Companies

FuelADream expects to raise Rs 100 cr by third year of inception

Rajesh Kurup Mumbai | Updated on January 17, 2018 Published on August 30, 2016

FuelADream, a crowd-funding platform for idea and causes, is looking to raise about Rs 100 crore in its third year of inception for companies listed with it.

The platform, which was launched this April, has already raised Rs 1.5 crore till date and would post about Rs 6 crore by the end of this year.

"Ideas and charities can both come and register with the platform, and offer at a great price to the customer. Next year, we should be touching Rs 20 crore and Rs 100 crore the year after," Ranganath Thota, founder and CEO, told BusinessLine.

Terming the platform as the confluence of "creativity and cause", he said that the platform is being used to raise funds for disasters, for arts and paintings and for charitable causes.

On Tuesday, the company started the second round of crowd-funding for Spero e-bike. FuelADream is looking to raise up to Rs 15 lakh through the second round.

The company had raised Rs 38 lakh in the first campaign for the bike, launched by Coimbatore-based Milltex Engineers.

"There were doubts that a product that costs between Rs 30,000-48,000 would get funded so successfully. This campaign has been a trendsetter and will generate more innovation from inventors in India as they embrace the concept of crowd-funding," Ranganath added.

The Spero e-bike (bicycle) comes in three models - E-30, E-60 and E-100 - with a range of 30-100 km on a single charge. It can attain a maximum speed of 25 km per hour, comes with 5-speed gear box and 48V Li-ion battery.

S Manikandan, MD of Milltex Engineers, said: "The response has been remarkable from our first campaign. Lots of people came up to contribute even Rs 100 as a token amount, because they were so excited about the idea."

The pre-order prices for the 3 models on FuelADream would be from Rs 29,900-50,900, which is 40 per cent lower than their market price.

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Published on August 30, 2016
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