Wishberry, an Indian crowdfunding platform has raised ₹10 crores in series A funding round led by Reliance Big Entertainment, Dr. Sunil Patil, Director of Scramble Entertainment Ltd, along with 3one4 capital.
The funds raised will be used for the expansion of the team by bringing in talent from the film production and distribution space. It also plans to finance 10 films under its crow-financing model by the end of this year.
Mumbai-based Wishberry is a crowdfunding platform aimed at the raising funds for creative projects for filmmakers and other creative artists. It was founded by Priyanka Agarwal & Anshulika Dubey in 2012. It provides various categories of projects for an individual to choose from, including art, comics, design, dance, photography, music, and theatre among others.
It works on a reward-based crowdfunding model where funders do not get any monetary benefits but other benefits like early-bird access, limited merchandise, invitations to film premiers, etc.
It plans to launch a film financing platform, www.wishberryfilms.in, to support the low budget cinema. This will help high net-worth investors to find and support regional low budget cinema in exchange for a share in film’s profits.
Talking about the platform, Shibasish Sarkar, COO, Reliance Big Entertainment, said, “Low budget cinema, has a good opportunity to be monetized with the right strategy. Wishberry’s plan to organize funding and distribution for such cinema is the need of the hour”.
Wishberry has already raised around ₹11.6 crores on its platform for over 400 projects. It has also raised more than ₹5 crores for 4 feature films, Chuskit, 1 Missed Call, a Marathi film, Chippa, a Hindi film and a Tamil film, Sethum Aayiram Pon.
Wishberry has chosen its niche in crowdfunding which makes them stand apart. Yet there are other crowdfunding platforms giving funders more options, these can provide stiff competition to Wishberry. Some of these include Impact Guru, LetsVenture, Milaap, Kitto, and FundMyPitch.
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