SkillEnable’s main mission is to increase access to quality education in India. India is one of the youngest nations in the world (with more than 62% of the population in the working age).
Living in a world where most of the advanced economies are burdened with aging populations we can see why people refer to India’s age distribution as a demographic dividend.
Unfortunately today less than 4% of the Indian workforce is skilled, compared to 42% in the USA, 76% in Germany, 80% in Japan and 96% in South Korea (TOI, 27th Nov 2019).
Despite only a small proportion of our workforce being skilled, look at our country’s incredible growth story. A large part of our population could not access quality education as they did not have the financial resources to do so.
If we can financially enable our workforce and help them gain valuable skill sets, the potential for India is unlimited.
SkillEnable is a FinTech platform that financially enables upskilling/reskilling by leveraging cutting edge technology to efficiently link students, institutes, Banks, NBFCs and MNCs. Our technology and processes aim to generate value for each of our stakeholders.
We are working on new and innovative ways to increase access to credit for upskilling, for example we are developing a skill based credit assessment system which will change the way financial institutions assess and lend to people. We are building a young professional and dynamic team to join us in an exciting journey to help bridge India’s skill gap.
As we are entering the booming FinTech space we have targeted to grow rapidly and achieve transactions worth Rs. 100 crores in our first 18 months.
SkillEnable aims to increase access to quality education by financially enabling the brightest talent in India. We aim to propose something different from the basic Indian Traditional education system.The company provides easy, accessible, and quick funding to candidates who wish to upskill themselves at our partnered skill-focused institutes.
We offer a multitude of services to these skill-focused institutes including HR and Placement Support, lead generating activities (increasing awareness about vocational education and potential careers), and candidate fee financing.
We provide a range of financing options to students with a variety of timeline options. These range from zero cost EMI to outcome-based learning or Income sharing agreement.
All our institutional partners get Zero cost financing services for their students and lead generation services from us.
Income Sharing Agreement or ISA is our flagship product where we aim to introduce outcome linked skill courses for students and working professionals. Higher education up till now has been focused on upfront payments and not on the results of the upskilling program. We know that higher education is a service offered to the students to prepare them for careers and industry. So ISA focuses on the result in terms of placement, as what we provide is a totally different career-enhancing program.
It is here that the concept of “Get Hired, Then Pay” comes in.
The students go through a series of assessments to get selected for the final batch and only when they complete the whole course and get placed with our assistance, they start with their payment plans. The payment plans include a percentage of the monthly salary. We focus on the success of the student first, as their success is our success.
About Our founder:
Nirpeksh Kumbhat is the founder of Skillenable, a unique platform that enables the Indian youth to be a part of the skill-driven workforce. He is the man behind the vision of empowering the Indian youth for a passion-driven career. Nirpeksh holds a degree in Msc. Finance from The London School of Economics as well as B.sc Finance from the University of Warwick.
