Amazon India partners with Ketto to launch crowdfunding initiative for sellers2 weeks ago Bhavitaavya Dharanikota
Amazon India has joined hands with Mumbai-based crowdfunding company Ketto to help its sellers raise funding for business expansion, product development and even for medical assistance and launched a first of its kind program, ‘Amazon Wings’ for its sellers. Ketto is Asia’s most trusted and visited crowdfunding platform that helps you raise funds for personal needs, charitable causes, and creative ideas. Ketto uses social media to mobilize the youth, effecting change and fueling creative ideas. It makes online giving and fundraising easy and safe. This program will enable Amazon India’s sellers to use Ketto’s platform to raise small ticket funds starting from Rs 50,000 at a subsidized fee of 2.5% for initiating fundraisers. Ketto on average charges a commission of 5%. India has a huge and thriving base of SMEs in the country but the availability of funds is one of the major barriers for their business growth and innovation. However, Amazon will limit its role to marketing and brand awareness of the initiative.
Amazon will solicit interest from sellers to apply to Ketto for participation in the program. The applications will then be shortlisted by Ketto on the basis of the seller story, the purpose of the fundraiser and the goal amount. Once shortlisted, a team of experts from Ketto will guide the sellers from the ideation stage to the final launch of the campaign. Once the fundraiser is launched, the shortlisted sellers will be able to promote it in their social circle. Additionally, Amazon, along with Ketto, will also be actively promoting the microsite through email and social media marketing in order to make them successful. Amazon Wings will encourage entrepreneurs to pioneer innovative product development and promote community upliftment. Business objectives such as encouraging unique product development ideas and contributing to society through such initiatives will provide a boost to Amazon sellers for improving the quality of life across the ecosystem surrounding them. The move is in line with marketplace initiatives to enable small and medium businesses to grow on their platform. Ketto primarily funds social initiatives like Health, Education with entrepreneurship being one of the verticals they back.
To access the fundraisers, please visit – https://amazonwings.ketto.org/