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Hello every one, I am from India and I have a food delivery app up and running which covers 3 cities in National Capital Region(NCR) I have ~8000 installs already and served many customers already. I don't have a kitchen setup but have tie up with restaurants, I want to expand this business and looking forward to raise some money to spend on advertisements and perks to customers. Can I launch an ICO for this ?


The Website address is: http://acchakhana.com
and the app can be found on: https://play.google.com/store/apps/details?id=com.accha.kkhana


Any inputs/guidance would be really appreciated

Before you run an ICO, you should first get familiar with ICO regularities/taxes in your country. But generally  it is a good idea to combine solid offline business like yours with ICO. You seem to have also several users of your app.

The government keeps taking strange actions on crypto currencies over here but I still see people launching ICO every week with a grand press release etc.

Why not ?)

I am not an expert in this field but I have seen ICO with no working product, no white paper only ANN thread. So you are far better than this projects and few of them succeeded so why not your app? Already working product with growing user base. If you write a good white paper and if you run successful bounty campaign there is big chance that your ICO will be successful.

You shouldn't if the government is keeping an eye to cryptocurrencies there but AFAIK there's no ban there so it's still good. At first, what's the reason and you came up to an idea that you should start an ICO? You are earning well with cash and do you think there will be people customers who are willing to take part of your tokens? I think if your business is running well, you don't have to run an ICO unless you are starting to become bankrupt and you have to upgrade.

Thanks for the motivation, writing a whitepaper is a tricky affair, atleast for now because I haven't thoroughly reviewed any of those available on ICO websites. But then the next question is; will people be interested to invest in an ICO where there is only one person at the moment.

Yes, but you should really get familiar with regulations and conditions for launching ICO in your country, to avoid unneeded trouble. But I wish you great success. I saw your app. It is not available in play store in my country, but screenshots are great.

If you are going to launch an ICO which has MVP or a good working product that is already having profits from the users it would be much easier to achieve success compare to those campaigns which doesnt have any good working product,but make sure your app really does need the blockchain technology so that these investors wont hesitate to invest to your product.

Of course you can ran ICO to raise more funds and channel it to our business. But you need to have a good ICO launching because this is a niche market. And the demographics tends to be on the Indian market so maybe you can consider it as well. But isn't it India is like putting a hammer ban on bitcoin lately? Is this really true? Then I guess that's another problem that you need to get around, imho.

India has some pretty hostile crypto regulations. I really think that you should consult some lawyer before you actually launch an ICO as it could potentially qualify as unregulated/unregistered securities of a company.

Plus, what is the ICO going to be for? What are the tokens going to do? Is it going to be shares in your company or tokens that you can buy food to be delivered to your door?

To be honest, I don't think you'll see much success. 8k customers is good but not that much in the greater scheme of things. I really doubt you'll generate much interest in such a localized service. Usually, successful ICOs have products that are ready to be used worldwide, and obviously deliver apps like yours are restricted by geographical regions. So I would advise against it.

My app doesn't really have any usage for blockchain but I am looking forward to raise funds by creating a crowdfunding contract and I can share profits as dividend with the investors if it works that way.

Its not a hammer ban on crypto currency in India it is just a misinterpreted report, government says that crypto currency is not legal token. Also I do not have any kitchens and the food is delivered from the nearby restaurant so I am not limited only to India and may expand to other countries.

The ICO will be used to raise funds and it will be a crwodfunding ICO I wil repay dividend to investors. I agree 8k customers are not that much but I have a working product which is better than ICOs raising funds on an idea only. My product is not limited to Indian demographics only because I am not cooking the food but arranging it from nearby restaurants.

I've read a few conflicting articles about the ICO ban on India. Some say it's banned, some say it's not.

But overall, I agree 100%. You should ask yourself 'why' first and figure out the point of the ICO.

I also agree but be sure to let us know if you do launch an ICO. Sounds interesting :)

I think it will be a very interesting experience to say the least.

I want to say go for it, but you have to do the research and decide on your own at the end of the day.

I have seen services for ICO's they write white papers and do other things. I will not tell you which one because I haven't used and you have to check first very closely before you start. Like I told you I have seen ICO's only with white paper or even without.

Byteball has one developer too and the project is very successful. There is no rule for this. You can succeed with nothing and not succeed with a working product and great team.

All this ICO's are not known in begin. The main reason behind bounty is to attract people. That is why they pay so much to bounty hunters. If your bounty campaign will be successful it means that your project attracted many people. You have to remember that bounty campaigns are really powerful and a lot of not known projects closed their ICO's with success because of them.

I wish you luck.

I am also thinking to opt for it and thanks for smart contracts which let me set soft and hard cap in case I do not reach a milestone sufficient enough to boost my business the money will go back to backers and I will have a satisfaction that I tried and understanding of the market demand and experience.

Thank you :)

You can do it but try to think the loss if the ICO project fails, you'll pay for a programmer, developer, if wanted a campaign for the ICO you pay for the participants as well the manager.

If you earn double of the profit to your current business then do not make a move unless you want to take the risk. However, your product is a good platform to the project you want to make, but always ask advice to the experts like advisors, who are they? The managers here in this forum.

Yes you should do that and it will work 100%. That is because of one thing, people now a days are trusting the ICO's which are having the working products in first place. This can help them a lot to get sense of trust as you will have the working product ready to use. You should make sure that you grab more customers from the Indian side so that they can use it for real and can use your tokens for buying the foods and you in turn will be able to raise huge amounts of funds in the long run. So yeah its go green thing for me and if I were you then I would have started working on the protocol already.

i think you need to study the law against ICO in your country probably you will need some legal lawyer to explain to you the implication of ICO in case its regulated in your country. just because you see some grand press about ICO should not be the reason for you to run the ICO without making consultation concerning the regulation in your country. if you do that and your government take legal action against you, it may not only affect the project but also affect your already existing project you intend to raise the ICO for.

Those articles are really misleading if they are saying that ICO's on India is banned. The banks are the ones who said that they are banning crypto related transactions so if there are articles that remain spreading wrong information, you have to report them and let others know that they don't have credibility on what they are reporting. And with the question of why he needs to figure out the use of that ICO to his business, its still unanswered. We have to wait for him to reply on what's the reason.

Are you trying to implement blockchain technology in your existing project? Is there any need for blockchain technology at all? What issues is it supposed to solve?
What will be token for? Security or utility token? What makes any investors want to contribute in your ICO. Have a thought before blindly jumping onto the bandwagon.

Of course, yes, if you have an understanding of what an ICO is and what it is for. It's not just raising money and investing in your business. You need to consider many factors: the legislation of your country, the creation of the right technical document and roadmap, the creation of good marketing, the collection of the team of developers of blockchain and much more. But the fact that you decided to turn to ICO for expanding and developing your business is great! I'm sure that you will succeed if you start to study the necessary documentation for launching ICO.

I see a lot of replies with a lot of information you need to decide what you should do. Maybe there's legislation which could hinder you maybe not. Will you use crypto or not. When you want an ICO I think a crypto is needed. I hope you'll make a succes of your app.

If I had to jump to a conclusion I would have not created this thread. Implementing blockchain into the project is not the main purpose, the main purpose is to i) raise the funds ii) expand business and iii) buy back the tokens to repay investors

The tokens will be used as security, I cannot think of a utility as of now.

This is true. As I know the cost of ICO 50-300 kUSD.