in leadership roles as the only woman. However, she never encountered direct biases and credits her success to the support of mentors and bosses who valued her work. Despite her passion and competence, she faced an unexpected challenge in 2017 when seeking funding for Progcap. During a meeting with a woman VC, Pallavi mentioned that she co-founded the startup with her husband. The VC expressed doubts about funding couples due to higher failure and divorce rates in such ventures. This encounter deeply affected Pallavi, prompting her to research and challenge these assumptions with data. From then on, she began using a disclaimer in meetings, emphasizing the nature of her relationship with her co-founder and giving potential investors the opportunity to express any concerns.

Pallavi advises women founders not to become overly focused on gender-related challenges. She believes there are more important issues at stake, such as building a successful company and serving customers. While she acknowledges occasional biases, she encourages women to concentrate on their work and effect positive change in their organizations. At Progcap, Pallavi has proactively fostered gender diversity by leaving roles exclusively for women and ensuring that the majority of her direct reports are women. She believes that as a leader, she must be the change she wants to see. Progcap, under Pallavi’s leadership, has achieved remarkable success. Backed by investors like GrowX Ventures, the startup’s unique business model and visionary founders have attracted attention. However, it faces challenges related to evolving regulations and scaling operations while managing a growing asset base.

Pallavi Shrivastava believes that women possess immense power, often left untapped. She encourages women to embrace uncertainty and live with unanswered questions. This discomfort, she asserts, leads to growth, learning, and ultimately, success. Amidst the chaos and challenges, the beauty of what women can achieve shines through. In the journey of Pallavi Shrivastava, we find a passionate entrepreneur committed to her vision, determined to challenge biases, and dedicated to empowering women. Her story reminds us that real change occurs when individuals embrace their power and lead by example.

Babita Sisodia, hailing from Dewas, Madhya Pradesh, found herself in a common yet challenging situation that many women in rural India face – invisibility within their own homes. Her tireless work in managing the household and caring for her family often went unnoticed, taken for granted. Financial dependence on her husband further limited her autonomy, leaving her with little to no money for personal expenses. However, Babita’s life took a transformative turn when she encountered AVIOM, a housing finance company founded by Kajal Ilmi.

AVIOM, which stands for Adhering to Vision of Inclusion of Masses, is on a mission to provide housing loans to women in rural and semi-urban areas, serving both salaried and self-employed individuals. Established in 2017 by Kajal Ilmi, who also serves as the CEO, AVIOM operates with the philosophy of being “run by women, for women, and lending to women.” The company offers loans ranging from ₹5,000 to ₹500,000, specifically for purposes such as home extensions, sanitation facilities, and renovations. With over 120 branches across 14 states, AVIOM has assembled a team of more than 55,000 women known as ‘Shaktis,’ who play a crucial role in sourcing loans for the company. To date, AVIOM has extended financial assistance to over 50,000 women.

Empowering Women Through Housing Finance:
AVIOM’s unique approach to housing finance has not only empowered women like Babita Sisodia but has also addressed critical issues such as sanitation. One of AVIOM’s distinctive features is providing loans for the construction of toilets, an aspect often overlooked by other financial lending companies. These loans have a ticket size of ₹270,000, with a loan tenure of up to 10 years and interest rates ranging from approximately 21 to 27 percent. Kajal Ilmi explains that AVIOM’s interest rate range is influenced by several factors. Since the company’s target segment primarily consists of individuals in the informal sector, assessing their income requires a surrogate evaluation, which involves home visits by AVIOM employees. This personalized approach incurs higher expenses, but it helps understand the borrowers’ income stability and repayment capacity in the absence of proper documentation.

Unlike major housing finance companies and public sector banks that offer housing loans at interest rates between 11 to 20 percent, AVIOM caters to a segment that is often overlooked by these institutions. As a result, AVIOM’s primary competitors are local moneylenders who charge exorbitant interest rates, often exceeding 60 percent on a compounded annual basis.
Fauzia Nazneen, General Manager – Credit at Svatantra Micro Housing Finance Corporation (MHFC), explains that companies like AVIOM, which offer lower ticket-size loans to customers mainly from rural areas, tend to charge higher interest rates. This is because accurately assessing the income of these borrowers is challenging due to the nature of their employment. The associated risks are much higher in such cases.

Svatantra MHFC, which operates in rural and semi-urban areas, offers interest rates between 13 and 18 percent for various housing-related purposes. Nazneen highlights that microfinance institutions have a strong presence in rural areas because they understand the needs of these customers better than institutions primarily focused on urban regions. AVIOM’s impact goes beyond providing housing loans. The company’s model encourages women to be co-owners of the properties for which they receive loans. This empowerment not only enhances their eligibility for higher loan amounts but also offers them a sense of security, particularly in regions where women may face domestic violence and threats of eviction.

