Crowdfunding has garnered immense attention in past few years owing to the steep rise in digitization in India. This coincides with a simultaneous growth in disposable incomes, online payment platforms as well as individual giving. These factors, coupled with many more, makes it pertinent for us to learn more about crowdfunding- not only as a growing industry but also for its potential to bring about a radical shift in the way people give.
This discussion sheds light on the evolving landscape of philanthropy in India, dissecting shifts in individual giving patterns and the burgeoning interest in crowdfunding across demographics and regions. We touch upon the unique cultural and societal factors influencing charitable giving in India, weaving a narrative that combines tradition with the transformative power of digital platforms.
In this exclusive interview with TheCSRUniverse, Varun Sheth, CEO & Co-Founder, Ketto India, takes us through the journey of India’s pioneering crowding platform, reflecting on the pivotal achievements that have defined their trajectory. We also get a glimpse of Ketto's strategic outlook for the future which includes plans for expanding services and engaging a broader audience.
Read the full interview to deepen your understanding of crowdfunding through Ketto’s growth story:
Q. Please take us through Ketto’s growth journey in the past couple of years. Are there any particular achievements or milestones that stand out?
A. Everybody has their own journey with different ups and downs and so do we! In the past couple of years, Ketto has experienced remarkable growth and achieved several notable milestones. One of the significant achievements is the dedication and efforts of the team which has played an influential role throughout the journey. I believe that highlighting personal achievements is also one of the most important aspects when it comes to talking about the growth journey.
One of the most significant accomplishments was the support that Ketto could provide during the COVID-19 period. Many efforts were put behind standing as a platform to create an impact on society and make a meaningful difference.
Q. Have you observed any notable shifts in individual giving patterns in India in the recent past? If so, what could be the possible reasons behind these shifts?
A. Yes, there have been many notable shifts in individual giving patterns in the recent past. One possible reason behind these shifts is the increasing emphasis on social responsibility and philanthropy among individuals. With the rise of social media and increased awareness about social issues, individuals are becoming more conscious of their role in giving back to society. They are actively seeking out opportunities to contribute to causes that align with their values and beliefs.
Another reason for the shift in individual giving patterns could be the changing landscape of nonprofit organizations in India. Additionally, the availability of online platforms and digital payment methods has made it easier for individuals to donate, further contributing to the shift in giving patterns. Overall, these shifts can be attributed to a combination of increased awareness, changing demographics, and improved accessibility to charitable causes.
Q. Are there any specific demographics or regions in India that have shown increased interest in crowdfunding and charitable giving recently?
A. The rise of crowdfunding in India has seen participation from various demographics, including individuals, organizations, and even celebrities. It has gained popularity in urban areas like Mumbai, Delhi, Bangalore, and Chennai, where there is a higher concentration of internet-savvy individuals and a larger network of potential donors. However, crowdfunding is not limited to these cities alone. It has gained traction in smaller towns and rural areas, where people are leveraging the power of social media and online platforms to raise funds for various causes.
Q. What opportunities do you see in the current philanthropic landscape in India? Are there any challenges that need to be addressed to foster more significant contributions?
A. The current philanthropic landscape in India presents several opportunities for growth and impact. Firstly, the thriving digital ecosystem in the country has opened up new avenues for giving, making it easier for individuals and organizations to contribute to causes they care about. The rise of online platforms and crowdfunding has democratized philanthropy, allowing even small donations to make a difference.
However, opportunities bring with them challenges! There are also issues that must be addressed in order to encourage more significant contributions. It is important to encourage a more holistic approach to philanthropy and support non-education-based initiatives that can address various social and economic issues.
Q. In your opinion, how is the Indian philanthropic ecosystem similar to or different from the global philanthropic landscape?
A. The Indian philanthropic ecosystem shares similarities with the global landscape but also exhibits distinct features. Like the global scenario, both witness a diverse range of causes, from healthcare to education. However, India's philanthropy often emphasizes social issues deeply rooted in its cultural and socio-economic context, such as poverty alleviation and rural development.
Unique to India is the prevalence of jugaad (frugal innovation) and jugaad philanthropy, where resourcefulness and grassroots solutions play a significant role. Additionally, the Indian philanthropic space is marked by a surge in crowdfunding platforms like Ketto, enabling direct citizen engagement and fostering a culture of individual giving.
Challenges such as bureaucratic hurdles and regulatory complexities are shared globally, but India's philanthropic landscape may face them more acutely, requiring a nuanced approach to navigate these obstacles. Despite differences, the shared commitment to addressing societal challenges unites the Indian and global philanthropic ecosystems.
