Ketto targets $100m by crowdfunding; gets $700k investment led by Calcutta Angels & The Chennai Angels

July 15, 2015

Mumbai

Mumbai based crowdfunding platform for social, personal and creative projects – Ketto has raised $700k in funding led by Pradyumna Dalmia, deal champion of Calcutta Angels and Sudhir Rao, deal champion of The Chennai Angels and co-founder of IndusAge Partners.

The other investors in the round include – Singapore Angel Network, Anupam Mittal, Indian Internet Fund, Letsventure, Chennai Angels, Calcutta Angels, Intellecap Impact Investment Network (I3N), Ah Ventures, and Project Guerrilla.

With the infused funds, the startup plans to double its technology and business development team with an aim to reach $100m in volumes by crowdfunding.

Ketto also plans to expand operations in Singapore, Indonesia, Malaysia, among other South-East Asian countries.

Founded in October, 2012 by Varun Sheth, Bollywood actor Kunal Kapoor and Zaheer Adenwala, Ketto is Asia’s largest crowdfunding platform for social, personal and creative projects, according to crowdsurfer.com.

The company has witnessed a growth of 3000% year-on-year basis in terms of volumes, and in the past few months, has been crowdfunding close to a crore monthly.

In the last 12 months, multiple celebrities & corporates have backed various projects by raising funds on Ketto. The list includes names like – Hritik Roshan, Amitabh Bachchan, Anuskha Sharma, Myntra, StarSports, among others.

Recently, Ketto has created first-of-its-kind partnership with Lakme Fashion Week – to provide a platform to the seven Gen Next designers to garner funds to launch their label at the upcoming showcase in August, 2015 in Mumbai.

With global crowdfunding market estimated to reach $96bn by 2025, and Asia being the key growth driver, Ketto is uniquely positioned to amass maximum support for a project of any kind – be it disaster, social, technology, creative or personal.

Varun Sheth, Co-founder & CEO, Ketto said, “The fresh round of funds will be used to build a world class platform which will facilitate users to raise funds across multiple categories for any project of their choice.”

Existing investor Pradyumna Dalmia Co-founder, Calcutta Angels said, “Being one of the first investors in Ketto, we have been closely associated with the team for the last 18 months. During this time, the company has shown exceptional progress and grown at a lightning speed with a very tight burn rate and zero advertising cost. With new fund infusion, I am confident that  Ketto will be among the top 10 global crowdfunding platforms in the world.”

Incoming investor Sudhir Rao deal champion The Chennai Angels and co-founder of IndusAge Partners said, “Ketto has the potential to democratize a multi-billion dollar fundraising industry. It is creating a platform where everyone has an equal chance to raise funds for any project: be it social or commercial. I am very excited to work with Ketto to help it build a truly world-class product and team.”

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