Crowdfunding is a method of fundraising through which one can raise funds online with the help of smaller contributions from a large number of people i.e the crowd. It harnesses the power of social media and networks of people by asking each person to contribute a small amount to add to the goal amount.

Crowdfunding has contributed immensely to diverse causes, from launching a new product in the market to saving lives. The underlying causes of crowdfunding can be broadly categorized into three different facets. Medical Crowdfunding Undoubtedly, medical crowdfunding is one of the most popular forms of crowdfunding. With more than 70% of India’s population lacking health insurance, millions of people are pushed into poverty due to medical emergencies. 62% of health care costs in India are paid out of pocket There are no loans or interest to be paid off when it comes to crowdfunding as funds raised online is considered as a donation. Ayushman Bharat- the government’s latest scheme aims to provide an annual coverage of up to Rs. 5 lakh per family for 10 crore poor households for secondary and tertiary care hospitalisation.

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