Crowdfunding is the current buzzword in the fund-raising industry, with a transaction value estimated to rise at a – 1.57% annual rate (CAGR 2022-2027), culminating in a total sum of US$4.06m by 2027. Crowdfunding has developed in India over the last decade as more individuals have access to the internet and their eagerness to assist those in need has had the greatest influence on healthcare services. In 2022, the average financing per campaign in the liver transplant crowdfunding India category is $2.87k and is growing rapidly.
Crowdfunding is not new for India
Crowdfunding is not a new idea in India. Indians have been contributing ‘Chanda’ for socio-cultural causes such as the construction of houses of worship for centuries. Even today, many shelter homes, orphanages, and healthcare facilities rely on large donations or contributions to run their operations. Crowdfunding – facilitated by the Internet and helped by technological platforms – is the new moniker for this prevalent social and religious practice of donation.
Need for liver transplants in India
According to World Health Organization figures from 2017, liver illnesses killed 259,749 people, accounting for approximately 3% of all fatalities in the nation. According to The Pravin Agarwal Foundation (TPAF), a non-profit that promotes children’s liver transplants in India, in a blog post titled ‘Creating an inexpensive paediatric liver transplant environment’ published in June, this makes it the ninth greatest cause of mortality in India.
Every year, about 3,000 youngsters need a liver transplant, but just one in every twenty receives one. This implies that 92 per cent of children in need of a transplant do not obtain one owing to a variety of causes, including financial constraints. With the growing demand for immediate medical assistance, the use of crowdfunding platforms has increased, aiding millions of individuals in need.
The rise of liver transplant crowdfunding in India
Building a culture of trust, according to experts, is critical for company financing. While crowdfunding is still mostly a phenomenon in the developed world, its potential to promote innovation and generate employment for the poor cannot be ignored. On the other side of it, liver transplant crowdfunding in India relies on an emotional connection with online communities to collect money for a liver transplant that would otherwise be out of reach for a specific family. As a result, it is highly effective in cases of acute issues such as liver transplants.
Crowdfunding combines narrative, communication, technology, and consumer behavior. What matters is not the quantity of money collected, but the effect that it has on the receiver. For instance, Ketto has generated approximately Rs 115 crore via Covid-19-related efforts, with a 4X increase during the shutdown. Thus addressing the people’s needs during the crisis of the pandemic. There are various other crowdfunding platforms have emerged in recent years. The success of these crowdfunding sites demonstrates that natural disasters can bring people together.
Why liver transplant crowdfunding is becoming so common in India?
People are increasingly resorting to liver transplant crowdfunding in India. Over 5 crore was gathered using a crowdfunding website in 15 months in 2020 to finance the treatment of almost 100 patients at a local hospital. 34,000 donors gave a total of 5 crores to support procedures, including liver transplants for youngsters. Every month, 20-25 people profit from crowdfunding, and the number is growing as patients and contributors become more aware.
According to Mohamed Rela, chairman and managing director of RIMC, affordability has always been an issue in the case of liver transplants. Affordability has improved in India. The government provides money for liver and bone marrow transplants, however, due to qualifying requirements, not everyone is eligible. This is one of the main reasons for crowdfunding finances for liver transplants in India to become a common practice in India.
Fundraisers may be set up using Whatsapp and other instant messaging applications to reach out to the poor in Tier II and III cities by recording their narrative in any of the eight accessible Indian languages. It is then transcribed automatically to make text. All of these characteristics make internet fundraising available to everyone with a smartphone which is another major reason for the prevalent use of crowdfunding for financing liver transplants.
Furthermore, many utilize the crowdfunding site after they have exhausted all other possibilities, such as insurance and savings. However, they look for trustworthy crowdfunding sites to get genuine help. Moreover, the easy usability of the platforms also attracts people willing to help or people who need help. With Ketto one may start a fundraiser in just a few minutes in 3 simple steps and get instant support from people all around the globe.
Ketto – A Powerful Crowdfunding Platform
Here’s why Ketto is one of the most popular crowdfunding platforms-
- Uncomplicated withdrawal of funds straight to the patient’s bank account.
- The cause may be managed and funded by a group of individuals.
- Patients may receive contributions from any card, net banking, UPI, or online wallet.
- Get real-time information on the fundraiser’s progress on a dashboard.
In a nutshell, liver transplant crowdfunding in India is extremely common since it assists those who really need rapid medical treatment. On the other hand, the number of individuals eager to donate is growing. So, help any of your family members or friends, donate to a cause or raise funds for a cause with Ketto and offer the gift of life to millions of individuals in need.