Info-tech

Fueladream to raise ₹100 cr via crowdfunding

Our Bureau Mumbai | Updated on January 17, 2018

Ranganath Thota, founder and CEO, Fueladream

The platform, launched in April, hosts innovations and charities

Fueladream, a crowdfunding platform for ideas and causes, is looking to raise about ₹100 crore for the companies listed with it, in the next three years.

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

“Both ideas and charities can come and register with the platform, and offer services at a great price to the customer. Next year, we should be touching ₹20 crore, and ₹100 crore the year after that,” Ranganath Thota, founder and CEO, told BusinessLine.

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

On Tuesday, the company started the second round of crowdfunding for Spero, an e-bike, looking to raise up to ₹15 lakh.

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

“There were doubts that a product that costs between ₹30,000-48,000 would get funded successfully. This campaign has been a trendsetter and will generate more innovation from inventors in India as they embrace the concept of crowdfunding,” Ranganath said.

Spero 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, and comes with a five-speed gearbox and a 48V Li-ion battery.

Published on August 31, 2016

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