Crowdfunding Websites

• Crowdfunding websites

• Crowdfunding is a trend of raising money by public for various kind of projects. It is a source of alternative finance which is based on 3 components, a proper of an idea, the supporter of the idea and an organisation that brings these together.

• In India, many online platforms are present which provide safe crowdfunding procedure and are well established institutions.

• The best of them are-

• Milaap- www.milaap.org

• This website has its headquarters in Bangalore, India as well as Singapore. It caters to need of community projects, NGO work, education etc by process of funding from public. It also provides microlending for people of low income especially in rural areas.

• Wishberry- www.wishberry.in

• Wishberry is the most successful crowdfunding platform in India . Started by an Indian duo of ladies, it mainly focusses on funding for creative and artistic projects, may it be films, music or art work. It is more of an agency which helps you in social engagement with public, mailing facilities, tools and experts to help you enhance your market strategies. It often awards funders with piece of artists work, memorandum etc.

• Rangde- www.rangde.org

• An Indian venture, Rangde is also a microcredit crowdfunding platform which provides funds for creative work, women entrepreneurship, higher education and rural areas. Its idea is to connect haves and have nots in best of interest. It operates via Field Partners which submit profiles of deserving beneficiaries on website where lenders chose the best and invest.

• Impactguru- www.impactguru.com

• Founded in 2014 and launched by Ms.Meneka Gandhi, this is a global crowdfunding platform operating across more that 15 countries to help raise finances for startups, enterprises, individuals etc. It has patnered with prestigious organisations such as UN, GlobalGiving, MasterCard, Godrej etc for its cause.

• Crowdera- www.gocrowdera.com

• Same as above , it is also a prevalent organisation in the crowdfunding sector.

• Ketto- www.ketto.org

• Started by Varun Sheth and actor Kunal Kapoor , it is again a crowdfunding platform for music, films, creativity etc.

• All of them charge a service fee that maybe worth from 6 to 7 percent of the total fund raised.

• Process-

• It involves-

• Making account on website

• Submission of documents

• Submission of Plan

• Advertise the plan amongst your known and social media.

• Collect the fund When target is reached.

• Pay the website whatever it charges(it deducts automatically)

• Policy-

• Many sites have often the same policies.

• The policy of all or none principle that is if the targeted amount is not reached in the given time, the recipient doesn’t get any of the money.

• Secondly no equity funding is allowed.

• Some sites provide advertisement tools of their own, some ask you to market it yourself.

• People’s reach

• Reach of people is well defined especially at the sites.

• When we talk about beneficiaries, many individuals and organisations have benefited from funding from people. For eg patients with cancer have got help from funds. However when we talk about donors, less people are still unaware about the concept and take this as a hoax. Still many donors are their funding these projects. Sites are built interactive and are well defined.