The Indian Roots Of Crowdfunding

Crowdfunding, also known as crowd-sourcing, is a type of crowd-sourced funding where a group of people pool their resources to fund a business or an idea. Most entrepreneurs are unaware of fundraising, but the concept has been around since the late 1980s. It began with small campaigns involving the common masses that helped leaders and movements raise funds. However, the largest crowdfunding campaign was launched by Jawaharlal Nehru, who appealed to citizens to fund the war effort. A 15-year-old India could not sustain a war with China without contributions.

Crowdfunding Platform in India

The concept of crowdfunding is not new in India. The concept has been in existence for more than ten years in the United States. It originated in China, and in India, it was the first to be used in the country. In the United States, the term has been around since 2001. India has had its version of fundraising. Manthan was the first crowdfunded movie in India.

Origin of crowdfunding

In South Asia, the concept of fundraising is relatively new. While the United States has dozens of sites, India has only a small number of crowdfunding projects. In Bangladesh, for instance, there are just ten such platforms. Dr Muhammad Yunus of Bangladesh, the Nobel Prize winner, has initiated the concept of microfinance or lending small amounts to many people to alleviate poverty.

Indian roots of crowdfunding

While the idea of crowdfunding in India is relatively new, it has roots in India’s ancient Vedic traditions. The concept of fundraising in India is still in its infancy, but it has already seen enormous growth in the past few years. In 2013, the industry grew by 116%, with USD 450 million raised in three years. In addition to this, several startups are using fundraising to finance their businesses.

In India, crowdfunding is not a new concept. The concept dates back to ancient times. ‘Chanda’ is the process of collecting small amounts of money from a large crowd to help fund a project. At present, ‘Chanda’ is an online crowdfunding platform that has been around since 2013. It is an ideal model for a social enterprise to create a social enterprise.

The highest volume of funds through crowdfunding in India

In India, donation-based fundraising has the highest volume of funds, with over twenty-five million dollars raised in 2017. Compared to other countries in South Asia, the numbers in India are tiny, but the growth of social media and crowdfunding are increasing dramatically. Moreover, social media has become an essential incubator for this project. It provides a platform for entrepreneurs to showcase their products and services.

The idea behind fundraising is not new. The idea is simple: an idea that can create real-world change can be successful and attract millions of investors. The success of a project depends on the amount of participation and its overall goal.

Advantages of crowdfunding

While crowdfunding can benefit any business, it is especially beneficial for small, consumer-facing businesses. In the US, equity-based crowdfunding is a way for people to pool their resources to fund nonprofits. By creating a campaign with the help of a crowdfunding platform, the idea of re-inventing Indian traditions is becoming a reality.

Conclusion

Crowdfunding campaigns satisfy the financial need of the people. No matter, even startups benefit from it. On the other hand, rural growth indicates excellence. Hence, initiating growth ideas is a better option to go. The crowdfunding role is vital, for they generate revenue to meet the essentials.

O-Bless is ONPASSIVE’s crowdfunding platform serving the needy. The product helps to run various campaigns. Multi-currency is the other significant feature of the tool. Significantly, the platforms serve both the NGOs and individual campaigners to gain their worth and, at the same time, serve the on-time assistance required. Making use of the tool to the fullest will prove to be outstanding.