Entrepreneurs, artists, and individuals now crowdfund their projects and ideas. Crowdfunding platforms are helping Indians get finance. These websites make it easier for people to generate funding by reaching a big number of people and collecting little sums. Crowdfunding has redefined India’s funding, from social causes to start-ups. This article will discuss popular Indian crowdfunding websites, their success stories, and how they help people realize their ideas. In this post, We’ll talk about the Top 10 Best Crowdfunding Platforms in India in 2023 | Indian Crowdfunding Sites.
What is crowdfunding?
Crowdfunding is a method of raising money for your business or project by seeking contributions from a large group of investors, hence the name “crowdfunding”. Contributions can range from small amounts, depending on the individual’s ability and willingness to give. Additionally, crowdfunding is sometimes utilized to fund medical treatments, in which case the contributions are more of a donation rather than an investment.
Individuals seeking funding create their request on a crowdfunding platform and then promote it using social media. There are limitations on who can contribute and the amount they can invest. Crowdfunding platforms serve as intermediaries between those seeking funding and those willing to invest. The platforms earn revenue by taking a percentage of the funds raised.
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Here are the Top 10 Best Crowdfunding Platforms in India in 2023 | Indian Crowdfunding Sites
Fueladream was established in April 2016 and is headquartered in Bengaluru. It serves as a platform for crowdfunding and a marketplace for individuals and organizations looking to raise funds for their creative ideas, causes, charities, events, and community-led initiatives, with an initial emphasis on India.
Fueladream aims to connect campaign creators and funders productively and interactively. The company’s objective is to drive innovation and simplify access to funding through crowdfunding in India while promoting transparency and accountability. To transform the traditional methods of funding ideas, ventures, activities, and organizations, Fueladream intends to make crowdfunding the preferred method of raising funds in India.
Fueladream has successfully managed over 250 campaigns in the past two years of its operations in India and has helped raise over INR 15 crores.
Ketto, founded by Varun Sheth, Zaheer Adenwala, and the well-known Bollywood actor Kunal Kapoor, is the most trusted and widely visited crowdfunding platform in Asia. The company leverages technology to enhance efficiency and maximize impact in the social sector by partnering with non-profit organizations at the grass-root level.
As a Made in India platform, Ketto offers a wide range of campaigns covering areas such as healthcare, education, sports, animal welfare, and personal care, among others. The Mumbai-based platform also features an “Urgently Fund Required” section, which offers tax benefits to backers. Since its inception in 2012, NGOs have utilized Ketto for their fundraising efforts. Additionally, the platform does not require the project to be fully funded for the creator to receive the amount already raised.
Ketto also strives to raise awareness and support various projects by extending a helping hand to campaigners. Many prominent figures, from Bollywood actor Amitabh Bachchan to Nobel Peace Prize winner Kailash Satyarthi, have utilized Ketto to raise funds for various causes. In addition, companies such as Viacom 18, IPL team Pune Super Giants, Radio City 91.9, and Yes Bank have partnered with Ketto for their corporate social responsibility initiatives.
Crowdera is a technology company that provides artificial intelligence-powered SaaS and PaaS solutions to enterprise-level organizations and charities. The platform enables the launch and management of fundraising campaigns, including multi-level peer-to-peer fundraising, donor collaboration, and corporate giving, all in a unified system.
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The company specializes in creating scalable technology for charitable organizations and corporations to launch their fundraising and giving platforms. The goal is to provide these organizations with an efficient way to automate and increase their fundraising efforts. With its affordable cost, Crowdera is empowering small and medium-sized charities to compete with larger organizations and reach a wider pool of relevant donors, regardless of location.
Crowdera enhances the fundraising and volunteer efforts of organizations by providing a user-friendly platform for creating impactful and viral fundraising campaigns. The platform allows organizations to create visually appealing campaigns that raise awareness and funds for their specific needs and aspirations. By offering this complementary solution, Crowdera helps organizations effectively reach and engage their target audience.
Milaap is India’s largest free crowdfunding platform, dedicated to personal and social causes. It was founded in 2010 by Mayukh Choudhury, Anoj Viswanathan, and Sourabh Sharma.
The company has helped Indians raise over Rs.1,000 Cr for 2.5 lakh causes to date. With Milaap, anyone in India can easily raise funds for a wide range of causes, including healthcare, education, sports, disaster relief, and others. The platform was founded in 2010 by a group of young and passionate entrepreneurs and has since played a key role in promoting person-to-person giving in India. With a community of over 30 lakh donors from 130 countries, Milaap has established itself as a leader in the industry, known for its trust, support, and innovative approach to fundraising.
