Impact Guru, an Indian crowdfunding platform for nonprofits, medical, or personal causes has entered into a strategic partnership with US and UK-based nonprofit crowdfunding platform GlobalGiving.
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."
This partnership will enable vetted Indian or South-East Asian nonprofits or social enterprises raising money on Impact Guru to offer tax benefits to international donors in US and UK, particularly the 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 raise more than USD1.3billion 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 attract more supporters from Non-Resident Indians (NRIs) / People of Indian Origin (PIOs).
The Indian government estimated that the Indian diaspora residing in the US and UK exceeds six 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, USD1.2 billion per year in additional funds could flow from such donors towards Indian causes.
GlobalGiving's, Chief Network Officer, John Hecklinger, added, "This partnership will help the global social sector to understand more about how donors and NGOs interact locally and globally."