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Crowdfunding company Desired Wings acquires peer Catapoolt

Crowdfunding company Desired Wings has acquired its peer Catapoolt for an undisclosed amount. Following the deal, both the brands will continue to function independently but will focus on different aspects of the crowdfunding industry. Desired Wings is a category agnostic platform which helps startups fund their future products and services without fundraising against equity.

On the other hand, Catapoolt helps in funding projects such as films, music albums, books, organizing an event and, developing and pre-selling a product. It counts Venture Nursery, ah! Ventures and Calcutta Angels as investors and raised seed funding from them. So far, Catapoolt has funded over 70 projects and has raised Rs 1.5 for them and counts more than 4,000 contributors.

Desired Wings has set of projects in the different domains like animal welfare, social, technology, and arts, right now.

Competition

Catapoolt and Desired Wings also operate in the same space as Mumbai-based Wishberry. The company raised Rs 4 crore from 44 investors including Google India’s Rajan Anandan, MakeMyTrip’s Deep Karla, musician Shankar Mahadevan and director Vikramaditya Motwane among others. As a differentiator from other crowdfunding websites like IndieGoGo and Kickstarter, the platform also offers customized marketing and campaign management services. Wishberry currently claims to have successfully funded over 80% of the projects hosted on its website, from over 8700 funders in 54 countries.

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There is also BitGiving which charges 6% of the raised funds from social campaigns as fees. Campaigns for art projects, events etc., are categorized as ‘creative campaigns’ and are charged 8% of the funds raised from the campaign. The same fee applies to ‘Entrepreneurial campaigns’. In 2016, BitGiving became category agnostic and diversified from social campaigns, letting anyone post a campaign of their choice.

SEBI warning

In September, the Securities and Exchange Board of India (SEBI) gave the crowdfunding ecosystem a warning. It warned investors about online platforms which facilitate fund raising through private placement with companies. It added that such deals are in  contravention of the provisions of Securities Contract (Regulation) Act, 1956 (SCRA) and the Companies Act, 2013. “Only recognized stock exchanges provide a platform where equity and other securities issued by companies are listed and traded in accordance with the provisions of the SCRA,” it added.

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