We’ve often wondered if India will really warm up to the idea of online crowd funding. The moment of truth is here.
In just about a months time since its victory in the Delhi Assembly Elections, the Aam Aadmi Party, has mopped up nearly Rs 5 cr to fund its Lok Sabha election campaign online.
Until last night, the party had raised nearly Rs 5 cr from donors in India, United States, United Kingdom and other countries. Nearly 4000 donations were above Rs 2014. People from UAE, Canada and Singapore also made made significant contributions, according to the donor list published by the party.
The Aam Aadmi Party (AAP), a.k.a, the fastest growing political startup in the country, is looking to raise about Rs 100 cr to fund its campaign nationwide elections in 2014.
“Online funding for a party that appeals to the urban grassroots level is a proven model,” says Satyen Kothari, the Co-Founder & CEO of Citrus Pay citing the Obama campaign in 2008 and 2012.
“The Obama campaign solicited contributions as low as $10 – something that has traditionally been very difficult to market as well as collect in a cost-effective manner,” he said. Folks at CCAVenue said that “significant volumes” have been processed for the campaign.
What we are seeing really is online crowdfunding going mainstream. The massive support that the party which came to power in Delhi recently on the back of its strong anti corruption stance is also helping its online fundraiser, especially among the urban voter.
We’ve had other crowd funding success stories from India earlier but nothing of this scale yet.