Despite being the second largest country in the world in terms of population, India has been relatively late in entering the tech market. However, Indians have been making headlines across the globe for their excellent achievements. It was only a matter of time before global attention turned towards India’s local markets. Some of the world’s largest businesses have now begun tapping into this newfound potential. This has led to the rise of online shopping websites as well as Indian crowdfunding websites.
Crowdfunding in India
India is widely regarded as a pretty impoverished country. A majority of people live below poverty line, and even though the government has introduced a number of measures to combat it, they have shown little success. Crowdfunding is one of the best methods that can be employed by the locals to combat major issues in India. People can set up crowdfunding campaigns on Indian crowdfunding websites to achieve their personal goals or to work towards community development (such as fixing a local monument or repairs on a historical building, etc.)
The Rise of the Tech Sector
Over the past few years, the tech sector has blossomed in many parts of India. Laptops and smartphones have become very common, with a number of local manufacturers now offering cheaper products. As a result, this has allowed more people to get access to the Internet. Crowdfunding can tap into the potential of the local market, allowing people to fund private campaigns using simply their VISA or Mastercard credit or debit cards. Transactions can be processed within minutes! Perhaps the biggest reason why crowdfunding has proven to be such a popular concept in India is because it’s completely secure and constantly monitored, thus minimizing the chances of any type of fraud.