The business landscape today has undergone a shift in dynamics, but still remains largely governed by gender biases and prejudices. While most women have fought hard to pave their way to enter into businesses, there are some others who have had to fight a tougher battle to break boundaries and overcome various societal obstacles to make their mark in the business world felt. One such woman entrepreneur who managed to go beyond against all odds is Vaishali Korwa.
Born in a small village near Ranchi, Vaishali Korwa’s life was full of life and dreams. The traditions and societal pressure bound her parents, and she was married at an early age of 14 but was soon left widowed with two children to care for. Grappling with the sudden change in her life, Vaishali dreamt big and decided to make something of her life.
As a child, she had always been curious about her father’s shop of bamboo works involving exquisite bamboo craft ranging from beautiful types of furniture to show pieces and “jhulas”. Having prior experience in the industry, she began crafting bamboo furniture at a small scale in-house along with the aid of her three sisters.
Challenges In The Business
The finesse and the design of their furniture envisaged her vision to create masterpieces. The business began doing well and they soon rented a small place near the neighbouring town to operate and manufacture these pieces. Though the initial momentum was encouraging, she soon realised that her production was bound by challenges typically reminiscent of SMEs like:
With no collaterals and nothing to offer as security, Vaishali was pressed for time to solve the crisis and keep her business running. She approached her relatives, friends, private financiers and other financial sources to source some funds for the business but to no avail.
As Vaishali was running out of options, an opportunity presented itself in the form of a workshop for SMEs to educate and create awareness among budding entrepreneurs on “How to get working capital and keep your business ticking?”.
Invoice Discounting As A Means To Provide Working Capital
During the course of the workshop, Vaishali was introduced to sources and companies that provided access to quick working capital with no collateral and was, for the first time, introduced to the concept of invoice discounting in the form of KredX. Vaishali went on to avail the services and completed the formalities to become a vendor on the platform.
Once she was on-boarded onto the KredX platform, we helped her align her business with the current SME supply chain model which included:
This helped ease the liquidity of funds and thereby, helped her focus her energies on sustaining and expanding her business. This impetus gave Vaishali a stable platform to accelerate her production, grow her customer base and eventually found a market in the hotel industry and households in tier 2 and tier 3 cities.
Not only did invoice discounting give her quick access to funds, but it also gave the necessary boost required without having to pledge collaterals. The entire process was quick, transparent and hassle-free.
Increased liquidity helped the business grow through accelerated payment cycles and subsequent increase in the bottom line. Over a period of time, she has catapulted her brand and established herself as a budding yet prominent handicraft manufacturer.
The Business Turn-Around
Today, Vaishali has made her presence felt in the handicrafts space which is clearly reflected in the figures:
What started as a four-member team, soon became an 80+ team under Vaishali’s able guidance. The quest did not end here, the developments that ensued were even more satisfying because Vaishali pinned her hopes as an investor. She pledged to invest through KredX and serve as a helping hand to many who wished to establish their business like her.
Not only did Vaishali manage to break the barriers around her, but she also broke the stereotype that revolves around women. A woman plays a dozen roles donning the hats of a loving daughter, sister, caring spouse, super mom, decision maker, breadwinner, a masterchef, advisor and much more! Along with managing her family, Vaishali was able to manage her business efficiently and take it new heights.
KredX salutes the courage and indomitable spirit of women like Vaishali who fought against societal norms to make their place in the world felt. This Women’s Day, we invite every superwoman to join the platform and enjoy 0% Processing Fee until March 31, 2019. Together, we can help businesses and dreams scale new heights.
From all of us at KredX, here’s wishing all the amazing women everywhere a very Happy Women’s Day today and every day!