The first ever live crowdfunding event in India, an idea generated by the partnership between Nasscom 10K Startups, Catapooolt and Payumoney, was witnessed at Kolkata on a cruise along the river Ganga in mid October. The main goal of the partnership is to build and boost the growth of startups and small and medium enterprises (SMEs) in India. The fact that the crowdfunding event took place on a cruise made it even more fascinating and attractive.
Crowdfunding is the practice of raising funds from a group of people through the internet towards a common project. A form of alternative finance, Crowdfunding has become a source of financing especially for startups and SMEs. The growth of the startup industry in Kolkata and other parts of India has been very slow but is expected to evolve through crowdfunding. Many startups and SMEs in the world are now turning to alternative sources of funding, such as crowdfunding, and the business industry in Kolkata is following suit.
As a way of kicking off the campaign, ten startups were approved to pitch their business stories so as to attract investors’ attention. Ravi Ranjan, head of Nasscom 10K Startup, said, “We are always trying to bring east on the startup map and we will continue to carry out activities to promote startups from this region.”
Through this campaign, the investment industry in India is expected to change and attract the attention of more participants. The growth of many startups and SMEs in the US and UK has been facilitated by alternative financing methods such as crowdfunding, and there are big expectations of these live crowdfunding events to produce the same in India.