Kalaari Capital launched its CXXO programme to promote women entrepreneurship in the country by making it easier for female founder CEOs to access capital, community, and coaching. Kalaari Capital has set aside USD 10 million (approximately Rs 74.3 crore) per year to invest in startups with female founders as key decision-makers, ideally in Chief Executive Officer roles.
Each year, the programme will produce a cohort of 8-10 female founder-CEOs with the ambition to make a significant impact, according to Kalaari Managing Director Vani Kola in a virtual briefing. The programme will provide the cohort with seed and series A funding (ranging from USD 500,000 to USD 5 million), as well as subsequent access to growth funding and resources.
Vani Kola is a venture capitalist from India. She is the founder and managing director of Kalaari Capital, an early-stage venture capital firm based in India. In 2014, Fortune India named her one of the most powerful women in the Indian business.
“We want to have women in key decision-making roles, that is the reason for this programme. We want to bet on her. CXXO is a Kalaari Capital-backed initiative committed to promoting women entrepreneurship. We believe more women CEOs need to drive India’s march to a USD 5 trillion economy for the growth to be inclusive and equitable,” she added.
To address this, Kola stated that the CXXO programme seeks to meet the specific needs of each CEO and her startup, providing not only capital but also individualised support. The startup ecosystem in India is thriving, with 16 new unicorns minted in 2021 alone, bringing the total to 53. Only one of the unicorns, however, has a female founder-CEO.
Kola said that inclusive growth cannot happen without adequate opportunities for women at the top. “Successful female founders as company builders serve an important role in Indian economic development. The CXXO programme will ensure there is no bias and discrimination on access to capital. We believe these founders will pioneer workplaces that are equitable and inclusive for more women to rise,” she said.
CXXO has assembled a team of female trailblazers to guide and lead this movement in the startup ecosystem. This team includes Kola, Zilingo co-founder and CEO Ankiti Bose, Microsoft Country Head Venture Capital and PE Partnerships Lathika Pai, Dream Sports Chief Communications and Public Affairs Officer Paroma Roy Chowdhury, Priyanka Gill (Founder and CEO, POPxo – Plixxo) and co-founder and President of MyGlamm, and Shradha Sharma (Founder and CEO of YourStory Media).
Female founder-CEOs often face a significant bias in access to funding. Between January 2018 and June 2020, startups led by female founder-CEOs received only 1.43 per cent of the total capital raised in India. CXXO will also activate connections for founders to develop their ideas and grow their businesses. CXXO will match each entrepreneur with a champion who will play the role of a trusted advisor.
