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Crowdfunding | Our endeavour is to bridge the affordability gap, says Varun Sheth of Ketto

The Face of Vibrant Bharat, Varun Sheth has been working to fill the transparency gap between the donor, recipient and technology in the crowdfunding space.

April 12, 2021 / 03:20 PM IST

Note to Readers: Moneycontrol, India’s leading financial news digital platform and CommsCredible, an integrated communications consultancy, have come together to partner with Grant Thornton Bharat, one of the largest fully integrated Assurance, Tax & Advisory firms in India, to launch Faces of Vibrant Bharat (FoVB), an initiative that tells stories of organisations making an impact on India's social fabric with their work at the grassroot level.

An estimated 80 percent of the Indian population lacks any form of health insurance, and with 63 percent of all medical emergency costs being met out-of-pocket, most families exhaust their entire savings accessing healthcare. At times, they are forced into abject poverty. This is where Ketto comes in. "Our constant endeavour is to bridge the affordability gap and make quality healthcare accessible to all," says Varun Sheth, CEO & co-founder, Ketto.

Ketto, short for ‘Key to Tomorrow', is a crowdfunding platform established on August 15, 2012. It has hosted over two lakh fundraisers and raised Rs 1,100 crore, helping over 50 million people in various capacities. In addition, the enterprise has facilitated 20,000+ campaigns based on medical needs and raised Rs 200+ crore from 10 lakh+ generous donors in the past year. These campaigns have enabled 15,000 transplants and critical surgeries.

"My journey in social impact began early. My experiences with NGOs led me to have a deep understanding of their functioning and challenges on a daily basis. I soon realised that the transparency gap between the donor, recipient and technology were major roadblocks in the funding process," says Sheth.

Faces of Vibrant BharatWhen Ketto began its journey, it was difficult to garner people's trust in online transactions. However, as a crowdfunding platform, it focused on building the right pillars of transparency and technology. This helped them increase the number of repeat donors to 70 percent as compared to 30 percent last year. Digitisation has played a pivotal role in Ketto's journey with people being open to online transactions. In the pandemic, Ketto raised over Rs 115 crore through 11,000 fundraisers and supported more than 10 million people during the lockdown.

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"We are witnessing a significant change in people's behaviour. People want to support causes they truly believe in. The transparency and the ease of online donation on Ketto, encourages people to bring social change to society," says Sheth

What Made Sheth a Face of Vibrant Bharat?

“India’s crowdfunding segment is projected to reach a total amount of $9.7 million by 2024, says Statista, a market and consumer data company. Transparency is key in influencing the behaviour of donors.  As more people donate, the manner in which they donate or the means they adopt to make those donations evolves.  This is where Ketto’s transparent technology - a crowdfunding platform - bridges the gap between the donor and the recipient,”  Rohit Bahadur, Partner, Not-for-Profit & CSR Advisory, Grant Thornton Bharat.

"Ketto made crowdfunding emerge as a strong alternative option for people to raise money for their businesses, their life emergencies, or a social cause they are associated with. It has led the way to establish the concept of crowdfunding in India as a means of social giving, and ensured it gained strong acceptance from people across diverse income and cultural backgrounds." Aman Dhall, Founder, CommsCredible.
Moneycontrol News
first published: Apr 12, 2021 02:34 pm
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