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Exclusive | Maharashtra: Liberation in Matheran
Updated On: 03 July, 2024 11:40 AM IST | Mumbai | Rajendra B. Aklekar
Peer-to-peer lenders step in to help hill station’s grateful hand-rickshaw pullers transition to e-rickshaws
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Delivery of the new e-autos in Matheran; (right) Prashant Gautam Gaikwad, a hand-rickshaw puller
Raising an investment of Rs 53 lakh, 18 hand-rickshaw pullers have been able to upgrade to e-autos in Matheran, thanks to the Matheran e-Auto Rickshaw Fund by Rang De. This Bengaluru-based peer-to-peer platform allows citizens to invest in underbanked communities. The investment ensured them a life away from the struggle and hard work of pulling e-rickshaws throughout the day, on the mud roads of Matheran.
Rang De is not a crowd funding platform, but an RBI-regulated peer-to-peer lending platform. Individuals lend money towards the livelihood and education needs of communities at low interest rates. Individuals who receive the loans repay them as per a predefined repayment schedule. This can be either withdrawn or reinvested.
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