India’s Social Stock Exchange (SSE) was designed to bring the discipline of capital markets to the social sector. While the concept sounded promising on paper, its real test lay in whether nonprofits could repeatedly raise funds through the platform. SGBS Unnati Foundation has now emerged as one of the strongest early proof points of that model.
After becoming the first NGO to list on the SSE in 2023 and returning again in 2025, the organisation launched another fundraising issue through the SSE in 2026.This latest issue aims to raise ₹50 lakh to support its UNXT Program, which plans to train nearly 3,000 students.
With this, Unnati has become the first NGO in India to tap the SSE three times, demonstrating not just access to capital but the repeatability of fundraising on the platform. This serves as an important signal for the long-term viability of the SSE ecosystem.
Key Takeaways
- SGBS Unnati Foundation became India’s first NGO listed on the Social Stock Exchange in 2023.
- The organisation successfully returned to the platform again in March 2025 for another fundraising round, demonstrating repeat access to impact capital.
- Funds were raised through Zero Coupon Zero Principal (ZCZP) instruments, which operate as structured donations issued through stock exchanges.
- The capital raised has been used to expand skill development, employability training, and entrepreneurship programs.
- In FY 2024–25 alone, more than 1.2 lakh youth were trained across 11 states through Unnati’s initiatives.
Unnati Foundation’s Fundraising Journey on the Social Stock Exchange
One of the biggest questions around the Social Stock Exchange has been whether it can support sustained fundraising rather than one-time campaigns. The experience of Unnati Foundation offers an early answer.
The organisation raised funds through Zero Coupon Zero Principal (ZCZP) instruments, which are fundraising instruments issued by eligible NPOs through the Social Stock Exchange. These instruments do not offer financial returns but allow individuals and institutions to contribute to social initiatives through a regulated capital market platform.
Unnati’s ability to return to the platform for another fundraising round shows that the SSE can enable repeat funding cycles, a crucial factor for scaling long-term social programs.
In March 2025, the foundation became the 11th project listed on the NSE’s Social Stock Exchange, with contributions received through the e-IPO UPI route, marking another milestone for the platform.
The SSE framework requires participating organisations to comply with disclosure, governance, financial reporting and impact-reporting requirements, helping improve transparency and accountability. This level of accountability helps build credibility among donors and institutional contributors.
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What is the Impact of SSE Fundraising on Unnati’s Skill Development Programs? [H2]
The funds raised through the SSE have been largely directed toward expanding Unnati Foundation’s skill development initiatives aimed at improving youth employability. The organisation focuses on training young people from economically disadvantaged backgrounds and preparing them for entry-level roles in the corporate sector.
- In FY 2024–25, Unnati Foundation trained more than 1.2 lakh youth across 11 states, significantly expanding the reach of its employability initiatives.
- The UNNATI program, a 35-day intensive training initiative, equips participants with critical life and workplace skills to prepare them for corporate roles. During the year, 9,320 participants completed the UNNATI program, with placement opportunities provided to graduates upon completion.
- Many program graduates secure entry-level corporate roles with average monthly salaries ranging between ₹15,000 and ₹20,000, often representing their first stable source of income.
- The UNXT program, focusing on final-year college students, offered blended digital and classroom training designed to bridge the gap between academic education and industry requirements.
- In FY 2024–25, 1,13,951 youth completed training under the UNXT program, substantially increasing Unnati Foundation’s employability outreach.
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SUGAM: Empowering Rural Women Entrepreneurs
Beyond employment programs, Unnati has also used the funds raised to support grassroots entrepreneurship initiatives.
The SUGAM program focuses on training rural women entrepreneurs by equipping them with essential business and financial management skills. Participants learn areas such as leadership, communication, marketing, and digital business practices.
During the year, 265 women entrepreneurs participated in the program, enabling them to start or expand local enterprises ranging from tailoring and food production to small retail ventures.
Conclusion
The early experience of SGBS Unnati Foundation highlights the growing potential of India’s Social Stock Exchange as a platform for impact-driven fundraising. The organisation’s ability to raise funds multiple times demonstrates that the SSE can support sustained capital flows for credible social initiatives.
More importantly, the funds raised have translated into measurable outcomes — from large-scale youth training programs to entrepreneurship initiatives that support economic inclusion.
As the SSE ecosystem evolves, examples like Unnati provide an early glimpse into how market-based fundraising can help scale social development efforts across India.
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