Fund A Peer … An answer to Indian crowdfund

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It is generally said that India doesn’t have a proper framework or platform for new startups. The VCs and Angels are too hard to crack in early stages of an idea. In foreign countries crowd funding exists for a long time, but for India its a new concept.
Though it existed in India in different formats, for e.g. King of Agroha (Haryana), Maharaja Agrasen had a very unique concept during his rule. If a new person comes to live in Agroha, then every resident had to give 1 rupee and 1 brick to him, so that he can build his home with bricks and can start business with money.
Fundapeer.com is building the concept of crowd funding in India, where anyone can contribute starting from Rs.100 only.

Fundapeer is a startup by few software engineers, who wanted to welcome challenges in their lives with a motto of helping the society.It is a startup based in Hyderabad.

FundAPeer is a crowdfunding platform to raise funds for a project or to make a contribution to bring someone’s ideas to life.Crowd funding is a unique way of raising funds for a project from family, friends, acquaintances and people who support the idea.

Many great ideas are getting dumped into the bin due to lack of sufficient funds for implementing them. Due to shortage of funds, we had to give up a very good idea, and then we decided to help creative people in India who are backing off due to lack of funds. That’s how FundAPeer was born.

Fundapeer’s mission is to provide a platform for creative people in India to raise funds for implementing their ideas. We believe that supporting such creative ideas would make India a better place. We want to build a community of backers supporting new ideas.

Starting a project on FundAPeer is absolutely free and the campaigner keeps 100% ownership of his project.

Let see what they have in it –

Techaloo: What motivated you to move into entrepreneurship?
Anirudh: After working for 2 years in the software industry, we got bored of our routine life. We realised that we wanted to do something more with our lives, we wanted to face new challenges, meet more people and explore horizons, we wanted an excitement to get out of bed every morning, we wanted to innovate something. We dint just want to make money; we wanted to innovate something that would make people’s lives better. The only way to do all these was by taking up entrepreneurship.

Techaloo: When are you launching?
Anirudh: We will go live within 3 weeks.

Techaloo:What kind of difficulties you had faced while starting/doing business?
Anirudh:The main challenge we are facing is reaching out to the crowd. We are trying hard to spread the word to as many people as possible.

Techaloo:Did you get any kind of funding?
Anirudh: We put in the money we saved while working as software engineers. Our parents also funded us.

Techaloo: Share some info about the founders
Anirudh: Team info: We are best buddies since high school (Warangal Public School).
• Abhinay Aruva (Software Engineer; Alma Mater: B.Tech from NIT Nagpur)
• Anirudh Ekbote (Software Engineer; Alma Mater: B.Tech from MGIT Hyderabad)
• Koushik Marka (Software Engineer; Alma Mater: B.Tech from KITS Warangal)

Techaloo: What was the vision mission of the FundAPeer? What exactly you wanted to do when you started your business?
Anirudh: Many great ideas are getting dumped into the bin due to lack of sufficient funds for implementing them. Our mission is to help such creative people in India to raise funds for implementing their ideas. We believe that supporting such creative ideas would make India a better place. We want to build a community of backers supporting new and innovative ideas.

Techaloo: What are your future plans? Or now what is your vision for next five years?
Anirudh: We want to reach out to villages and encourage creative people who are unaware of the technology; we want to bring them into limelight by showcasing their talent to the world. We want to start a startup school to motivate people to take up entrepreneurship and create employment opportunities for people around them.

Techaloo:It is generally said that “India doesn’t have a good eco-system for entrepreneurs”, do you agree with this?
Anirudh: We are currently in an amateur stage of building a perfect eco system for startups in India. We can clearly notice the change in the mindset of people over a period of time, previously people wanted to get into higher paying jobs, but now they want to build their own products and create value for their customers. We cannot build a perfect eco system in a single day but, we are not far away from creating one. IT revolution has changed the game. Now it is easier to research about an idea, to read success stories of entrepreneurs, to learn about the latest technologies around the world etc using the internet, which has become the necessity of modern day life. Our policies should change and our market should welcome new ideas. We can proudly say that we are working hard to build a better eco system.

