Iampact is a pivotal platform that centralizes UN Sustainable Development Goals (SDGs) based projects. It bridges the gap between project initiators seeking funding for impactful initiatives and corporate entities aiming to invest in projects aligned with their Corporate Social Responsibility (CSR) goals. By fostering this connection, Iampact propels sustainable development and positively impacts society and the environment.
In an exclusive exchange with The Interview World, Apratim Chakraborty, Co-founder of Iampact, reveals the startup’s key offerings. He delves into the significant market opportunities within the CSR fundraising process, and outlines his long-term vision for the platform. His insights shed light on the innovative approaches Iampact employs to drive sustainable growth and create meaningful change, showcasing the platform’s potential to revolutionize CSR investment strategies.
Q: Can you provide an overview of the key products and services offered by Iampact?
A: At Iampact, we are pioneering a cutting-edge SaaS platform that revolutionizes the CSR fundraising process for corporates and NGOs. In today’s fragmented data landscape, documentation processes are only semi-automated, leaving NGOs without effective technology adoption options. This technological gap significantly hampers the ability to measure the real impact of CSR investments. As a result, we often lack crucial information about the number of beneficiaries affected and the outcomes of these initiatives.
Our platform addresses these challenges head-on by utilizing advanced metadata analysis and artificial intelligence. We transform the qualitative data that NGOs already possess into well-structured data models. This conversion process enables us to extract valuable insights about the NGOs’ potential, allowing corporates to make well-informed CSR investment decisions. Furthermore, our solution offers robust post-fundraising support, featuring customized dashboards that empower corporates to track and monitor their projects in real-time. These dashboards provide a transparent view of on-the-ground activities, ensuring that stakeholders understand the true impact of their contributions.
We believe that a successful CSR strategy requires more than just technology. Hence, we emphasize the crucial synergy between technological innovation and human effort. While our platform leverages advanced analytics to reach places where humans cannot, we also acknowledge the indispensable role of human intervention in areas beyond the reach of technology. Our tagline, “Technology where humans can’t reach and humans where technology can’t reach,” perfectly encapsulates our holistic approach.
In essence, Iampact is not just a technological solution; it is a comprehensive strategy that bridges the gap between data, technology, and human effort to create meaningful and measurable impacts through CSR initiatives.
Q: What market opportunities do you foresee for these services in India?
A: In India, our status as a private limited company offers significant advantages. Furthermore, government regulations stipulate that any corporation with profits exceeding Rs. 5 crore must allocate 2% of their earnings to Corporate Social Responsibility (CSR) initiatives. This mandate presents a substantial market opportunity, as numerous companies fall within this bracket. Additionally, companies with net turnovers exceeding Rs. 50 crore are also required to participate in CSR activities, further broadening the market potential.
Beyond CSR, the concept of Environmental, Social, and Governance (ESG) frameworks is increasingly important. We incorporate ESG principles into our processes, leveraging specialized tools and dashboards to ensure compliance and effectiveness. This alignment with ESG frameworks not only fulfills regulatory requirements but also enhances our market presence and credibility.
The market opportunity is undeniably vast, with the potential surpassing several thousand crores. Although precise figures are challenging to pinpoint, data from the previous year indicates that over Rs. 12,700 crores were spent on CSR funding alone. This substantial expenditure highlights the immense opportunities available within the CSR and ESG domains, even if we do not capture the entire market. Our strategic approach positions us to capitalize on these opportunities, driving growth and impact.
Q: Could you share the total number of clients you have successfully acquired so far?
A: Currently, we are managing pilot projects with two key clients. We have successfully organized events and meetings on their behalf and facilitated their engagement with relevant NGOs. These clients are now actively executing WASH (Water, Sanitation, and Healthcare) projects, contributing to significant social impact. Additionally, one of our corporate clients is leading a skill development initiative in collaboration with one of our onboarded NGOs. As a relatively new startup, with just eight months into our journey, we have made notable strides, securing two clients who are driving meaningful projects and partnerships. Our progress underscores our commitment and potential in this field.
Q: Can you share your vision for where you see yourself progressing in the next five years?
A: The market opportunity is poised for substantial growth. As Corporate Social Responsibility (CSR) becomes a crucial aspect of branding, companies are increasingly committing to these practices. We foresee a tremendous market potential with expectations of exponential expansion over the next three to five years.
Even companies not currently facing financial losses, as well as startups, are advancing towards sustainability, net-zero emissions, and carbon neutrality. They are investing significantly in philanthropic and social responsibility initiatives to achieve these objectives. We plan to capitalize on this trend to fuel our growth. Our goal for the next five years is to partner with more than 500 to 800 corporates. This strategic focus will allow us to significantly broaden our impact and drive substantial progress in the sector.
