SAN FRANCISCO and LONDON, May 2, 2017 /PRNewswire/ --
Indian diaspora in US and UK to receive local tax benefits for supporting Indian nonprofits
Impact Guru, a Harvard Innovation Lab incubated fintech company and India's leading crowdfunding platform for nonprofits, medical, or personal causes has entered into a strategic partnership with US and UK-based GlobalGiving, the world's first and largest nonprofit crowdfunding platform. This partnership will enable vetted Indian or Southeast Asian nonprofits or social enterprises raising money on http://www.impactguru.com to offer tax benefits to international donors in US and UK, particularly Indian diaspora, when they donate towards social causes using GlobalGiving's technology on the Impact Guru platform.
India is home to the highest number of nonprofits in the world (3.3 million) that raises more than US $1.3bn annually from international donors. Tax incentives are often considered a crucial factor in encouraging philanthropy. By offering tax benefits to US and UK donors, this partnership will help Indian nonprofits and social enterprises to attract more supporters from the Indian diaspora i.e. NRIs (Non Resident Indians) / PIOs (People of Indian Origin). The Indian government estimates that the Indian diaspora residing in the US and UK exceeds 6 million. According to The Bridgespan Group, if the charitable contributions of Indian diaspora in the US were consistent with those of other US households in similar income brackets, and they directed 40% of their philanthropy to India, $1.2 billion per year in additional funds could flow from such donors towards Indian causes.
Impact Guru's Co-Founder and CEO, Piyush Jain, said, "Having spent over a decade outside of India prior to starting Impact Guru, we can relate to the desire of Indian diaspora to give back while obtaining local tax benefits. Impact Guru is thrilled to be partnering with GlobalGiving to address this gap, thereby making us the platform of choice for crowdfunding by Indians globally."
GlobalGiving's, Chief Network Officer, John Hecklinger, added, "GlobalGiving is excited to partner with Impact Guru to help Indian nonprofits transact with donors in India, US and UK on a single giving platform. This partnership will help the global social sector to understand more about how donors and NGOs interact locally and globally."
About Impact Guru
Impact Guru is an online crowdfunding platform for nonprofits, medical, or personal causes.
SOURCE Impact Guru Technology Ventures Private Limited