Crowdfunding is a process of raising capital through several individuals. The process depends on a large pool of individuals- who want to invest in some exciting project or help other individuals or group to cope up with the market/society. In US, through sites like Kickstarter, this is already a popular activity that has garnered interest from many.
What if this crowdfunding was used for a social cause, let’s just say unprivileged children or animals without shelters or helping a needy to collect enough money to afford a medical treatment? It would not only help the society but will also create an environment of change. This is where Bitgiving.com comes to play, the website helps & support NGO’s, individuals, the needy to raise funds for a cause/problem.
Survival is not easy and everything today comes for a price, helping others really makes us feel good, was the thought of Ishita Anand, founder of Bitgiving. Bitgiving is a platform that helps in raising funds for causes. It has tied up with organisations like Amnesty International, Child Rights and You (CRY) etc to spread awareness among people and ask people to help people.
From ‘Chennai Floods’ to feeding hungry children on the roads to helping dogs survive in cold, Bitgiving is doing its bit to help the society. During a conversation with Ishita, she told that recently the Indian Ice Hockey team needed funds to cope up with the upcoming World Cup in Kuwait so they raised the cause and generated Rs 5,69,312. “People came together to help a sport, even the vice-captain of the team (on seeing brands like Micromax at the conference) said that we know someone is taking up our cause,” Ishita quoted. When we asked isn’t government supposed to all this? She explained how sportsmen need a diet, practice to compete against other players and spend a normal life. Government just cannot provide everything.
Recently they started a campaign with CNN IBN and SEEDs to help the victims of affected by Chennai floods.The initiative raised Rs 40,00,000 in four hours and helped provide Safe Drinking Water, Temporary Community Toilets and Transitional Homes to people.
Bitgiving not only generates funds but also verifies the causes and how the funding is being used. When asked about how they monetize, they said that they charge a small percentage of fee on the funds raised. The company is currently based in Delhi and is looking to raise funds to increase the team size and is work on improving the website.
It is currently being bootstrapped and comprise of a six member team. “We don’t want a big team, like 20-25 people would be enough and rest of the money will be used in technological improvements,” Ishita said.
Bitgiving is just about causes for now, but now they are planning to expand in several categories – getting funds for startups or anything that requires help, but it should either be focussed on a cause or should be innovative enough to raise funds, she explained.
Ketto is also a similar platform, and has already raised $850,000 in two rounds by investors like ah Ventures, Internet India Fund, LetsVenture and others. There is no competition in causes, the more people help people, the more society develops.