* Grant to empower female students in India affected by the Covid-19 pandemic to continue their education
* Team from Goldman Sachs Bengaluru office reached finals of the global competition and voted ‘fan favourite’
A team of analysts from Goldman Sachs’ Bengaluru office, one of the firm’s deep fintech hubs, has secured a US$50,000 grant for Prasanna Trust, through the Goldman Sachs Gives Analyst Impact Fund competition.
The grant will help Prasanna Trust, a public charitable trust supporting marginalised sections of society in India, expand its scholarship program to empower 150 girls affected by the Covid-19 pandemic to continue their education, and grow its outreach beyond Bengaluru, to Mumbai, Hyderabad, Madurai and Chennai.
Bengaluru-based, Prasanna Trust was awarded a grant of US$25,000 after the team finished fourth in the global competition and received an additional grant of US$25,000 for being voted the "Fan Favourite." The "Fan Favourite" team was selected on the basis of real-time voting by both Goldman Sachs employees and external participants, including clients, incoming analysts and summer analysts of the firm, who attended the finals around the world.
In its sixth year, the annual Goldman Sachs Gives Analyst Impact Fund is an initiative that provides Goldman Sachs employees with the opportunity to collaborate with peers across global offices to win a grant for a non-profit organization of their choice. Since 2016, more than 3,300 analysts in 42 offices across the world have participated in the competition, securing over US$2.7 million in grants to 93 non-profit organizations globally. This year’s prize pool was US$600,000. An analyst is the entry level position at the firm.
This year, more than 600 analysts from 30 offices participated globally, and pitched ideas supporting nearly 300 non-profits, with innovative proposals to tackle issues spanning food insecurity and environmental sustainability to promoting STEM education and improving health outcomes for underserved communities.
On December 9, the finalist teams addressed their pitches and presentations to Goldman Sachs Chairman and Chief Executive Officer David Solomon and the firm’s Partnership Committee in New York. Each proposal was assessed on the impact, scalability and uniqueness of the project; the team’s analysis of the project goals and financials; and the strength of the organization’s leadership and partnerships.
Gunjan Samtani, Head of Goldman Sachs Services in India, said: “Goldman Sachs continues to focus on and support our communities amid the global pandemic. Each year, we are inspired by the innovative proposals from our young colleagues, who demonstrate the firm’s long-standing culture of philanthropy, teamwork and commitment to make an impact.”
Shakila Banu, Chief Operating Officer of Prasanna Trust, said: “The team of analysts, one of whom is a beneficiary of our scholarship program, makes this grant truly special. It is a testament to our work in the areas of education and women empowerment. This Goldman Sachs Gives grant will allow us to expand our efforts to bridge the education gap between the privileged and the poor, amid the pandemic.”
According to a January 2021 national policy brief1 by Champions for Girl’s Education in India, the pandemic is reversing the gains made in gender parity in education and empowerment of girls in India. The gendered impact of the pandemic on girls’ education is due to high engagement in domestic chores and care work, and low access to devices for digital education. Prior to the pandemic, girls were twice likely than boys to have less than four years of education. Additionally, a Right To Education Forum policy brief in India noted that 40 percent girl students dropped out of school in 2019.
Previously, several teams from India have successfully secured grants through this global competition, for India-based non-profit organizations such as HelpMeSee, Operation Asha, Digital Green Foundation, Khushi Baby and SwitchOn.
About Goldman Sachs
The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services across investment banking, securities, investment management and consumer banking to a large and diversified client base that includes corporations, financial institutions, governments and individuals. In India, Goldman Sachs operates from offices in Mumbai, Bengaluru and Hyderabad.
Since 2008, Goldman Sachs has committed nearly $3 billion to philanthropic initiatives, globally to academic partners and non-governmental organizations, including in India.
About Goldman Sachs Gives
Goldman Sachs Gives is a donor-advised fund through which Goldman Sachs and its current and retired senior employees provide grants to qualifying non-profit organizations globally. Goldman Sachs Gives has made more than $2 billion in grants and partnered with 8,000 non-profit organizations in 100 countries around the world.