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Crowdfunding Platform Wishberry Enjoys Success
Wishberry, One Of The Leading Crowdfunding Platforms In India, Founded By Former McKinsey Consultants Priyanka Agarwal (CEO) and Anshulika Dubey (COO)
COO Anshulika Dubey and CEO Priyanka Agarwal
The Foundation
CEO Priyanka Agarwal and COO Anshulika Dubey are making a name for themselves as successful businesswomen who have secured four crores ($803,200 CAD) in seed funding. Both women have also chosen well-known investors to drive their enterprise. MD of Google India Rajan Anandan, co-founder of the iSPIRIT Foundation Sharad Sharma, famous singer and music director Shankar Mahadevan (founder of the Shankar Mahadevan Academy and Music Director for Dil Chahta Hai, Kal Ho Na Ho, and Taare Zameen Par) and acclaimed director and producer Vikramaditya Motwane (Udaan) are among the 44 strategic investors for this firm.
Mahadevan comments, “I am excited about finding the next generation of fantastic musicians and creating purposeful, inspiring music.” Motwane agrees, “It's great to have a funding pipeline for independent filmmakers."
One of Wishberry's Successful Campaign: Mumbai Pride Walk/First Post
Success
Wishberry is India’s leading crowdfunding platform, comparable to Kickstarter, with a community of over 9,000 funders and based in more than 50 countries with a campaign success rate of 75%. The company encourages funding for projects that focus on fine and digital arts — films, music, arts, design, theatre, food, technological innovations and publishing. It encourages a country stereotypically known for producing doctors and engineers.
The company plans to use its funds to expand its teams, with a focus on marketing and technology, and spread awareness about the art of crowdfunding in India. Agarwal observes, “Our goal is to crowdfund 100 crores across 5,000 projects over the next two years and raise our Series A. In five years, we want to build a community of 3-4 million funders and support 50,000 creative projects on Wishberry."
Quote From A Successful Campaigner/theboldcreative
How Wishberry Works
The company selects projects based on how they'll fare in terms of their crowdfunding ability. Many Indians are still unfamiliar with the concept of crowdfunding. In these cases, Wishberry assigns an experienced “coach,” who guides the campaign creators to help in generating powerful and influential pitch videos and rewards. The coach even helps develop marketing strategies for the campaign.
Once the campaign has been approved and it goes live, the company uses an “all-or-nothing” policy. The creators have 60 days to raise their targeted goals. If the campaign fails, the money is refunded to the funders. This not only ensures that there is transparency between the campaign creators and the people who are funding them, but also retains the trust between the two parties. The company charges a non-refundable fee of Rs. 2,500 for campaign consultation and a 10% commission from the funds raised by successful projects.
Here are some of the recent successful projects.
- Films: Bhaskar Hazarika’s Kothanodi, Srinivas Sunderrajan’s Greater Elephant, Manjeet Singh’s Mumbai Cha Raja and Bikas Ranjan Mishra’s Chauranga
- Music: Mame Khan’s debut album, Vasuda Sharma’s Attuned Spirits, Sandunes’ animated music video for “Exit Strategy,” The Vinyl Records’ music video for “Whims,” Parvaaz’s Baran and Aazin Printer’s The Original Mr. Printer
- Publishing: Aditi Gupta, Tuhin Paun and Rajat Mittal's comic book Menstrupedia, Cyrus Daruwalla’s graphic novel I Take This Train Too
- Events and festivals: Strawberry Fields XVII, IGNITE! Festival of Contemporary Dance, Bangalore Open Air, Control Alt Delete, Kashish, Focus Festival, The Goa Project, Bitotsav and Project Frame ‘14
- Theatre: Manish Gandhi’s Limbo, Maneesh Verma’s A Kind of True Story and Ayan Banerjee’s Brishti Finally
Feature Image: PR/Wishberry
Nidhi Shrivastava
Author
Nidhi Shrivastava (@shnidhi) is a Ph.D. candidate in the English department at Western University and works as an adjunct professor in at Sacred Heart University. She holds double masters in South Asian Studies and Women's Studies. Her research focuses on Hindi film cinema, censorship, the figure o...
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