Rigi has also added new angel investors to its capitalization program. These include former India cricket captain Mahendra Singh Dhoni, Cred founder and CEO Kunal Shah, NoBroker founder and CEO Amit Kumar Agarwal, Country Delight founder Chakradhar Gade, and Personal finance content creator, Sharan Hegde.
The startup said it plans to expand abroad using the new capital.
Bengaluru-based Rigi expanded its operations to Indonesia, its first overseas market, three months ago, founder and CEO Swapnil Saurav told B2B.
“We are building a lot of tools for creators, so we will continue to invest in them. We will also continue to invest in the technology team to build more tools for different categories of creators… We believe this solution can be easily introduced to Southeast Asian countries and other similar geographies,” Sourav added.
Rigi has raised around 25 million dollars in three rounds within 14 months of joining. It last raised 10 million dollars in a funding round, dubbed Series A, co-led by Accel India, Sequoia Capital India and Stellaris Venture Partners. The company employs 80 people in its offices in India and Indonesia.
Founded in 2022 by Birla Institute of Technology and Science (BITS) alumni Pilani Saurav and Ananya Singhal, Rigi is to content creators what Shopify is to marketers. Saurav and Singhal also previously co-founded gaming and sports media company Halaplay Technologies, which was acquired by Nazara Technologies in 2020.
Content creators use Rigi to pay for WhatsApp and Telegram groups, handle automatic member addition and removal along with subscription reminders, create and sell online courses and tutorials, host webinars with authenticated attendees, create paid-to-view content, among other use cases.
Rigi's packages feature subscription management tools, live courses and workshops, paid one-on-one interaction, and integration with social platforms for content creators knowledgeable in education, fitness, and gaming, among more than 30 categories. Rigi said it has served more than 10,000 creators so far.
"The growth of Rigi in India is phenomenal. It has grown 40-fold in the last 12 months, in terms of the total value of money flowing from followers to creators through the Rigi system," Mayank Khanduja, a partner at Elevation Capital, told B2B.
Elevation Capital has invested in more than 150 companies across consumer internet, software as a service, fintech, consumer brands, edtech, healthcare technology, web 3.0, and cryptocurrency. It announced its eighth round of 670 million dollars in equity in April 2022. Its previous bets on the creative economy include Sharechat, Turnip, and Headfone.
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