Milaap is registered in Singapore and India. Milaap is an online microlending platform which brings in foreign capital from international lenders and allows the working poor of the country access to these funds. The loans that are procured are being used to fund various key areas such as vocational training and skill development, healthcare, sanitation, water, sustainable farming, energy and enterprise development.
e27 managed to engage Anoj in a short email interview.
What is Milaap’s philosophy?
Milaap was founded with a simple mission, to connect with ease the struggling 700 million people of India living below $2 per day with prosperous Indians and the Diaspora, one based on mutual respect and dignity, creating opportunities that change the playing field for the poor.
How is Milaap different from Kiva or other similar platforms that engage in micro-lending?
Milaap’s idea was sparked when the founder, Anoj, an ardent Kiva supporter was frustrated that a similar service wasn’t available to the Indian poor, constituting more than 25% of the world’s population living in poverty. While Milaap was built inspired by Kiva, certain characteristics are unique to us.
To date, what is the reach and impact of Milaap?
Milaap has raised nearly $150,000 in loans, working across three states (eight districts) in India namely Tamil nadu, Karnataka, Maharashtra and impacting over 1750 lives.