[Funding alert] Payments solution platform DanaMojo raises Rs 3.05 Cr from Rohini Nilekani, Social Alpha, Pravin Gandhi and others
DanaMojo, India’s first exclusive payments solution platform for NGOs on Wednesday announced that it has raised Rs 3.05 crores from renowned philanthropist Rohini Nilekani and Social Alpha. Other investors who participated in this round includes Pravin Gandhi, General Partner of Seedfund Venture Fund, and Vasanthi Anand.
According to an official statement, DanaMojo is one of the first organisations in its space to receive funding from an institutional investor in the form of Social Alpha in its first round of funding.
Founded by Dhaval Udani in 2016, DanaMojo was launched with a mission to simplify online payments for NGOs and reduce their overall time, energy and cost involved in managing their donations and allowing NGOs to focus on increasing their donations.
Dhaval Udani, Founder and CEO, DanaMojo said,
“This investment is extremely encouraging for social entrepreneurs in India. With my experience in the NGO space, I understand the need for specialised services for non-profit organisations, and we hope to strengthen our offering to assist them in the best way possible.”
With the investment in DanaMojo, philanthropist Rohini Nilekani said,
“India needs many intermediary organisations, in both the nonprofit and for profit spaces, beyond donors and their receiving partners, to truly influence aggregated impact at scale. There are many capacities that fall between the capabilities of donor and partner organisations that more specialised entities can build.
We believe DanaMojo is one such entity - a platform for simplified individual giving - that fills the need of the hour, and we are proud to support it. We hope the patient capital invested will enable several organisations to build their communities of support, networks, impact, and organisational capacities, enabled by DanaMojo.”
Since its inception, DanaMojo has on-boarded 900+ NGOs. It is one of the first organisations which provides a SaaS platform specifically for NGOs.
Manoj Kumar, Founder and CEO- Social Alpha said,
"The increase in online giving shows there is a growing preference to donate via digital channels. Through its integrated payment solutions, DanaMojo will empower donors to play a critical role in helping the vulnerable communities that have suffered the most during the lockdown.
Technology can improve philanthropy by making a noble gesture effective, collaborative, transparent, and democratic. The contributions of NGOs in strengthening the socio-economic development process by engaging at the grassroots level is crucial to nation-building. The seamless experience provided by DanaMojo's disruptive solution has the potential to encourage more philanthropists to come forward and create a larger pan-India impact."