Online charity platform Donatekart has raised Rs 2.55 crore (around $360,000) in seed funding from a clutch of investors led by early-stage investment firm LetsVenture.
The Hyderabad-based company said in a statement that the individual investors who participated in the round included MS Unnikrishnan, managing director and chief executive officer of engineering firm Thermax; Pravin Gandhi, founding partner of investment firm Seedfund; Arun Diaz, advisor at impact investor Avishkaar; and Pradeep Nair, regional director of non-governmental organisation Ford Foundation.
Donatekart says 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 Rs 100 crore in donations in the next three years, the statement added.
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.