Gone are the days when taking loans or getting investors was the only way to kickstart your business. Crowdfunding has come up as a viable alternative in the last decade. Not only is the process low on risk, but it also opens money-raising avenues, depending upon potential and needs. Global crowdfunding is on an all-time high, with the industry expected to cross $114 billion by 2021.
While the stats aren’t well-documented in India, the industry has been on a steady rise with the success of crowdfunding giants like Ketto and Milaap. People in rural India have benefitted from these too. A lot of social activists have also started social service projects through crowdfunding.
Crowdfunding Platforms In India
If you, too, are looking for an investment, check out these 10 crowdfunding platforms that will help you pitch your idea to the whole world and attract donations and loans.
1. Ketto
Founded in 2012, Mumbai-based startup Ketto is one of the most popular crowdfunding platforms in India. The platform has been endorsed by several celebrities and ministers alike. It was co-founded by Zaheer Adenwala, Kunal Kapoor, and Varun Seth.
It features three major categories: community/social projects, creative arts, and personal development.
The three categories include various campaigns like sports, health, women empowerment, animal welfare, education, movies, music, fashion, charity, and more. NGOs can also use Ketto as an eCommerce platform. Fundraisers get a cash pickup facility, helping even those without a bank account.
Depending upon your campaign, Ketto takes 5-8% of the fund raised along with payment gateway charges. The crowdfunding platform is pretty user-friendly with easy navigation.
How to start the fundraiser on this platform?
- Take 2 minutes to set up your campaign
- Start sharing after approval with no processing fee
- Withdraw your money once you reach a milestone
2. Wishberry
Founded by Anshulika Dubey and Priyanka Agarwal, Wishberry is solely dedicated to creative projects and artists. It voluntarily assists them by assigning a Campaign Coach who is a Wishberry advisor.
The adviser will help you design a campaign, write an effective pitch, make a compelling video, and choose rewards. The coach will also guide you through the effective distribution of rewards. To date, they have helped deliver project creators a remarkable success rate of 70%.
The platform has completed over 325 projects, raising around $1.3m worldwide. Having operated in over 60 countries, Wishberry is now a trusted name among creative startups. There’s also something for the contributors, like tickets to movie premiers, merchandise, name in credit roll, and more. Wishberry charges a one-time fee and 10% of the total commission only when the funding goal is achieved. You can also avail their digital marketing services.
How to start a fundraiser on this platform?
- Submit a form on the website with your details
- A Wishberry consultant will help you with funding after approval
- You get up to 45 days to reach your goal
3. Kickstarter
One of India’s oldest fundraising platforms, Kickstarter is also popular for funding creative projects and startups. The platform has had much success in crowdfunding for innovation, research, music, books, and films, among other creative art forms. Kickstarter supports unique initiatives like a photographic series on Indian deities, edible cutlery photography, and more.
The platform also offers various rewards to the donors, depending upon the project. The Sweet Requiem campaign is one of the most successful campaigns on this platform in India. It raised funds for a film based on Tibetan women’s struggles in Tibet and how they’re living in India. Over 300 people contributed to the project, raising over $33,000.
The Edible Cutlery was another such successful campaign. It raised nearly $3,00,000 from over 9000 donors. The platform supports creativity and merchandising and is a delight for aspiring artists and creative startups.
How to Start a Fundraiser on this Platform?
- Check out their criteria on the website to see if you’re eligible
- Learn about structuring your project with their Kickstarter resources compendium on the website
- Submit your campaign and start marketing it around
4. FuelADream
A fairly recent startup by Ranganathan Thota in 2016, FuelADream is another reward-based crowdfunding platform in India. The platform focuses on supporting charities, social causes, and creative projects by collecting donations. You can choose between All or Nothing or Keep What You Get campaigns.
If you don’t reach the All or Nothing campaign’s target, you won’t get anything, and all the money would be returned to the senders. The company has an in-house content and marketing team that designs campaigns and online pitches and creates compelling reward systems for every campaign. In both kinds of campaigns, the company would charge a total of 9% of the amount raised exclusive of taxes.
FuelADream takes up only 20 projects a month. They choose projects wisely, going for quality over quantity. Battery-powered bikes and a canal to irrigate arid farmlands were some of the platform’s most successful campaigns. It supports campaigns in multiple languages to appeal to local and regional audiences.
How to Start a Fundraiser on this Platform?
- Sign up on the website
- Add story details
- Add rewards
- Add team members
- List team members
- Send campaigns for approval
5. Dream Wallets
Dream Wallets is another successful crowdfunding platform dedicated to supporting engineers, artists, and other types of content creators. The platform has also been active in helping the sick. It has over 15% of projects focused on raising money for treatment.
Depending upon your purpose, Dream Wallets would charge a 6-10% commission overall for the funds raised. The donor receives perks and non-monetary benefits like film premiere tickets, merchandise, shoutouts, discounts on products, personalized cards, and more.
Dream Wallets has completed over 650 successful projects that include some very touching campaigns. It’s a good way for you to raise your voice for patients and survivors of various calamities.
