HYDERABAD: Donatekart, the Hyderabad-based online charity platform, has raised Rs 2.55 crore in seed funding from a bunch of investors led by early-stage investment firm LetsVenture. The company, which moved from Mumbai to the city a few months ago and has set up shot at T-Hub said in a statement that it plans to use the proceeds to strengthen its technology functions, scale its team and launch new products. It also plans to expand to other geographies such as the US and UK and raise at least `100 crore in donations in the next three years, the statement added.
Incidentally, the firm was featured in EdEx 40 under 40 list last year at an event held in Hyderabad. Donatekart was founded in 2016 by National Institute of Technology-Nagpur graduates Anil Kumar Reddy and Sandeep Sharma. Donors can ‘buy’ products such as flood relief material on the platform which are then sent to social organisations for distribution. The platform gives donors updates about how the products they have purchased are being used.
“Most Indians are keen to do charity, but they are comfortable if they can do it in a hassle-free manner and can keep track of their donation,” said Anil Kumar Reddy, co-founder and chief executive officer of Donatekart. Since the platform was launched, Donatekart claims to have assisted more than 450 non-governmental organisations all over India in procuring products worth `5 crore from more than 35,000 donors.
The startup is currently incubated at Hyderabad-based incubator T-Hub and it was previously part of the Zone Startups India accelerator.
LetsVenture founder Shanti Mohan has now joined the board of Donatekart. Established in 2013, LetsVenture is an online platform that connects Indian startups with seed and angel investors.Owned and operated by Bengaluru-based IndiePitch Solutions, LetsVenture claims to have enabled more than 180 funding rounds with a total of about $70 million being raised so far.