Hyderabad: With about 80 percent of the population without any form of health insurance, and 63 percent of all out-of-pocket medical expenses, most families borrow all their savings and borrow money at high interest rates to cover their medical expenses. Medical crowdfunding is an alternative option for those who urgently need money. Crowdfunding platform Ketto has launched more than one million fundraisers for medical campaigns since its inception, raising more than $ 600 million.
Varun Sheth, CEO and co-founder of Ketto.org, told Telangana Today: ‘In the first two years of our operations, we focused on startups, ideas and businesses. We have gradually shifted our focus to social and non-profit purposes. Over the past 3-4 years, we have seen the effective use of our medical fundraising platform for medical treatment purposes. ”
Ketto works directly with hospitals with his staff working with doctors and talking to patients by hand during the process. Donors are also kept in the loop where their money is used. Cancer, accidents, disasters / pandemics affected, heart surgeries, transplants were the most important categories for fundraising. The platform is on average able to raise funds at a time of Rs 1 lakh in four days.
On the market trends, he said: ‘The southern market is very active for medical crowdfunding. Vellore, for example, is one of the largest cities because of the CMC Vellore Hospital. In Hyderabad, liver transplants were the biggest cause of reaching out to Ketto. We see a survey for criticism Covid-related treatments also on the platform during the last 2-3 months. Post Covid also, medical crowdfunding will continue to increase because several hundred million people still do not have access to health insurance. ”
‘The cost of medical treatment continues to rise year after year by double digits, while income levels rise by only 3-4 per cent. The equality between private and public health care is also gradually increasing, ”Sheth said.
The company has completed 2,10,000 fundraisers for a variety of purposes since 2012 and is raising the first R100 fund for a campaign. It raised a total of more than 1100 million.
He noted: ‘Crowdfunding has so far remained a tiger-1 activity and the company would like to benefit people in the tiger-2 cities in the coming year. The company wants more staff on site to help the patients. WE plan to raise about $ 12-15 million next year (about 100 million euros).
From Bollywood actor Amitabh Bachchan to Nobel laureate Kailash Satyarthi, several notable people have used Ketto to raise funds for various causes. The company also sees a foothold in start-up (product-driven) and innovation activities by students.
Source: Telangana Today