Rigi, a platform that assists creators in monetizing their audiences, has raised $12.3 million in a funding round led by Elevation Capital with participation from Accel, Stellaris and Sequoia Capital.
Amit Agarwal (NoBroker), Chakradhar Gade (Country Delight), Mahendra Singh Dhoni, and Sharan Hegde, prominent angel investors, participated in the investment round.
Rigi plans to use the money to diversify geographically and into new product categories. After this round’s conclusion, the content platform will have raised $25 million over three rounds in its first 14 months.
The platform’s most recent funding round, which was co-led by Accel India, Sequoia Capital India, and Stellaris Venture Partners, brought in about $10 million.
The firm targets a set of influencers vastly more active on Telegram and WhatsApp than on YouTube, Instagram, or other social media platforms. It was utilized to gather hints of user behavior that showed their desire to pay in exchange for the influencer’s rich material.
Rigi asserts that it has assisted over 10,000 creators in 30 distinct areas. The company has expanded 40X in the past year and just recently entered Indonesia.
Rigi boosts a creator’s economy
Rigi, a service that assists creators with remarketing, promotions, and periodic subscription reminders, was founded by Ananya Singhal and Swapnil Saurav in late 2021. The app enables users to sell courses, organize secure webinars with only authorized attendees, and build both paid and free WhatsApp and Telegram groups.
Additionally, influencers can use this platform to build free and paid communities through the Rigi app, do pay webinars, and offer courses. It has over 200,000 users, most of whom fall under the GenZ demographic.
The creator economy is projected to be worth over $100 billion globally and about $80 million in India, according to a report by Kalaari Capital.
There is money to be made when the market heats up. However, there is fierce competition on several channels used by the creator economy, including social media, OTT, and podcasts. As a result, social media ads, ad shares, collaborations, and brand partnerships account for a substantial portion of income.
Therefore, content creators must control their sales and earnings. Connect with Rigi To give content creators different ways to monetize their work and tools to manage their finances, YourStory has developed a few apps.
Rigi is accessible on iOS and Android, and most of its users are between the ages of 18 and 24.
