Mumbai, Oct 9, 2024: AU Small Finance Bank (AU SFB) has announced the expansion of its AU Udyogini program with a new partnership with Magic Bus India Foundation (MBIF). This strategic collaboration reinforces the commitment to foster women entrepreneurship and drive community development across Rajasthan and Madhya Pradesh. MBIF will provide entrepreneurship orientation, entrepreneurial education and mentorship during the entire life cycle of the young women’s enterprise journey.
The program is expanding to 15 additional locations across seven districts of Madhya Pradesh, and 18 locations in 13 districts of Rajasthan. More than 1,300 young women from rural and semi-urban areas are expected to benefit through this extension of the program. The program initially operated in two aspirational districts of Rajasthan: Karauli and Baran. It has now expanded to include two additional districts: Sirohi in Rajasthan and Vidisha in Madhya Pradesh.
Magic Bus India Foundation will be the implementing partner for this expansion, helping women to prepare business plans, access finance and markets, set up entrepreneurs’ collectives, and support access to technology solutions that ease out the business functions and formalize the business by getting necessary registrations and mandatory certification. AU Udyogini provides rural women with essential seed funding, comprehensive capacity-building training, and continuous support to transform their entrepreneurial dreams into reality.
Speaking at the occasion, Sanjay Agarwal, Founder, MD & CEO, AU Small Finance Bank, said, “At AU Small Finance Bank, we believe when we empower a woman, we empower an entire community. AU Udyogini program, a journey of rural women from atma nirbharta se badlaav tak, is not just about entrepreneurship, it’s about shaping the future by giving women the tools and confidence to uplift their lives and those of their families consistently since 2020. Our partnership with Magic Bus India Foundation will help us accelerate this transformation and extend the benefits to the community. The scalable model aims to reach more women, contributing to a larger vision of Viksit Bharat—a developed India where women are economically independent and socially empowered.”
Jayant Rastogi, Global CEO, Magic Bus India Foundation, said, “Magic Bus believes that the economic empowerment of rural women is a critical driver of economic and social change. Our women empowerment programmes are designed to create lasting impact by focusing on self and leadership development. We create sustainable livelihood opportunities for rural women by enhancing their agency and capabilities, and by offering support services to engage in economic development. Projects like AU Udyogini will enhance women’s agency and break down the structural barriers that rural women face, fostering an inclusive society. Our efforts toward rural women's economic empowerment are not just about individual success stories, but about transforming lives."
The program targets women from underserved backgrounds, with over 20% being widowed, separated, or divorced. Rigorous research and a structured process ensure effective interventions and minimize dropout rates.
The program has extended support to close to over 1100 women entrepreneurs, driving socio-economic progress in rural communities. Initially it concentrated on creating entrepreneurship opportunities for women from families of daily wage earners affected during the COVID-19 pandemic. Over the years, it has broadened its scope to empower women from distressed backgrounds in rural areas, thereby enhancing their family incomes. The program also aligns with NITI Aayog’s ambitious plan to improve India’s ranking in the Human Development Index by implementing its operations in aspirational districts under NITI Aayog. In May this year, AU Small Finance Bank had launched AU Udyogini Mart, at Navrangpura, Jaipur to provide Udyoginis with a dedicated space for their businesses and foster a sense of ownership. The AU Udyogini program was further extended to the state of Madhya Pradesh in July 2024, aiming to nurture 1,200 women by 2026.
