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The very First Indian Startup to Raise 3.36-cr through crowd-funding

The very First Indian Startup to Raise 3.36-cr through crowd-funding

Source: New Indian Express. PTI.

Startups-Crowdfunding
Image: iPleaders

Raising a whopping $5,12,718 (Rs 3.36 crore) in 40 days for a Kochi-based start-up is a feat achieved by no other company in India. Incubated at Startup Village, Exploride — an Augmented Reality integrated Head Up Display — raised over $5 lakh through crowd-funding at the end of the funding period on October 2.

Exploride is a head-up display for any car that lets you access maps, music, calls, texts & exploride
more without loosing focus on the road with its transparent display & hands free controls.

As per story published in newindianexpress The original target was to raise $1,00,000 but the company achieved it in five days. Other companies which had raised money through crowd-funding from Kerala are RHL Vision Technologies, Sector Qube and Mindhelix.

The crowd-funding model is based on three types of actors: the project initiator who proposes the idea and/or project to be funded; individuals or groups who support the idea; and a moderating organization (the “platform”) that brings the parties together to launch the idea.

Palakkad native Sunil Vallath and wife Parvathy started Exploride last year. It helps to banish the distraction by transferring the information you need from a Bluetooth-enabled device to a transparent display in the windshield.

exploride-car-It even lets you access the information by simple hand and voice gestures. Simply, it turns your car into a smart car. “This is the biggest achievement for Exploride. Probably, we are the highest fund raiser through  crowd-funding in Asia. Discussions are under way for the mass production of the product to be delivered in January. The company is planning a retail launch of the product after the pre-order campaign at Rs 499. While we will be tapping into the potential of e-commerce in a big way, dealers from across the world, including from Africa, have approached us evincing interest. Our plan is to shift base to Bengaluru from Kochi,” said Sunil Vallath. Exploride has orders from 1,800 persons across the globe. The product is being produced in Taiwan.

Rohildev N, founder of RHL Vision Technologies which raised over $2 lakh from crowd-funding last year, says the fund-raising exercise gave them connections across the world and boosted confidence.

“We will launch our product ‘Fin’ by the end of November,” he says. “The acceptance received forExploride is a positive sign as more start-ups will come forward to raise funds via crowd-funding.Major highlight of the funding is that a start-up will be able to know how the response will be for their product in the market,” says Pranav Kumar Suresh, Chief Operating Officer, Startup Village.

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