A game-changing scholarship platform that is using digital innovation to simplify and scale access to financial support and education all over India.
Both the supply and demand for scholarships in India is huge, yet USD 2.5 billion worth of scholarship funding goes untapped each year. Companies in India are required to contribute 2% of their net profits towards Corporate Social Responsibility (CSR), which is often done via scholarships, yet corporates rarely have the resources to effectively market, select and manage these scholarships. At the same time, over 500 million youths between the ages of 5 and 25 are in need of funding to access quality education, but don’t know that these scholarships exist or how to apply for them.
Buddy4Study bridges the information asymmetry regarding scholarships by providing students – even in rural and tribal areas –access to financial support. They also market the scholarships for companies and manage the selection and distribution processes. In 2018, Buddy4Study had reached 4.6 million students, through 3,980 schools across 35 cities.
MORE ABOUT THE PROJECT
Millions of students in India face financial difficulty in accessing primary and secondary school education. Of the initial enrollment of 100 students, on average only 70 finish school in India. This number drops to only 30 in tribal states like Jharkhand, Arunachal Pradesh and Nagaland. Scholarships can make education affordable by reducing the financial burden on parents, but current scholarship programs come with the following barriers:
- 92% of scholarship application procedures are in English, where less than 10% of the population in India reads in English
- 95% of the students are unaware of scholarships available as the information does not reach remote parts of the country
- Only 2 platforms provide all scholarship listings under one umbrella, making the access and application process cumbersome for students
Buddy4Study brings both scholarship seekers (students) and scholarship providers (educational institutions, NGOs, corporates, and foundations) to one digital platform. Students can find matching scholarships and are guided through the entire scholarship lifecycle. Scholarship providers can launch, market, manage and disburse their scholarships. Funders can engage with the candidates through the platform. The revenue model is based on a percentage charged of the scholarship amount and fees paid by scholarship providers to mobilize student communities.
Buddy4Study bridges the information asymmetry regarding scholarships, providing every student – even in rural and tribal areas – a fair shot at financial support. In 2018, Budd4Study had reached 4.6 million students of which 1.7 million were registered on its platform, through 3,980 schools across 35 cities. The platform has disbursed scholarships worth USD 3 million to date and has partnered with 70 scholarship providers including prominent names like Vodafone, Akshaya Patra Foundation, L’Oréal, and the Michael & Susan Dell Foundation.