Intellecap Impact Investment Network (I3N) announces a follow-on syndicate investment into Ketto, a Mumbai based crowdfunding platform for social, personal, and creative projects. Ketto raised a total of USD 700k in this round from I3N, Calcutta Angels, Ah Ventures, Chennai Angels, Singapore Angel Network, and other stalwart investors such as Anupam Mittal and India Internet Fund. I3N investors in this round include Prabhat Agrawal, Sashi Reddi, Prashant Thakker, Yogesh Chaudhary, and Seema Panthaki.
Founded in October 2012 by Varun Sheth, Bollywood actor Kunal Kapoor and Zaheer Adenwala, Ketto has grown to become Asia’s largest crowdfunding platform for social, personal and creative projects according to crowdsurfer.com. I3N had also facilitated Ketto’s angel round in Oct 2013. Since then, the company has witnessed a growth of 3000% year-on-year in terms of capital raised, and in the past few months, has been clocking close to INR 1cr in crowdfunds raised every month.
With global crowdfunding market estimated to reach USD 96 billion by 2025 and Asia being the key growth driver, Ketto is uniquely positioned to amass maximum support for any causes – be it relief efforts, not-for-profit, for-profit social enterprises, new technology gadgets, creative projects or personal needs. In the last 12 months, several celebrities such as Hrithik Roshan, Amitabh Bhachchan, Anushka Sharma, and corporates such as Myntra, StarSports and others have backed various campaigns on Ketto. Ketto also recently created first-of-its-kind partnership with Lakme Fashion Week to provide a platform to seven Gen Next designers who wanted to garner funds to launch their labels.
With the infused capital, Ketto plans to double its technology and business development team with an aim to reach USD 100 million in crowdfunding volumes and expand its operations in Singapore, Indonesia, Malaysia, and other South East Asian countries. Varun Sheth, co-founder & CEO ofKetto said, “The fresh round of capital 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.
I3N Investor Prabhat Agrawal added, “I am very excited to have invested in Ketto as this is highly scalable business model that can also service the funding needs of impact businesses in addition to other causes. The founding team is strong, and has the clarity of vision and ability to be a leader in Asia in the crowdfunding space.”
Earlier this year, Intellecap had also actively crowdfunded for Nepal earthquake relief efforts via Ketto. Aditi Shrivastava, I3N Advisor shared, “For the Nepal campaign, our goal was to get as much funding to the ground as reliably and swiftly as possible. Ketto turned out to be the best platform to do this – they had tied up with CARE India who in turn directed funds to CARE Nepal to buy and distribute Survival Kits. In this manner, Ketto raised over INR 1cr from 7500 donors in less than a month for Nepal. This is a perfect example of what we at Intellecap want to achieve via our portfolio companies - facilitate maximum impact on the ground in a scalable manner.”
Social enterprises are often associated with brick and mortar models, but I3N has been able to identify several social enterprises that can have exponential growth via digital platforms. Other such companies in I3N’s portfolio include Delhi-based career assessment platform MeraCareerGuide and Bangalore-based positive news platform TheBetterIndia.com.