How do crowdfunding platforms make money? – Times of India

A Coimbatore-based electric bike company Milltex Engineers raised Rs 65 lakh for India’s first crowdfunded e-bike Spero. A Chennai-based fin-tech company Cuir Ally raised nearly Rs 25 lakh for their smart wallet product called Voyager. A student from Chennai’s Shishya School raised Rs 24 lakh towards funding a Rotary Club-run orphanage.

As the pandemic raged and pleas for charity increased, crowdfunding campaigns have picked up speed raising money for startups, medical emergencies, educational requirements, animal welfare and support for guest workers. According to data analytics firm Statista, the cumulative amount raised by Indian crowdfunding platforms like Ketto, Impactguru, Fueladream, Milaap, GiveIndia and others will likely hit just under $10 million this year. Crowdfunding platform ImpactGuru.com, for instance, recorded donations doubling per minute compared to pre-Covid levels with an average of five donations per minute on its platform now. Just before the second wave peaked, this turnover hit one donation per second.