Top 10 crowdfunding sites: Key factors and comparison
By: Jasmine Marfatia
Published On: December 28, 2018
Picking the perfect crowdfunding platform can feel like a daunting task. Especially these days, since there are hundreds of new crowdfunding platforms in India offering crowdfunding services for various types of initiatives.
The first step is understanding your own project, the purpose of raising funds, how you’re going to use the funds you collect, and how much time you need. Once you have the basic details of your own fundraiser, you need to go through a few steps to know which platform is ideal for your needs.
We at Impact Guru have listed out some of the key factors to consider while picking a crowdfunding platform for your fundraiser:
Which category of crowdfunding does the platform specialize in?
In India, and in fact anywhere at all, you can find crowdfunding platforms that are specific to your needs. There are medical crowdfunding platforms, start-up crowdfunding, art crowdfunding, education crowdfunding, personal crowdfunding, and varied categories.
Put your initiative into one of those categories, and narrow your search to platforms that offer fundraising for your initiative.
Has the platform built a community of supporters?
Understanding your target audience will help you decide which crowdfunding platform to choose. For instance, if you're raising funds for an NGO or nonprofit initiative, you’d look for platforms that have experience in running campaigns for nonprofits.
This is an important step because the platform you chose should already have a network of potential donors who are inclined to donate to specific causes. Picking a platform accordingly will help you reach your target audience.
Review the past success of various platforms
With new crowdfunding websites coming up every day, it would help to do a background check of them before arriving on a decision. Look for their experience in terms of number of years, funds raised, the number of campaigns they’ve run, their collaborations etc. In addition, you may also take a personal feedback from people who have used that website's crowdfunding services.
Compare the platform fees of various crowdfunding websites
Certain websites have a fee, while others allow you to raise funds for free. Then there are some that offer added benefits of boosting and strategizing your campaigns with you for a minimal fee. So see what suits your needs the best, and the platform that has the lowest fees so that you can keep majority of the funds you raise.
Pick a customer friendly and flexible platform
Certain crowdfunding platforms have a 24 hour customer service helpline, this team will be able to guide you through any problems you face while fundraising.
Now that we know what to look for in a crowdfunding platform, it’s time to look at some of the top crowdfunding platforms in India, what they offer, the impact they’ve created , and what sets them apart.
- Impact Guru
Top categories - Medical causes and NGOs
Pricing - 5%
Services - Strategizing, story builder, photo & video creation, marketing support
Customer support - Telephone, email & chat support, dedicated crowdfunding managers
Disbursement of funds - Daily access
Tax benefits for donors - Section 80G tax benefits for Indians and NRI donors
Total funds raised - Rs 329 Cr
- Ketto
- Top categories - Celebrity charity and NGOs
Pricing - 5% - 6%
Services - social media outreach, content support, advertising
Customer support - Telephone, email, campaign manager
Disbursement of funds - Daily access
Tax benefits for donors - Not available
Total funds raised - Rs 300 Cr
- Milaap
Top categories - Rural projects and debt based crowdfunding
Pricing - 5%
Services - Free sign up, cheque pick ups, content creation
Customer support - Chat support, email, phone
Disbursement of funds - Daily access
Tax benefits for donors - Not available
Total funds raised - Rs 468 Cr
- Wishberry
Top categories - Creative projects
Pricing - 10%
Services - Strategy, promotion
Customer support - Chat support, email support
Disbursement of funds - All or nothing policy, daily access to funds
Tax benefits for donors - Not available
Total funds raised - Rs 13 Cr
Bit Giving
Top categories - Enterprises, social, and creative projects
Pricing - 6% - 8%
Services - Enterprises, social and creative causes
Customer support - Chat and email support
Disbursement of funds - Daily access, added fee for unmet goals
Tax benefits for donors - Not available
- Fuel a Dream
Top categories - Startups and student projects
Pricing - 7%
Services - Collaborations with schools, pre-sales for startups
Customer support - Phone & email support
Disbursement of funds - Daily access, fixed or flexible policy
Tax benefits for donors - Not available
Total funds raised - Rs 7 Cr
- Catapooolt
Top categories - Start ups
Pricing - 10%
Services - Rewards programs, access to investors, marketing, sales & distribution, mentorship
Customer support - Phone and email support
Disbursement of funds - Daily access
Tax benefits for donors - Not available
- Fund dreams India
Top categories - Personal causes
Pricing - 5%
Services - No upfront fees, rewards based programs
Customer support - Email support
Disbursement of funds - Daily access
Tax benefits for donors - Not available
- Start 51
Top categories - Technology and creative projects
Pricing - NA
Services - 51 day campaigns
For a brief comparison of the rankings of various crowdfunding websites in India, have a look at this page. We hope this helps you chose the perfect crowdfunding platform for your next fundraising initiative!
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