These funds will be used to invest in engineering to create better tools, add more categories of tools and expand its entity in Southeast Asia.
Rigi, a platform that helps creators monetize their viewers, has raised 100 crores ($12.3 million) led by Elevation Capital with participation from Accel, Stellaris, and Sequoia.
Famous angel investors such as cricketer Mahendra Singh Dhoni, Cred’s Kunal Shah, NoBroker’s Amit Agarwal, Country Delight’s Chakradhar Grid, and creator Sharan Hegde also took part in this round.
Founded in 2021 by Swapnil Saurav and Anania Singhal, Rigi gives creators and influencers the tools to grow, manage and monetize their community with tools to help drive subscriptions, create courses and workshops, and integrate with social platforms.
“We feel in Southeast Asia, this product will work very well for creators,” he said, adding, “The creators in the geographic region copied the same behavior as in India. The startup has started operations in Indonesia.”
The most recent round came about nine months after Rigi closed its $10 million Series A round in April 2022. So far, the Bangalore-based startup has raised $25 million in three rounds in the 14 months since its inception.
This startup is the second venture by BITS Pilani graduates Saurav and Singhal. They previously founded real-money gaming platform HalaPlay, which was acquired in 2020 by Nazara Technologies and Delta Corp. Above all. Tools allow creators to focus on scaling and connecting with their audience, rather than spending time managing operations and building technology.
“What excited us (about Rigi) was the holistic suite of products that a user could get,” said Mayank Khanduja, Partner at Elevation Capital, adding, “The tools are allowing creators to monetize the audience early in their journey.”
Elevation previously supported startups such as Sharechat, Turnip, and Headphone supporting the growing creator economy. “Creator economy is a new paradigm of employment. But this is a nascent ecosystem. All creators need tools to be more efficient and to grow,” Prayank Swaroop, Partner, Accel India, stated in a statement.