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At the India Startup Festival 2023, Murali Vullaganti, Founder and Executive Chairman of PeopleShores, US-based people benefit corporation emphasized numerous crucial insights. He spotlighted Shore’s mission as a public benefit corporation to uplift underemployed youth in marginalized communities. Presently, the entity runs four outsourcing hubs in the US. Additionally, Murali is pivotal in promoting Rural Shores, an initiative dedicated to offering tech-driven jobs to rural youth.
Murali’s contributions haven’t gone unnoticed. He has been honored with multiple awards, including the Edison Award for Innovation at the ISF. One of the main themes for the session was rural development, an area in which Murali has extensive experience.
As the presentation began, Murali discussed Rural Shores, a project initiated by Bhagwan Baba in 2008. Its primary aim is to create business process outsourcing centers in rural areas, train the local youth, and provide them with jobs. The central concept here is to bring jobs to the people instead of moving people to jobs. By leveraging the increased connectivity in rural areas, they aim to elevate the quality of life while preserving the essence of rural India.
From its inception in 2008, the initiative has grown remarkably. They now have 12 centers across eight states, assisting over 21,000 rural youths in building professional careers. Many big-name brands, including Amazon and American Express, rely on the services provided by these centers. These centers not only match the service quality of giants like Infosys and Accenture but often exceed them.
The success of Rural Shores has led to its study by institutions like Harvard, Stanford, and IIM Bangalore. Furthermore, it has been recognized and featured in prominent newspapers like The New York Times and LA Times.
Approximately five years ago, a similar initiative was launched in the US, targeting underserved communities, both in rural areas and inner cities. These centers cater to minority communities such as African Americans and Hispanics. Clients of these centers include major brands like Morgan Stanley and Blue Cross.
Importantly, both the Indian and US initiatives are established as for-profit social enterprises. While profits are essential, the primary focus remains the mission, with profits being reinvested to further expand and develop these initiatives.
Murali concluded by introducing two distinguished guests, Vineet Rai, and Prashant Prakash. Vinit is regarded as the father of impact investment in India, having founded the Avishkar Group in 2001. He’s known for supporting and nurturing numerous social entrepreneurs. On the other hand, Prashant, a partner at Accel, has played a vital role in fostering early-stage enterprises in India since 2004. Both of them are esteemed for their significant contributions to the entrepreneurial ecosystem in India.