How to Start a Fundraiser on this Platform?
- Sign up to create a campaign
- Set the required target
- Add a marketing pitch
- Send the campaign for approval
- Share it after approval
6. Milaap
Another successful crowdfunding platform for social causes and personal issues, Milaap has raised nearly INR 330Cr so far! Founded by Saurabh Sharma, Mayukh Chaudhary, and Anuj Vishwanathan, Milaap favors people living in rural areas. People who live under wages of 2 dollars are supported by this crowdfunding platform.
NGOs and social entrepreneurs find this site especially beneficial. Milaap has worked on projects related to hygiene, water, education, energy, and health issues. There have also been a lot of beneficiaries with medical emergencies.
The massive organization has lenders from over 120 countries contributing to over 50,000 projects. Social media has been the primary marketing channel for Milaap. It charges a nominal fee of around 5 to 8% for every campaign.
How to Start a Fundraiser on this Platform?
- It’s a loan-based platform, so you can ask for funds for any business
- Sign up on the website
- Select the project you want to create
- You can set any type of fundraiser and start collecting
7. Impact Guru
Started as purely a crowdfunding platform, Impact Guru has now become a fintech startup in Mumbai. Founded by Khushboo Jain and Piyush Jain, the organization helps entrepreneurs, non-profit organizations, startups, and social enterprises raise funds. You can choose investment fundraising, donations, or reward crowdfunding.
It has come as a big boon for entrepreneurs and corporates. The platform has benefitted over 100 organizations and social causes from 6 countries and doesn’t seem to be stopping anytime soon.
You can launch your campaign for free on Impact Guru. You would have to pay 5% of the total funds you have raised. It’s more of a financing option than a platform for a social cause. If you’re a startup with an innovative research idea, you can raise funds from Impact Guru.
How to Start a Fundraiser on this Platform?
- Login to the website and start a fundraiser
- Share your fundraiser for free
- Receive donations and keep a track
8. Crowdera
Another recent crowdfunding platform founded in 2014 by two Indians based in California, Crowdera, is free of cost fundraiser. Crowdera has been helping NGOs, people dealing with personal issues, disaster relief initiatives, etc.
It had raised a whopping $537,000 in just 3 years of its inception and continues to grow at a staggering rate. The platform was started by friends and a third investor and hasn’t monetized itself yet. Crowdera is focused on keeping the service free because the act of doing good shouldn’t be penalized. It’s a wonderful platform if you are trying to raise a voice on a social issue or need help in organizing protests.
The company earns from CSR activities of corporates and enterprises who benefit through Crowdera. They don’t believe in charging those that they’re trying to help.
How to Start a Fundraiser on this Platform?
- Set your funding goal
- Build the pitch of the campaign
- Add a video
- Add perks
- Start sharing your campaign
- Add milestones on the way
9. Rang De
An old crowdfunding platform on the block, Rang De, was founded in 2008 and worked as a peer-to-peer micro-lending platform. The organization facilitates loans for financially weak people in rural areas. This is a non-profit platform founded by Ram K. and Smita Ram, having attracted over 10,000 investors and reimbursed over 50,000 loans.
It helps a section of the Indian society often overlooked by banks, social institutions, and governments. No one caters to the aspirations of the rural women and the need for them to be financially independent. The company has raised nearly $7m and remarkably returned over $5m! That’s a testament to how successful the women who have borrowed have been.
The interest rates for these loans for women range between 4.5% to 10%, depending on various factors. Rang De takes a 2% interest on all the loans sanctioned that have been repaid. World Bank has funded the prestigious crowdfunding platform. It has gained wide recognition and awards for bringing social change. The company has a vast network of field partners across 16 states who physically send the money to the borrowers and take it back from them at the time of repayment.
How to Start a Fundraiser on this Platform?
- If you’re a woman in rural areas hoping to start a business, sign up
- Enter the investment you need and your business idea
- Create a marketing pitch
- Wait for the loan amount to reach you.
10. Catapooolt
Founded by Satish Kataria, Catapooolt has helped technologically advanced startups, Parallel Cinema, Aam Aadmi Party, and DJs Racing Car, among others, to raise funds. The crowdfunding platform helps sport, social, political as well as business projects.
The platform was founded in around 2013 and has raised over $150,000 for over 40 projects in just three years. It has now grown leaps and bounds and is the preferred funding platform for startups because of the exposure they provide. It remains the only platform that lets fundraisers access over 30,000 outlets across India. This comes as a significant boost to marketing.
The platform also offers three-tier rewards to the donors and contributors. It charges a one-time submission fee. But the benefits of the platform are multifold for both contributors and receivers.
How to Start a Fundraiser on this Platform?
- Sign up on the website
- Create a campaign
- Send for approval
- It goes live within 48 hours after approval
Conclusion
These are some of the most reliable crowdfunding platforms currently in India. All the platforms in this list have their niche, so you should select the platform that suits yours. So the next time you require some funds for your business or a loved one, resort to one of these crowdfunding giants.
