TagMango Pvt. Ltd, a startup that helps content creators develop monetization channels, has raised Rs 5.5 crore (nearly $750,000 at current exchange rates) in a seed funding round.
Participants in this round include Y Combinator, Twitch co-founder Kevin Lin, XRM Media, the Pioneer Fund, and angel investors from the US and the United Arab Emirates, Kolkata-based TagMango said in a statement.
Mohammad Hasan and Divyanshu Damani set up the startup last year. It was part of Y Combinator’s 2020 cohort.
It aims to scale the country’s content creator ecosystem by giving them access to monetization channels to build a sustainable business. Tools that it provides include exclusive content options across various mediums, one-on-one sessions with creators, and community hangouts.
It will use the capital it has raised to enhance its technological infrastructure and expand its creator base on Tier-II and Tier-III cities, the two co-founders said.
TagMango says it has already brought on board more than 3,000 creators in its soft launch period, with about 50 of them having a following of over one million people across social media platforms.
The company’s investment is also representative of the rising investor interest in the larger influencer and creator ecosystem in the country. These individuals and their sub-niches represent strong marketing opportunities for brands, giving startups in space strong leverage concerning valuations and revenue potential.