Amazon India has collaborated with a crowdfunding platform Ketto for helping its seller base raise funds for their business expansion, product development and even for medical assistance. The move is in line with Amazon's initiatives to enable small and medium businesses to grow on their platform.
With this collaboration, Amazon India's sellers will use Ketto's platform for raising small ticket funds starting from Rs 50,000 at a subsidized fee of 2.5% for initiating fundraisers.
Gopal Pillai, Vice President, Seller Services, Amazon India, said, "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."
Zaheer Adenwala, CTO at Ketto, added, "Crowdfunding can definitely play a pivotal role in helping entrepreneurs, especially businesses that foster either social impact or practical innovation."