Top 10 Crowdfunding Platforms in India
Crowdfunding is a beautiful way through which a community comes together to fund a start-up and fuel its growth. Looking for top crowdfunding platforms in India, read ahead.
In this day and age, crowdfunding is a vital tool that can help your start-up with the funding, without the limitations of appealing to a niche group of investors. The opportunity to have your ideas visible to a broad spectrum of the market increases the chances of your funding goals. Here are the top 10 crowdfunding platforms in India for your start-up.
We can’t have a list of crowdfunding companies without including Kickstarter, one of the most popular players in the game. From watches, video games, and consoles to jackets, online music players and fidget cubes, Kickstarter has a crowd for every product. With over 213,000 fully funded projects, Kickstarter boasts over $6.29 billion funded from 20.5 million backers as of 2021.
Indiegogo can be called the lovechild of Amazon and Kickstarter. Raising funds is the first step on Indiegogo as after the project is successfully funded, campaigners can sell the products on the same platform. This is especially beneficial since if someone likes your product enough to fund it, why wouldn’t they buy it? But this comes as a downside to many startups as Indiegogo focuses more on physical products over services.
Ketto is a Made in India platform for crowdfunding. The Mumbai-based website has a broad range of campaigns ranging from healthcare, education to sports, animal welfare, and personal care. Ketto also has an ‘Urgently Fund Required’ section which provides the backers with tax benefits. NGOs have been using Ketto since its inception in 2012. Another added bonus is that the platform does not require the project to be 100% funded for the creator to get the amount already funded.
Namma Bengaluru-based fundraising platform has been focused on reward-based projects since its inception in 2016. FuelADream has two plans, an All or Nothing plan, and a Keep What You Get Plan. If the project founder chooses the former plan, the project won’t get funded until the full amount requested is funded. In that case, the backers get their money back. FuelADream is more focused on quality over quantity as they only have 20 active projects a month. One of their most notable projects includes a canal to irrigate village farmland.
Catapooolt is a unique platform as it can be used to fund personal or business projects. This offers the backers the opportunity to partner up with the pre-existing investors, therefore creating an ecosystem for the company. Catapooolt was founded in 2013 and has since funded over 40 projects for a total of $150,000 from over 2,000 backers. They also provide a reward system to the backers as it provides access to 300,000 retail outlets with walk-in customer access.
California-based Crowdera was founded in 2014 by two Indians and it’s a free global crowdfunding platform that expanded its operations to India in 2016. Crowdera prides itself on not charging any commission on any projects as their motto is “doing good must not be penalized”. Crowdera is privately funded by its founders and focuses on social and individual causes.
Another crowdfunding platform out of Namma Bengaluru, Milaap was initially started as a platform for small-term loans for rural Indians and to help low-income families with education, well-being, basic sanitation, and water. Milaap has donors from over 120 countries and has funded over 100,000 projects, raising over $12.7 million. They believe in giving and helping the underprivileged and being a helping hand for medical emergencies.
ImpactGuru is a product of Harvard Innovation Lab’s Venture Initiative Program in 2014. It was founded by Menaka Gandhi, Union Cabinet Minister for Women and Child development in 2015. It has since raised over $200 million to benefit people in over 160 countries. They also provide a tax benefit to backers which appeals strongly to businesses and the wealthy and can be an incentive to give more.
Founded in 2012, Fundable has successfully funded over $568 million. They offer a minimum funding amount of $1,000 and no maximum limit. They also provide reward and equity crowdfunding plans. Fundable has been praised for its low fees, sometimes as low as 3.5%, but they also have an ‘all or nothing’ model for their crowdfunding. On the bright side, their average time period for a campaign to be fully funded is between 60 to 90 days.
Wishberry is an Indian-based crowdfunding platform founded in 2012 that strictly focuses on the creative field such as arts, comics, theater, music, and dance. They are a reward-based platform, usually offering incentive options to the backers and donors. They aim to bring new, creative, and innovative ideas to life and build a caring community of like-minded patrons in India.
Crowdfunding is a beautiful way through which a community comes together to fund a start-up and fuel its growth.
If you have a strong business model and are looking for a significant amount of funding but don’t want to opt for crowdfunding, you might go to the next best option, fundraisers and venture funding. Here’s an article that talks about Zoom Etiquettes to Practice for Fundraising.
If you don’t already have a business plan and don’t know where to begin with Series A funding, here’s an article that goes over the Checklist for Raising Series A Funding for Your SaaS where we give you a little more insight about Series A funding and how to go about it.