Crowdfunding refers to the practice of funding a project or venture by raising money from a large number of people who each contribute a relatively small amount, typically via the Internet. The objective for raising such funds could be projects such as films, music, business ventures, or public interest causes. Small financial contributions from a number of persons cumulatively may fulfill the fund requirements of the Investee who otherwise lacked access to such funds.
Crowdfunding platforms are predicted to be one of the biggest financial changes in history. Commentators are of the opinion that it would revolutionize the way money is exchanged in India. If regulated appropriately, crowdfunding can provide an excellent funding alternative for early-stage startups and ventures.
Related Blog: What is Crowdfunding: All You Need To Know
7 Crowdfunding Platforms for Nonprofits in 2022
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.
Here are top 7 crowdfunding platforms for nonprofits in 2022:
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. Social For Action
Sakal has stewarded several social initiatives over the past several decades with many of the initiatives going beyond Sakal’s own regional markets, addressing needs across the country. Social impact and social change remains the core of the Sakal’s beliefs even today and with this Sakal is introducing its own Crowdfunding platform – Social For Action. We belief that the role of media today has changed from being an advocate of social causes to being the facilitator or the agent of social change itself.
SFA addresses the many challenges of giving (such as difficulty in discovering the right causes, trust deficit, and overall donor apathy). We share stories of (pre-qualified) individuals and groups with a network of its trusted community and partners, who either specialize in providing and supporting the local communities by promoting products or can connect with the cause to help with a donation.
How it Works?
SFA is the best place to fundraise, whether you are an individual, group, or organization.
1. Start your campaign
- Set your fundraiser goal
- Tell your story
- Add a picture or video
2. Share with friends
- Send emails
- Send text messages
- Share on social media
3. Manage donations
- Accept donations
- Thank donors
- Withdraw funds
With a simple on boarding process and 0% platform fees, your free fundraiser will create impact and touch lives. Start a fundraiser for free today and begin your journey of making a difference and impacting lives.
3. 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
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.
4. Kickstarter
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
5. FuelADream
Fueladream-crowdfunding-platform
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
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
Which Crowdfunding platform is best for Nonprofits?
The digital era has made raising funds for your business idea, nonprofit cause, or personal needs easier with the use of online crowdfunding platforms. To date, people have raised more than $34 billion worldwide using these platforms, with easy-to-use tools that provide a smooth experience for both fundraisers and their supporters.1 Whatever your reason for raising money, there is a crowdfunding site for you.
To help you get started, we researched and reviewed the top crowdfunding platforms. We selected the top seven based on their ease of use, history of generating fundraising success for their customers, social media integrations, and more. Whether you are an entrepreneur, an artist, or a climate change advocate, these platforms will help you get the funds you need for your project, idea, or cause.
But if you’re looking for an all-in-one solution, Social For Action is the right choice for you; it’s cost-effective, user-friendly, secure, customizable, and at the same time, a great way to manage your donors effectively.
Which crowdfunding platform is accepted in India?
Crowdfunding is a beautiful way through which a community comes together to fund a start-up, medical emergency, innovation or climate change and fuel its growth. Above we listed all of the top crowdfunding platforms in India which are easily accepted.
Can nonprofits use crowdfunding?
Any nonprofit can take advantage of the benefits of either live or online crowdfunding. Both models can allow donors to ask questions and offer feedback, facilitating discussion and building relationships between donors and organizations.
Summary
Crowdfunding can be extremely lucrative when crafted, promoted, and executed properly. A successful campaign requires up-front research to select the platform that best meets your financial and visual needs, a clear message that inspires action, creative and constant promotion by the organization, and consistent communication with campaign donors.
While in-person events may be canceled, the giving spirit has not. And lucky for you: Social For Action has launched a crowdfunding feature to help nonprofits fundraise, thus increasing funds for nonprofits’ various projects!
Social for Action connects campaign owners to funders in a way that is productive and engaging. The uniqueness lies within our various campaign, as a part of Sakal Media Group, we have extensive reach throughout Maharashtra and beyond, the most credible resources which are available to us. We have been previously supported By 2000+ Donors and over 15000+ impact stories.
We want to spur innovation & make access to funds easy through crowdfunding in India; while promoting transparency and accountability. We want to change the traditional methods of how ideas, activities, ventures and organisations are funded by making crowdfunding the go to method of raising funds in India.-
Start your fundraising journey today for more details visit Crowdfunding for NGO’s In India.
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