H1: Need Funding to Start Your Business?
Obtaining financing is one of the biggest hurdles most entrepreneurs will have to overcome. If a bank loan won’t cover what you need and you don’t have any connections to investors, it can be tough to know where to begin. Online crowdfunding — raising smaller amounts of money from multiple backers — has become an increasingly common solution to this dilemma because it allows startups to reach out to a large number of potential investors at once.
Although Kickstarter and Indiegogo are two of the most popular crowdfunding platforms, success there isn’t always guaranteed: For every project that meets its goal, there are dozens that just didn’t pick up enough steam to get funded. So, where else can you turn? Below is the list of Top Startup Crowdfunding sites personally curated for you!
Start your Startup Fundraiser Today >> Crowdfunding for Startups in India
What is Startups Crowdfunding?
Crowdfunding is one of the most widely used ways to raise capital, especially at an early startup stage. It primarily falls into several types: equity crowdfunding like, SeedInvest, Seedrs, Symbid; rewards-based Indiegogo, Kickstarter; and donation-based GoFundMe, JustGiving etc. Equity crowdfunding in particular has been in the news recently, with large European platforms Crowdcrube and Seedrs announcing their merger in October in 2020, only to put the brakes on a few days ago.
Online crowdfunding — raising smaller amounts of money from multiple backers — has become an increasingly common solution to this dilemma because it allows startups to reach out to a large number of potential investors at once.
Related Blog: Crowdfunding for Startups: Types, Benefits, Platform
Top 10 Startups Crowdfunding Sites in India in 2022
Crowdfunding sites in India are helping innovators launch ideas, social entrepreneurs bring social change and startups raise funds. Most startups, small enterprises, and individuals avoid complex methods of raising funds. Raising money through bank loans, venture capital, and angel investors involve complicated procedures.
Moreover, before raising money, startups have to take into account the different funding stages to decide the mode of raising funds. Crowdfunding is a far easy and less complex model.
Here are top 10 crowdfunding platforms in India for startups:
1. Kickstarter
Kickstarter is one of the first crowdfunding sites in India. The platform is most known for creative projects. Films, books, research, and innovation are some of the kinds of campaigns that are often seen on this platform.
From edible cutlery to a photographic series on Indian deities, to wearable health tech for social impact, Kickstarter supports myriad initiatives. The campaigners are also expected to offer different rewards for different categories of funds to the donors.
Some of the successful campaigns on Kickstarter: The Sweet Requiem campaign – a film that narrates the story of a Tibetan woman living in India and her traumatic escape from Tibet – saw 296 backers with a pledge of $ 33,889.
Another project, Edible Cutlery: The Future of Eco-Friendly Utensils had more than 9000 backers who pledged $ 278,874.
Focus areas: creativity and merchandising
Purpose/mission: to bring creative projects to life
2. Wishberry
crowdfunding sites in india wishberry
For those looking to fund creative projects, Wishberry is the platform to go to. The website is strictly for creative projects only. Art, comics, publishing, theatre, music and dance, the platform supports all projects, creative.
It also helps campaigners with consulting and marketing services. Like Kickstarter, Wishberry is also a rewards-based platform. Funders and donors receive rewards from the projects that they fund.
Focus area: creative projects
Purpose/mission: to bring creative and innovative ideas to life and build a community of patrons for creative ideas in India.
3. Indiegogo
Indiegogo is more than a crowdfunding site. It is funding and a marketplace platform. Here, raising funds is the first step. Following a successful crowdfunding campaign, campaigners can take their idea to the next level to continue raising funds.
Next, the campaigners can sell their products directly to the Indiegogo network of consumers. The platform focuses on actual physical products, as compared to other platforms that fund initiatives and ideas.
Focus area: product innovation, bring innovative ideas to life
Purpose/mission: to be a launchpad for entrepreneurial ideas
4. FuelADream
A rewards-based crowdfunding platform, FuelADream gives campaigners the choice of AON (All Or Nothing) and KWYG (Keep What You Get). It is a platform that believes in “quality more than quantity”, as stated on its website.
A number of crowdfunding platforms face the issue of authenticity and genuineness of the campaigns posted on the platform. FuelADream keeps the number of projects less, in order to tackle this issue. A section called ‘Crowd Favourite’ lists the most-liked and most-funded campaigns.
Focus area: creative ideas, causes, charities, events, and community-led activities
Purpose/mission: to change the traditional methods and simplify raising fund
5. Fundable
One of the few crowdfunding sites in India that completely focuses on small businesses and enterprises, Fundable features campaigns across business sectors in India. The platform features campaigns across business sectors.
From raising funds for affordable clinical diagnoses to intellectual travel experiences within India, entrepreneurs and businesses across sectors have used the platform. Among other sectors are banking, travel, food, and beverage, and fitness. A section ‘New and Noteworthy’ ensures that people who want to support can browse through the newest and most engaging campaigns.
