"The next Google or YouTube can come out of India and with the right network of people working together to discover and nurture innovative start-ups, it could be sooner than you think," Valto states.
If you want to invest in a start-up, you can subscribe to the website. The subscription fees is Rs 1,000, out of which Rs 750 is available to you to invest in a company of your choice.
GrowVC retains the remaining Rs 250 as management fees. Once you have become a member, you can access the list of start-up companies available for investment on the website with a short description and a basic business plan.
The maximum amount you can invest through GrowVC is Rs 50,000.
"The typical holding period we have in mind for these investments is around 3-4 years after which we will start looking at exit options and distribute the profits to the investors," says Kataria. The company will once again keep 25 per cent of the returns earned as their management fees and handover the remaining 75 per cent of the profit to the original investors.
The crowd funding approach has many precedents worldwide, mainly in the spheres of charity, microfinance and creative fields like music and films. Tapping the Internet to collect money for a cause or project has eventually led to many international websites designed specifically for this purpose. Kiva, Sprouter and Kickstarter are some examples.
Click NEXT to read on . . .With only Rs 1,000, you can fund the next Google!