Rigi funding: Rigi raises $12.3 million funding from Elevation Capital, MS Dhoni, others
These embody India’s former cricket captain Mahendra Singh Dhoni, Cred founder and CEO Kunal Shah, NoBroker founder and CEO Amit Kumar Agarwal, Nation Delight founder Chakradhar Gade, and private finance content material creator Sharan Hegde.
The startup stated it deliberate to broaden abroad utilizing the contemporary capital.Bengaluru-based Rigi expanded its operations to Indonesia, its first abroad market, three months in the past, founder and chief government Swapnil Saurav advised ET.
“We’re creating plenty of instruments for creators so we’ll preserve investing in them. We may even preserve investing within the tech staff in order that we create extra instruments for various classes of creators… we really feel this resolution could be simply launched to Southeast Asia international locations and different related geographies,” Saurav added.
Uncover the tales of your curiosity
Rigi has raised about $25 million throughout three rounds inside 14 months of inception.It final raised $10 million in a funding spherical, dubbed Collection A, co-led by Accel India, Sequoia Capital India and Stellaris Enterprise Companions. The corporate employs 80 folks throughout its India and Indonesia places of work.
Based in 2021 by Birla Institute of Expertise and Science (BITS) Pilani alumni Saurav and Ananya Singhal, Rigi is to content material creators what Shopify is to sellers. Saurav and Singhal beforehand additionally based gaming and sports activities media firm Halaplay Applied sciences, which was acquired by Nazara Applied sciences in 2020.
Content material creators use Rigi to pay WhatsApp and Telegram teams, deal with automated member addition and removing together with subscription reminders, create programs and studying guides and promote them on-line, host webinars with authenticated attendees, create pay-to-view content material, amongst different use circumstances.
Rigi bundles options these instruments of subscription administration, programs, stay workshops, paid one-to-one interplay and integration with social platforms for content material creators with information in areas training, health, gaming, amongst over 30 classes. Rigi stated it had serviced over 10,000 creators to date.
“Rigi’s development in India is phenomenal. It has grown 40X within the final 12 months, when it comes to the whole worth of cash flowing from followers to creators by Rigi’s system,” Mayank Khanduja, associate, Elevation Capital, advised ET.
Elevation Capital has invested in over 150 firms throughout client web, Software program as a Service, fintech, client manufacturers, edtech, health-tech, Net 3.0 and crypto. It introduced its eighth pool of capital of $670 million in April 2022. Its earlier bets within the creator economic system embody Sharechat, Turnip and Headfone.