Q. Are there any unique cultural or societal factors in India that influence charitable giving, especially through crowdfunding platforms like Ketto?
A. Yes, there are! Family philanthropy has deep roots in Indian culture, and giving back to society is highly valued. Philanthropy in India is primarily driven by individuals or families who set up family foundations to contribute to various causes. Additionally, India has a strong tradition of collective giving, where communities come together to support charitable initiatives. This cultural inclination towards giving and helping others extends to crowdfunding platforms, where individuals feel motivated to contribute to the causes they believe in. Furthermore, the growing emphasis on social impact campaigns and the convenience of online platforms have made crowdfunding increasingly popular in India.
Q. How do you think crowdfunding is shaping (or can shape) charitable giving in India? Are there any specific trends or innovations within crowdfunding that have gained traction?
A. Crowdfunding is playing a significant role in shaping charitable giving in India. It has opened up new avenues for individuals and organizations to raise funds for various causes. In recent years, there have been several trends and innovations within crowdfunding that have gained traction in India.
One such trend is the rise of social media fundraising campaigns. Nonprofit organizations are leveraging social media platforms to promote and market their crowdfunding campaigns. This approach allows them to reach a wider audience and engage with potential donors effectively. Social media platforms like Facebook, Instagram, and Twitter have become powerful tools for spreading awareness and mobilizing support for charitable causes.
People are also using crowdfunding to support causes related to education, healthcare, disaster relief, and social entrepreneurship. Another innovative trend is the emergence of crowdfunding platforms specifically designed for charitable giving in India.
Q. In your view, which sectors stand to benefit the most from crowdfunding efforts, and how can organizations and individuals capitalize on this potential?
A. Crowdfunding holds the most promise for the non-profit and social impact sectors, with platforms like Ketto reshaping philanthropy dynamics by providing a user-friendly avenue for supporting meaningful causes. This funding model offers a lifeline to organizations dedicated to social welfare and community development, addressing the perpetual challenge of limited resources and funding. To unlock the full potential of crowdfunding, entities must craft a compelling and transparent narrative, effectively conveying their mission and the societal impact of their initiatives. Narratives enriched with success stories can inspire potential donors, and leveraging social media platforms becomes pivotal for broadening the reach and garnering interest.
The transparency element is paramount in crowdfunding endeavors, as consistent updates on the utilization and impact of funds instill trust and encourage sustained support. Incentives or rewards for donors serve as additional motivation. Furthermore, strategic collaborations with influencers or celebrities who align with the cause can significantly amplify crowdfunding campaigns, attracting a larger audience and enhancing visibility. In essence, crowdfunding emerges as a powerful tool for various sectors, and its benefits can be maximized through effective communication, transparency, and the strategic use of digital platforms to engage a broader audience.
Q. What is the outlook of the younger generation in India concerning charitable giving and crowdfunding? Is Ketto making any targeted efforts to engage with younger donors?
A. The outlook of the younger generation in India regarding charitable giving and crowdfunding is positive and encouraging. The rise of digital platforms supporting giving has made it easier for young donors to participate in charitable initiatives and contribute to causes they care about. The younger generation in India is increasingly aware of social issues and is actively seeking ways to make a positive impact on society.
At Ketto, we recognize the importance of engaging with younger donors and have made targeted efforts to cater to their needs and preferences. Ketto has created a user-friendly platform that appeals to the tech-savvy younger generation, making it easy for them to donate and support causes they resonate with. Our platform provides transparency, allowing donors to track the progress of campaigns and see the impact of their contributions, which is particularly appealing to young donors who seek accountability and want to see tangible results from their donations.
Additionally, Ketto has actively participated in initiatives to raise awareness among the youth about crowdfunding and its potential for social impact. For example, Ketto marked National Crowdfunding Day by raising awareness among the youth, emphasizing that they are the future and that their involvement in crowdfunding is instrumental in creating a better tomorrow.
Overall, Ketto recognizes the importance of engaging with the younger generation and has made targeted efforts to provide an appealing platform for their charitable giving and crowdfunding endeavors.
Q. What are Ketto’s upcoming plans and initiatives for the future in terms of expanding its services and reaching more donors and beneficiaries?
A. Ketto has always believed in harnessing the potential of collective efforts to positively impact society. Our focus has always been on connecting people who want to help those in need, using the digital platform to create a community-driven approach to fundraising. Alongside, Ketto has been planning to develop some positive future endeavors. As the next generation is clever, tech-savvy, and creative, we intend to work with schools and colleges to educate students about crowdfunding. This could assist students in raising donations for worthy causes.
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