CrowdPouch, a reward-based fundraising and preselling platform, has raised an angel round funding from Elina Investments Pvt. Ltd. The Bengaluru based technology startup will utilize the funds for product development, branding and team expansion.
The funding from Elina Investments comes at a time when the company has already supported over 100 fundraising and pre-selling campaigns on its platform within a year of its inception. Going forward, CrowdPouch aims at hosting thousands of campaigns that encourage filmmakers, artists, innovators and dreamers to come forward and work towards fulfilling their dreams.
Floated by Syed Safawi, corporate leader and technology investor, Elina Investments has funded several successful startups at an early stage, including GoMechanic, PadUp, Tarnea Technology, Senpiper Technology and Zefmo Media to name a few.
“CrowdPouch is more than business for me. It has been my life’s goal to encourage artists, innovators, and visionaries across sectors to pursue their passion,” said Vittal Ramakrishna, CEO and Founder of CrowdPouch. “India has an untapped market for fundraising and most are unaware of the merits of preselling. Through CrowdPouch, our vision is to create a niche fundraising ecosystem where all essential factors culminate seamlessly to build a nation of dreamers and achievers. Elina has stepped in at the right moment to help us scale our efforts.”
“We at Elina firmly believe in the power of technology platforms and Crowdpouch is catalysing the democratisation of such opportunities in a vast country like India. It is an opportune time to focus on preselling, as the nation answers the clarion call of Aatmanirbhar Bharat and going Vocal for Local,” said Divyendu Kumar, Director, Elina Investments. “CrowdPouch is a wonderful platform and Vittal with his team bring in the right blend of passion, maturity and understanding to be able to leverage the massive opportunity that it presents – both in scale and quality.”
Facebook Invests $5.7 Billion in Jio, India’s largest Internet and Telecom Company
In a move demonstrating the importance of Indian Markets for Facebook, the social media giant has made its largest single investment to date into Jio Platforms. Facebook will put in $5.7 Billion into the Indian Internet and Telecom Giant.
However, any foreign investment in India will have to come through the FDI (Foreign Direct Investment) route and will require the government’s approval. The Investment will also give Facebook a 9.99 percent stake in Jio Platforms which is a subsidiary of Reliance Industries.
While many companies are facing the heat of the ongoing Coronavirus pandemic, many large tech companies are searching for strategic investment opportunities.
In India, Jio itself added more than 400 million to the Internet in the last 4 years. Facebook sees India as a big market for its range of products and services. Facebook CEO Mark Zuckerberg made the investment announcement through a Facebook Post. He also wrote about the importance of Digital tools for entrepreneurs.
“The country is in the middle of a major digital transformation, and organizations like Jio have played a big part in getting hundreds of millions of Indian people and small businesses online. With communities around the world in lockdown, many of these entrepreneurs need digital tools they can rely on to find and communicate with customers and grow their businesses.”Mark Zuckerberg, Facebook’s chief executive
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