Crowdfunding platform Impact Guru has raised $2 million in series A funding round co-led by Apollo Hospitals Group and Venture Catalysts.
The funding round saw participation from existing investor RB Investments–a Singapore based VC fund and Currae Healthtech Fund along with various family offices.
Incubated at Harvard Innovation Lab in 2014, Impact Guru will use the fresh capital to scale crowdfunding in India by ramping up sales and marketing as well as technology development. Besides, the firm will also invest in the field of artificial intelligence, machine learning, big data, and vernacular language support.
Founded in 2015 by Khushboo and Piyush Jain, Impact Guru offers a full stack crowdfunding solution and has been an active participant for donation funding during the Chennai floods, and various marathons and social awareness activities.
According to Apoorv Sharma, co-founder & president, Venture Catalysts Impact Guru has an immense potential as banks and NBFCs are unable to provide sufficient medical loans due to low credit scores, lack of collateral, high risk of death and default.
Impact Guru which operates in over 15 countries has an exclusive strategic partnership with US and UK based GlobalGiving who entered the Indian market through a strategic partnership with the Mumbai-based firm. Since their inceptions, both have been able to raise Rs 105 crores so far for various social causes in India.
Earlier, in its seed funding round, Impact Guru had raised a seed round of $500,000 from RB Investments and Fundnel–a Southeast Asia-based private investment platform.
Apart from Impact Guru, LetsVenture, Milaap, Ketto, and FundMyPitch are some notable crowdfunding platforms from India.
The development was reported by TOI.