Catapooolt is an ecosystem of crowdfunding that brings together communities, resources, and tools to make ideas a reality. The platform enables both personal and business projects to receive funding and engagement from backers and investors. Since its founding in 2013, Catapooolt has successfully funded over 40 projects for a total of $150,000, thanks to support from over 2,000 backers.
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The company rewards its backers with access to 300,000 retail outlets and provides them with the opportunity to join hands with other investors. The company was founded by Satish Kataria.
Impact Guru was founded by Piyush Jain and Khushboo Jain in Mumbai and is India’s premier healthcare financing platform for patients. The company enables individuals to raise funds for medical expenses, such as cancer treatment, transplants, accidents, or other emergencies, through crowdfunding. Impact Guru aggregates a large number of online payments to make it easier for individuals to get the financial assistance they need. So far, the company has helped mobilize approximately INR 150 crores (or US$20 million) through crowdfunding efforts, in partnership with various organizations.
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In addition to its successful fundraising efforts, ImpactGuru has received recognition and awards for its innovative platform. The company was selected among the top 5 early-stage startups in India by TiE, featured on CNBC Young Turks, and won the Best Social Impact Startup Award by News Corp. (Tech Circle). Furthermore, ImpactGuru was ranked among the top 21 startups globally to watch in its field, showcasing its impact and potential for future growth.
SeedInvest is an online equity crowdfunding platform that links startups with investors. It was founded in 2012 and launched in 2013. SeedInvest has concentrated on enhancing the platform’s liquidity by attracting high-net-worth individuals, family offices, and venture capital firms. The company thoroughly reviews and approves deals before granting access to the JOBS Act exemption that permits General Solicitation.
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In 2014, SeedInvest established a partnership with the Angel Investing website Gust. In October 2018, SeedInvest was acquired by Circle Internet Financial Ltd, a peer-to-peer payment company.
SeedInvest raised a substantial part of its $4.15 million Series A funding in April 2014 through an online funding campaign. The funding was received from Scout Ventures and a combination of venture capital firms and angel investors. SeedInvest had previously raised seed capital in 2013. By 2020, the company had raised a total of $5.1 million.
Priyanka Agarwal and Anshulika Dubey established Wishberry in 2012, which is a crowdfunding platform that operates on a rewards-based system. On the platform, individuals present their imaginative projects and solicit funds from their social networks.
Rather than receiving financial compensation, supporters receive unique rewards, such as early access to the project or exclusive merchandise. In addition to fostering creativity, Wishberry also provides services like marketing strategy, campaign consultation, social media management, and public relations.
Donatekart is India’s most reliable platform to donate to charities online. Founded by NIT Alumni, Donatekart has won many awards like 40 Under 40, Nasscom Social Innovation Award etc and is incubated in T Hub, Hyderabad & Zone Startups, Bombay Stock Exchange, Mumbai.
They are first of a kind platform that enables donors to directly donate products to NGOs/Charities online instead of money.
People can use the crowdfunding platform GoFundMe, which is operated by the company GoFundMe Inc. for profit, to raise money for a wide variety of occasions, including life events such as celebrations and graduations, as well as hard circumstances such as accidents and diseases.
Crowdfunding has revolutionised fundraising for Indian startups and individuals. It has opened up cash and resources to numerous groups. Crowdfunding has given fresh life to unique and inventive ideas and highlighted various social issues. Indian crowdfunding sites have democratized financing and given budding entrepreneurs and social activists new opportunities.
This was our selection of the Top 10 Best Crowdfunding Platforms in India in 2023 | Indian Crowdfunding Sites. We hope this is useful to you. The order of this list is random.
Frequently asked questions (FAQs)
Which are the Top 10 Best Crowdfunding Platforms in India in 2023 | Indian Crowdfunding Sites?
Fueladream, Ketto, Crowdera, Milaap, Catapooolt, Impact Guru, SeedInvest, Wishberry, DONATEKART, & GoFundMe are the Top 10 Best Crowdfunding Platforms in India in 2023 | Indian Crowdfunding Sites.
What is crowdfunding in India?
Through the combined effort of many people who individually give a little sum of money, crowdfunding is a technique for obtaining finance.
What are the popular crowdfunding platforms in India?
Some of the popular crowdfunding platforms in India include Ketto, Milaap, Wishberry, Fueladream, and ImpactGuru.
Are there any legal regulations for crowdfunding in India?
Yes, equity crowdfunding in India is governed by the Securities and Exchange Board of India (SEBI), while debt crowdfunding is governed by the Reserve Bank of India (RBI).
How does crowdfunding work in India?
Individuals in India can launch campaigns on crowdfunding platforms to promote their projects. Anyone can then contribute to the campaign, and the money is then gathered and given to the person who started it.