Focus area: small businesses
Purpose/mission: to help get businesses funded
6. Ketto
With a wide range of focus, Ketto is among the well-known crowdfunding sites in India. The platform features campaigns for health care, education, personal campaigns, animal welfare, sports, children and women empowerment. To make it easier for donors, Ketto has sections such as ‘Urgently Fund Required’ and campaigns that can provide ‘Tax Benefit’ to donors.
Some of the successfully funded campaigns on the platform include those for the Kerala Floods and a project titled, ‘Two Wheels of Hope’, which provided cycles for schoolgirls, among other campaigns.
Focus area: creative, entrepreneurial, NGOs, personal causes, education
Purpose/mission: bring social change, raise awareness, raise funds
7. Catapooolt
From startups, films, music, and technology, Catapooolt is a platform for funding personal projects or enterprises and businesses. It is more than a crowdfunding platform as it offers options for campaigners to partner within their network of investors, incubators, accelerators, mentors, and for marketing, distribution and sales and community endorsements. This makes the platform, as it claims, a comprehensive ecosystem for crowdfunding.
Focus area: individual projects, startups, enterprises
Purpose/mission: provide an ecosystem for crowdfunding
8. Milaap – crowdfunding for personal and social causes
Most preferred for raising funds for personal and social causes, Milaap is a platform for individuals, NGOs and social entrepreneurs to raise funds for causes. The platform offers micro-loans to people in rural and underserved regions in the country to support projects related to education, water, sanitation, health, and energy.
Focus area: low-income borrowers, small funds for social causes and enterprises
Purpose/mission: to offer micro-loans to rural India
9. Crowdera
Perhaps lesser known in comparison to other names among the crowdfunding sites in India, Crowdera is a completely free global crowdfunding platform that launched in India in 2016. Being free, the platform does not charge any commission from those who start campaigns and raise funds.
It is privately funded by the founders. Moreover, this crowdfunding site allows a wide bracket of campaign fund targets ranging from a minimum goal of Rs 500 and a maximum goal of Rs 99,999,999.
Focus areas: social, individual causes and enterprises
Purpose/mission: to build a ‘Giving Economy’
10. Kiva
Kiva believes in lending alongside thousands of others is one of the most powerful and sustainable ways to create economic and social good. Lending on Kiva creates a partnership of mutual dignity and makes it easy to touch more lives with the same dollar. Fund a loan, get repaid, fund another.
When a Kiva loan enables someone to grow a business and create opportunity for themselves, it creates opportunities for others as well. That ripple effect can shape the future for a family or an entire community.
Whether you lend to friends in your community, or people halfway around the world (and for many, it’s both), Kiva creates the opportunity to play a special part in someone else’s story. At Kiva, loans aren’t just about money—they’re a way to create connection and relationships.
Is Crowdfunding for Startups legal in India?
The answer is, “Yes!”, Online Crowdfunding and Online Fundraising is legal in India. Social For Action provides a Safe, Reliable & Simplified method of Raising Funds Online through its Online Crowdfunding Platform.
Is Crowdfund legal in India?
The government of India has classified crowdfunding into 5 types, and has clearly stated about the legal status of each:
Donation / Social Lending Crowdfunding: contributions made with no return expected; is legal;
Pre-order Crowdfunding: made with the intention of obtaining a product later, a form of pre-purchasing; is legal;
Reward Crowdfunding: made with the intention of receiving a tangible present in the present or the future; is legal;
Debt Crowdfunding: here, lenders or investors meet borrowers or issuers through an intermediary. This intermediary helps in providing unsecured loans from the lender to the borrower; is legal;
Equity-based Crowdfunding: involves businesses offering equity in their venture to investors online; is illegal in India.
Related blog >> Is Crowdfunding Legal in India
How Can You Get Crowdfunding for Your Startup in India?
Great ideas and startups need a boost with funding. And with the increasing number of crowdfunding sites in India, founders and innovators have a range of options to choose from.
Summary
Crowdfunding sites in India are helping innovators launch ideas, social entrepreneurs bring social change and startups raise funds. Most startups, small enterprises, and individuals avoid complex methods of raising funds. Raising money through bank loans, venture capital, and angel investors involve complicated procedures.
Moreover, before raising money, startups have to take into account the different funding stages to decide the mode of raising funds. Crowdfunding is a far easy and less complex model.
Crowdfund Your Startup With Social For Action
If you want to obtain crowdfunding for your business, it’s essential that you’re prepared for the campaign. If you properly understand your audience and the product or idea that you’re crowdfunding for, you should be able to create an effective campaign. Keep in mind that extensive market is very important before you start crowdfunding. The product or idea that you’re raising money for should be somewhat known when the campaign begins. Go to this link to learn more about what it takes to prepare for a crowdfunding campaign.
The platform that you choose should also have some tips and resources that can help you make the most out of this process. Here at Social For Action, we can provide you with the help that you need in receiving the funding for your dream product.
Social For Action should be able to accommodate all of your needs as you attempt to grow your business.
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