The crisis of 2008 resulted banks to implement BASEL III capital adequacy norms in which it was mandatory for a bank to maintain certain capital reserves in order to reduce the risk of the bank going bankrupt. The banks were asked to maintain a certain minimum credit profile for its borrowers and it became difficult for the banks to lend funds to startups or small ventures due to high risk of default associated with them.
The vacuum created by these banks in the funding space was filled by crowdfunding by offering these startups and small business with their financial needs. These ventures can pitch their business idea to everyone connected with the internet around the globe and can raise funds for their projects. It is effortless work with no paperwork as compared to bank loans, etc.
Wishberry is one of the platform helping such projects as a reward based model in the field of Music, art, theatre, etc.
This paper aims to discuss the crowdfunding in India with special reference to Wishberry. The data for the paper will be collected from secondary sources mainly internet.
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