Elevation Capital led Rs 100 crore raised by creator economy startup Rigi
With involvement from Accel, Stellaris, and Sequoia, Rigi, a platform that aids creators in monetizing their audience, has raised 100 crores ($12.3 million). Elevation Capital spearheaded the fundraising effort.
Famous angel investors included Sharan Hegde, the inventor, and cricketer Mahendra Singh Dhoni, among others. They included Kunal Shah of Cred, Amit Agarwal of NoBroker, Chakradhar Gade of Country Delight, and Kunal Shah of Cred.
Swapnil Saurav and Ananya Singhal launched Rigi in 2021, and it offers artists and influencers tools for managing subscriptions, creating courses and workshops, and integrating with social media platforms in order to help them develop, manage, and monetize their communities.
According to sources, it intends to utilize the capital to invest in engineering to produce additional tools, explore other tool categories, and grow geographically throughout Southeast Asia.
He said that the makers in that region imitate behaviour similar to that in India, saying “We feel this product will perform extremely well for creators in Southeast Asia”. In Indonesia, the firm has already begun operating.
The most recent investment was announced around nine months after Rigi’s $10 million Series A round, which concluded in April 2022. Since its founding 14 months ago, the Bengaluru-based business has received $25 million in three waves.
The BITS Pilani graduates Saurav and Singhal’s enterprise is their second business endeavor. HalaPlay, a real-money gambling platform that they had previously built and then sold to Nazara Technologies and Delta Corp, was bought in 2020.
In more than 30 different categories, Rigi claims to have assisted over 10,000 creators in monetizing their audience through platforms like WhatsApp, Telegram, and paid courses, among others. Instead of spending time managing operations and developing technology, the tools allow artists to concentrate on growing and connecting with their audience.