Techaloo: Are you targeting any particular market or business or anyone with any business Idea can participate?
Anirudh: Anyone can post a project in FundAPeer and it’s absolutely free. They will have 100% ownership of their project. Not only first timers, people who have begun their journey can also leverage our platform to take their idea to the next level. We are not encouraging charity and fund my life projects, as there are many people who already donate to NGOs and charitable organisations. We have diverse categories to accommodate various ideas and to help creative people take the big leap. Below is our categories List:
 Arts
 Design
 Fashion
 Food
 Games and Apps
 Movies and short films
 Music
 Photography
 Publishing
 Technology
 Theatre

Techaloo: How the site works (from both contributor and project point of view)?
Anirudh: Our explanatory Video: http://www.youtube.com/watch?v=73yveVJfB8I

Stepwise explanation:
 A campaigner (person/team starting a project) must be a registered user on FundAPeer to start a project campaign. Campaign generally lasts for 15-75 days.
 Campaigner has to describe his project (without revealing intellectual information). He has to explain why people should donate and how the funds raised will be utilised.
 Campaigner can offer rewards (related to his project only) to donors based on the amount they donate as a token of thanks.
 Once the campaigner submits his project, our panel will review the project. If the project meets our guidelines, the project will be approved.
 Then the campaigner can market his campaign through facebook, twitter and other social media to reach out to the crowd.
 People can donate online instantly through our website.
 If the campaigner raises 70% of his target amount or more, funds will be transferred to the campaigner after the campaign period ends, else the funds will be credited back to respective donors.
 After successfully implementing his project, campaigner gives rewards to donors.

Techaloo: Who can contribute into a project?
Anirudh: Anyone can make a contribution to a project.

Techaloo: What will be the modes of payment?
Anirudh: Contributions can be made online through credit card, debit cards, NEFT and PayPal. We have integrated a safe and secure payment gateway to handle these transactions.

Techaloo: Are there any security checks prior or post the funding, so that you can guarantee the authenticity of a project?
Anirudh: The project has to meet our guidelines, if the project meets our guidelines; it will be validated based on various factors by our panel. If it is approved by our panel then the person starting the project should submit a photocopy of his Identity proof and Address proof.

Techaloo: Are you launching in India only or planning to launch internationally?
Anirudh: As of now we are encouraging projects in India only. But residents outside India can contribute to projects though PayPal.

Techaloo:
What will be the minimum amount of contribution?
Anirudh: Minimum contribution amount is Rs100.

Techaloo: As you are in pre-launch phase do you have any project as of now?
Anirudh: We have 2 projects as of now; we are looking for 2 more to go live.


Techaloo:
Apart from funding, are you helping projects in other fields also?
Anirudh: We will help campaigners in setting up rewards for their project and in marketing their campaign.

Techaloo: What will be your advice/suggestion for new entrepreneurs for starting new business?
Anirudh: The best way to learn things fast is to start them and learn from experience.

Techaloo: Few words about techaloo.com
Anirudh: Techaloo is doing a great job by encouraging students to take up entrepreneurship. Please continue your journey and bring more talented people into limelight.

Let’s see, who are behind the journey:

Anirudh Anirudh Ekbote
Koushik Koushik Marka
Abhinay Abhinay Aruva

 
Be updated, follow fundapeer on FB : http://facebook.com/fundapeer
 
 

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Mohit Bansal(23) is B.Tech in Electronics and Communication Engineering from Indian School of Mines, Dhanbad, India. He has interest in business and entrepreneurship and has published couple of research articles. He is also associated with various NGOs. He is with Techaloo when it was just in concept stage. The Techaloo site was not existing even then. Currently Mohit is working with Mu Sigma as a Business Analyst Profile.

One Comment

  1. irene says:

    There are over 10 crowdfunding sites in India as I found out from the following page:

    http://www.indiaactivities.com/activities-for-public/crowd-funding/

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