Platform built for creators, Rigi.Club, has raised $10 million in a Series A funding round which was co-led by Accel India, Sequoia Capital India and Stellaris Venture Partners.
Others to park their money into the startup include angel investors like Nazara's founder Nitish Mittersain, OneImpression CEO Apaksh Gupta, Shaadi.com Founder Anupam Mittal and creators like Tanmay Bhat.
Founded in October 2021 by Swapnil Saurav and Ananya Singhal, the startup enables creators to manage and monetise their communities. Also, influencers can use this platform to launch courses, conduct paid webinars, and launch free and paid communities through the Rigi app. It has over 200,000 users with most of them in the GenZ category.
In the next 12 months, the Bengaluru-based company aims to increase this user base by more than 10 times. The fund will be used to expand the team and enhance the product.
“Since our launch, the company has been growing at the rate of nearly 100 percent month-on-month and has crossed the 200,000 user benchmark. It has been most heartening to see that within a mere two months, we have helped our influencers more than triple their earnings," Rigi.Club Co-founder and CEO Saurav said.
"At Rigi, our aim is to grow into the go-to influencer ‘logistics partner’ wherein we take care of everything, allowing influencers the space and freedom to focus their energies on content creation,” he said.
The 50million-plus global creator population largely depends on ad shares or brand-partnerships for income, which are irregular and quite often unsubstantial, according to a statement from the company. "This is largely owing to the fact that direct fanbase monetisation is fundamentally broken as the user journey is deeply fragmented wherein each stage in the journey is spread across multiple platforms and tools (discovery, engagement, payment, management),” it said.A report by RedSeer has estimated that there are 240 million short video users in India and the base is likely to grow to at least 575 million by 2025.