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BENGALURU, AUGUST 16th.
Yunus Social Business (YSB) Fund Bengaluru has made an investment into Virohan Institute, a healthcare skilling provider that targets students from low-income backgrounds. YSB Fund Bengaluru provides long-term, patient loans and hands-on growth support, delivered by their team of local professionals, allowing the social businesses they invest in to flourish.
What is the problem the social business is solving?
Half of the population in India is under the age of 25 and over 15 million people apply to join the workforce annually. However, over 80% remain unemployed or underemployed every year due to a skill and job creation gap. The healthcare sector is particularly suffering from this lack of trained professionals, with a current requirement for allied health professionals of 6.5 million people and a supply of less than 300,000 people.
How does the social business solve this problem?
Virohan tackles the skills gap in the healthcare sector by offering a holistic technology powered solution for vocational training and skilling for BoP youth by connecting industry needs to training pedagogy, hence, eliminating the industry gap. Trainings are carried out through on-site trainers and a sophisticated tech platform. Virohan also links students in top urban hospitals in India for on-the-job training and has a 92% placement rate for full-time jobs.
How does the social business generate revenue?
Virohan charges a fee per student for the vocational training and skilling courses. The business has partnered with the Indian Government and corporates to fund or finance the tuition of the majority of its students, allowing BoP youth to participate in the courses regardless of their payment capacity.
Priya Shah, Principal at YSB Fund Bengaluru said, “We are excited to partner with Virohan on the next phase of their growth. The business is bringing innovative healthcare skilling solutions to India’s BoP youth to help them realize their full potential.”
Kunaal Dudeja, CEO at Virohan Institute said, “We are thrilled to partner with YSB and utilize their investment to disrupt the status-quo in the skill development industry, just as Prof. Yunus did to the world of micro-finance. Virohan is building a holistic plug-and-play technology solution for vocational training, based on real-time industry and geographical needs, to provide progressive livelihoods to BoP youth.”
About Yunus Social Business Fund (YSB) Bengaluru
YSB Fund Bengaluru is part of Yunus Social Business Global Initiatives and runs a philanthropic investment fund based in Bangalore. The aim of the fund is to harness the power of social business to end poverty. They were founded in 2011 by Peace Nobel Laureate Prof. Yunus and Saskia Bruysten to expand the success of social business from Bangladesh around the world. Their Philanthropic Venture Funds grow local social businesses that provide employment, education, healthcare, clean water and clean energy to over 3 million people in East Africa, Latin America & India.
YSB Fund Bengaluru was founded by successful entrepreneurs Vinatha M. Reddy and Suresh Krishna, who invested their own capital and co-founded YSB Fund Bengaluru in 2017. These two business leaders previously founded and built Grameen Koota, one of India’s most successful and respected microfinance institutions. They also co-founded Grameen Affordable Shelters P. Ltd – a company which develops affordable housing for low-income households.
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