Crowd-funding firm Ketto Online raises $700,0001 min read . Updated: 17 Jul 2015, 12:03 AM IST
Ketto Online is looking to use the funds to hire technology and business development teams
Mumbai: Mumbai-based crowd-funding company Ketto Online Ventures Pvt. Ltd has raised $700,000 in funding. The round was led by Calcutta Angels, with participation of other investors that include Ah Ventures, Singapore Angel Network, Anupam Mittal of People Group, Indian Internet Fund, Letsventure and Chennai Angels. The firm raised ₹ 3 crore last year.
The company, founded by Varun Sheth, Zaheer Adenwala and actor Kunal Kapoor in 2012, is looking to use the funds to hire technology and business development teams. It also plans to expand operations in Singapore, Indonesia, Malaysia, among other Southeast Asian countries.
“Ketto has the potential to democratize a multi-billion dollar fund-raising industry. It is creating a platform where everyone has an equal chance to raise funds for any project—be it social or commercial," said Sudhir Rao, deal champion, Chennai Angels.
According to estimates by the company, the global crowd-funding market is estimated to reach $96 billion by 2025 with Asia being the key growth driver. “The fresh round of funds will be used to build a world-class platform which will facilitate users in raising funds across multiple categories for any project of their choice," said Sheth.