Since 2011, Upaya has leveraged philanthropic funding to provide equity and quasi-equity financing for India’s small and growing enterprises. The Seattle-based impact fund invests to create good-paying, dignified jobs for populations that are living in extreme poverty, or less than $2 a day.
Upaya says its 40 portfolio companies have created more than 42,000 jobs in India.
The investment in Ecoright, a direct-to-consumer lifestyle brand, will help the company scale its operations and expand its line of environmentally-friendly bags and totes. Ecoright’s “commitment to Upaya’s values of creating dignified jobs while positively impacting the environment makes them ideal partners on this journey,” said Upaya’s Ankur Mehta. The majority of Ecoright’s 90 workers are women.
Sustainably made
Ecoright, based in Ahmedabad, uses organic cotton, recycled plastic and chemical-free dyes to ensure their products are safe for people and the environment. It uses post-consumer recycled plastic in its packaging and solar energy at its manufacturing facilities. The fair trade-certified company has sold more than 1.5 million bags, at prices between $13 and $80, via its website and online retail partners.
Upaya’s backers include Delta Fund, Laudes Foundation and the Aspen Network of Development Entrepreneurs, or ANDE.