Furthermore, AVIOM’s unique recruitment and training program, known as the Shakti movement, empowers women in rural areas to become financial literacy ambassadors and sourcing agents for the company. Babita Sisodia, along with many others, has become a branch manager through this initiative, mobilizing thousands of women in her community. Kajal Ilmi’s journey from the corporate world to entrepreneurship has led to the creation of AVIOM, a market leader in its niche segment. The company has raised multiple rounds of funding, attracted equity partners, and secured substantial debt from prominent lenders. It is currently profitable, with significant revenue generation in recent quarters. As AVIOM continues to expand its reach, the company has set ambitious goals. It aims to fund over a lakh toilets by the end of 2023 and increase the number of Shakti partners to over three lakh within the next few years. Kajal Ilmi envisions AVIOM becoming a listed company by 2026, aiming to become the largest rural women-centric employer in India.

In conclusion, AVIOM, under the leadership of Kajal Ilmi, has made a profound impact by providing housing loans to women in rural and semi-urban areas. The company’s commitment to empowerment, sanitation, and financial inclusion has transformed the lives of countless women like Babita Sisodia, offering them newfound independence and opportunities for growth.

From barter to Mesopotamian shekel and from gold coins to paper dollars, you can see how money has evolved in human history.

Is the next step in that evolution is of replacing paper money with cryptocurrencies such as Bitcoin, Ethereum, or Dogecoin?

Well, there are ongoing concerns about the volatility of cryptocurrency and its potential risks, but cryptocurrency is gradually transforming the global financial system.

Cryptocurrency was unknown to many when it first appeared on the global stage. However, it has come a long way and is now recognized by global leaders as the best alternative to fiat or traditional money.

Let us find out whether you should take cryptocurrency as the best form of money in future or not.

What is Cryptocurrency?

Cryptocurrency is currently the talk of the town and people are investing in it at large.

However, before investing in cryptocurrency, you should understand cryptocurrency properly.

Cryptocurrency is a digital currency that works on a peer-to-peer system based on blockchain. It is secured by cryptography and its transactions are recorded in a public distributed ledger.

Cryptocurrency is stored online, and you can enjoy the freedom from banks or governments when managing your wealth. In addition to this, you can make cryptocurrency transactions at any time online across the globe.

Carl Runefelt, alias, The Moon, is a global crypto leader who believes in a crypto-based global economy.

He says, “Cryptocurrency is recognized across the world and is not affected by exchange or interest rates. It would also provide individuals living in economically fragile nations more stability and predictability.”

Risks Associated with Cryptocurrency

There are multiple risks associated with cryptocurrency including price volatility and fraud.

Cryptocurrency is still in its initial stages, and you should be aware of the risks posed by buying it.

• Volatility: cryptocurrency is extremely volatile, and you can lose everything when the market is bearish.
• Scams: cryptocurrency is not regulated by banks or governments so there exist the risks of fraud. A criminal can hack into your computer, freezes you out of your account, and run away with all your money.
• No compensation: if the value of cryptocurrency falls, you will not get any compensation. Likewise, if you lose your exchange password, there is no way to retrieve it.   

Benefits of Cryptocurrency

People were habitual of fiat when cryptocurrency in the form of Bitcoin (BTC) first appeared.

Well, this still is the trend at large, but things are quickly changing.

Carl on his YouTube channel, The Moon, says, “We live in a digital world, we need digital money, and we need non-political digital money and Bitcoin is the resolution and I think that right now people are realizing it, but it will take some time before we see the full transformation.”

“The best reason to invest in Bitcoin is the absence of physical institutions, which enable people to make transactions in Bitcoin with ease,” Carl added.

Listed below are some of the benefits of cryptocurrency:

• Quick transactions speed
• 24/7 availability
• Fewer transaction costs
• Enhanced security
• Freedom from banks or governments
• Transparency
• Privacy

Carl emphasizes, “Bitcoin is the best hedge against inflation that we have in the world right now and Bitcoin is also the best form of money that we have and have maybe ever seen in the history of humans.”

Invest in Cryptocurrency Today!

According to an estimation, the global cryptocurrency market will be around $5 billion by 2030.

Many individuals are investing heavily in cryptocurrency and making massive gains.

Carl believes that “Bitcoin is the only non-political money in the world. Remember guys your bank money can get frozen, your gold can get confiscated, but Bitcoin remains whether you’re in Slovenia or Sweden or Dubai. No matter where you are, Bitcoin is always online, always working for you, and for everyone else. I think that is revolutionary, and I am so happy to be part of Bitcoin, especially in times like these of massive global uncertainty.”

Cryptocurrency presents a massive transformation for the global economy. The value of cryptocurrencies such as Bitcoin is gradually going up.

So, if you are interested in making a lot of money and want to become a global leader in the future, cryptocurrency is the right ticket that you should buy. Time is changing quickly and soon fiat is expected to go obsolete. So, it is in your hands whether you want to change your fortune or not.