The funding from 360 ONE Foundation aims to enhance SAMRIDH’s efforts to meet emerging healthcare needs beyond the COVID-19 pandemic
To engage youth and strengthen the healthcare workforce in India, 360 ONE Foundation (formerly known as IIFLW CSR Foundation) has committed a grant capital of Rs 1.79 crore (USD 219,000) to the SAMRIDH Healthcare Blended Finance Facility, which is supported by the U.S. Agency for International Development (USAID) and implemented by IPE Global. This partnership is unique, as it marks the first time that Indian Corporate Social Responsibility (CSR) funds will be used as risk guarantee to increase youth employment in the healthcare sector.
In 2020, USAID collaborated with public and private partners in India to develop the SAMRIDH Blended Finance Facility. In this, public and philanthropic funds are combined with commercial capital to create health solutions. So far, it has reached to more than 25 million people in India through novel innovations that can be quickly scaled to meet emerging healthcare needs. The funding from 360 ONE Foundation aims to enhance SAMRIDH’s efforts to meet emerging healthcare needs beyond the COVID-19 pandemic.
Using SAMRIDH’s blended finance approach, Rs 1.335 crore (USD ~163.3K) of the grant fund will be used to mobilise an additional capital of Rs 4 crore (USD ~489.416K) from National Skill Development Corporation (NSDC) through risk guarantee in year 1, and another 4 crore (USD ~489.416K) in year 2 – creating a ~6x leverage. Additionally, Rs 29.8K lakh (USD ~36.46K) is being used to structure and implement a social success note that incentivises both NSDC, as well as the training partners with up to 3 per cent of the loan amount for successful placement and retention of beneficiaries who complete the training. The program, in its first year, will enable the setting up of skill centres to train and provide employment opportunities to 2420 youths from low-income communities for roles including phlebotomists, dietary assistants, and telehealth service coordinators. The project will be implemented in New Delhi, Bengaluru, Mumbai, Nagpur, Amravati, Akola, Pune, Nasik, and Aurangabad.
Sangita Patel, Health Office Director, USAID, said, “USAID partners with the Government of India, the private sector, and civil society to strengthen the impact, reach, affordability, and quality of health services for low income and vulnerable households. These efforts build upon decades of USAID’s work in India supporting quality and accessible healthcare. The unique partnership between SAMRIDH and the 360 ONE Foundation will fill critical employment gaps in the healthcare sector, while enhancing employment opportunities for young people in the formal workforce.”
Saumya Lashkari, Director and Board Member, 360 ONE Foundation, said, “At 360 ONE, we are committed to maximising both financial and social returns. Our 360 ONE Foundation has re-imagined traditional grant-giving by deploying CSR funds in a catalytic approach to generate higher leverage by unlocking further capital and a strong focus on outcomes. Our partnership with USAID-supported SAMRIDH Healthcare Blended Finance Facility implemented by IPE Global is a great example that delivers exponential impact while increasing employability of India’s marginalised youth.”
The collaboration with SAMRIDH and NSDC will enable skill development agencies to provide short-term training to beneficiaries either under a fee-based model or government and private sponsored-schemes. Over its three-year period, the program aims to train between 5000 to 6000 youth – approximately 7 times higher than the number that would have been trained in absence of additional capital mobilised through blended finance options. This also results in financial inclusion for the beneficiaries as the trained beneficiaries are placed in 21st century job roles with an average pay of Rs 13,000 per month bringing them into the regulated workforce.