7 Best Crowdfunding Platforms
Intro
Everyone fantasizes about developing their company empire at some time in their lives. Still, this vision rapidly fades after understanding the necessary funds and expenditures to begin a business plan.
If you lack the required cash or are hesitant to spend your last dollar on a dangerous endeavor, this does not imply you must abandon your ambition. Crowdfunding for business have been developed to help finance a wide range of projects.
However, the crowdfunding site you choose might impact the success of your project, so it’s critical to pick one that meets your requirements. This procedure may be more complicated than it seems, so we’ve compiled a list of the top 7 crowdfunding platform in India.
In this article, you can learn more about each of the top 7 crowdfunding platforms and their distinct features. In this manner, it will be simple for you to find the candidate who meets every requirement.
What is crowdfunding and how does it work?
Traditional fundraising is based on collecting a significant quantity of money from a single source at a time. On the other hand, crowdfunding India for business is a method that focuses on raising modest sums of money from a broad group of people.
These “backers,” as they are often known, might be provided with a variety of incentives in return for their support:
The privilege of being among the first to try out a brand-new item.
Ability to pre-order a product and influence its development. Exclusive benefits such as an early bird discount or free swag when you debut
Personal contact with the original team or the opportunity to directly help individuals they know
Equity in high-potential early-stage or growth-stage firms is less common for consumer-facing companies.
Each crowdfunding site has different features, fees, and users. Still, the basic idea is the same: you submit your project to the platform with a fundraising goal and a deadline, and then your campaign for the support online, often through social media.
So, what are your options if you want to crowdfund your company? Take a look at some of today’s most excellent crowdfunding platforms for startups (and Kickstarter equivalents) to raise cash for your next campaign, covering a wide range of use cases.
1. Kickstarter
This crowdfunding platform in India connects artists with a worldwide audience while also providing various financing alternatives. Indiegogo’s community-based approach, in addition to offering a venue for campaigns, makes the procedure simple. However, a few things to think about before starting an Indiegogo campaign. Here are the first choices among the best crowdfunding websites.
For starters, you’ll need to pick what kind of money you’d want to utilize. Indiegogo, unlike Kickstarter, provides two forms of funding: fixed and flexible. The former is called “all-or-nothing” fundraising, and donors will get their donations even if the project falls short of its financial objective.
Flexible fundraising, on the other hand, enables artists to take a part of the money raised throughout the campaign, which is less dangerous for supporters but riskier for corporations.
2. SeedInvest
SeedInvest is another alternative for Indian companies. Both sites provide comparable functionality but demand different prices to receive your money.
For example, SeedInvest is free to use, but Republic charges a small platform fee. This cost is around 3% of the entire amount generated, and the Republic charges between 2% and 5% of the money invested. Depending on the platform, the fee might be as much as 8%.
3. TheHotStart
TheHotStart, founded in 2014, ranks #3 among the top crowdfunding platforms. Projects may start for free, and TheHotStart takes 10% of the cash earned. TheHotStart has assisted Indian entrepreneurs with enterprises ranging from medical care to education to food and beverage.
Its New and Notable area allows you to follow and give to new projects while also staying up to speed on what’s new in the Indian crowdfunding platforms.
TheHotStart provides various tools and features to help you produce the finest product for your clients. Its business consultants will walk you through the procedure while also assisting you in raising the funds you need. It is also one of the top online crowdfunding tools.
3. Ketto
Ketto is a crowdfunding website made in India. The website in Mumbai includes various initiatives from healthcare and education to sports, animal welfare, and personal care. Ketto also includes an ‘Urgently Fund Required’ area offering donors tax breaks. NGOs have used Ketto since its introduction in 2012. Another benefit is that the platform can be partially financed for the creator to get the money already funded.
4. Start51
Let’s see who ranks third among the finest crowdfunding platform in India. It’s none other than Start51. In India, there are various such platforms. Start51, for example, is a startup-focused crowdfunding portal. Its primary goal is to make it as simple as possible for businesses to raise funding using their platform. Users pay the firm 5% of the cash generated in exchange for access to a network of additional investors.
5. FuelADream
Since its debut in 2016, the Bengaluru-based fundraising platform has concentrated on reward-based initiatives. FuelADream offers two plans: All or Nothing and Keep What You Get. If the project creator selects the first option, the project will only finance once the amount requested is raised. In such a situation, the supporters are reimbursed. FuelADream prioritizes quality above quantity, with just 20 active projects every month. A canal to irrigate local farms is one of their most remarkable initiatives.
6. Mightycause
What exactly is MightyCause? This crowdfunding platform in India enables charitable organizations to establish campaigns in return for a percentage of the money raised. Mightycause, unlike Kickstarter, exclusively funds national projects.
A committee chooses the Gannett Foundation’s nationwide initiatives. Regional committees will award operating funds, while incentive grants will be awarded depending on fundraising totals.
Mightycause enables NGOs to construct numerous fundraising and team campaigns for crowdfunding or peer-to-peer money collection.
Mightycause also provides direct social media sharing features through Facebook and Twitter and the ability to embed widgets on your website to encourage people to give directly via your campaign.
The Mightycause platform comprises modules that assist NGOs in organizing and managing their fundraising campaigns. It implies that charitable organizations may receive the necessary resources to run effective campaigns. It also facilitates contributions and event registration.
Mightycause provides two price categories for NGOs needing an online fundraising platform: free and premium. The program also has the lowest pricing in online crowdfunding and is equipped with the most recent donor management technologies. Mightycause may also be used to manage donor connections.
7. Milaap
Milaap, another Namma Bengaluru-based crowdfunding company, began as a platform for small-term loans for rural Indians and to assist low-income households with education, well-being, basic sanitation, and water. They believe in donating to the less fortunate and lending a helpful hand in medical situations. Milaap has over 120 nations as contributors and has financed over 100,000 initiatives, generating over $12.7 million.
How Do You Select Crowdfunding Platforms?
Choosing the finest crowdfunding platform for your specific scenario is brilliant if you’re planning a crowdfunding campaign. There are hundreds of platforms accessible, and choosing the perfect one may make or break your campaign’s success.
Here are some pointers for selecting the right platform for your unique requirements:
- The construction of the crowdfunding platform
- The campaign’s objective
- Platform fees and missing deadlines
- Options for platform support
- Methods of payment available
- Rules and constraints
Bottom Line
With so many alternatives and the chance to interact with other entrepreneurs and companies, entrepreneurs and businesses must select the best crowdfunding platform in India in which will assist you. For any necessity, a crowdfunding site is accessible if you wish to preserve all the payment information from the balance sheet.
