Rigi Platform, a community monetization and management tool for content creators and influencers, has recently secured ₹100Cr in a round of funding. The round was led by Elevation Capital and featured participation from returning investors Accel, Stellaris, and Sequoia.
The funding will be used to expand Rigi’s offerings to new categories of content and geographies. At present, the platform focuses on gaming, skill training, health, and fitness and has recently launched in Indonesia. Rigi’s tools include subscription management, paid workshops, live one-to-one classes, and integration with platforms such as Telegram and WhatsApp.
Co-founder of Rigi Platform, Swapnil Saurav, explained the company’s mission, stating, “Generation one platforms like YouTube, Twitter etc have done their job well by giving a distribution platform to creators. Platforms like Rigi will help these creators monetize their distribution. We are not focused on more users or business.”
Rigi Platform investing in the creator economy
To monetize their content, creators on Rigi are charged a commission on the course fee. Typically, the platform works with creators who have over 50,000 followers on Instagram or YouTube. The platform includes webinars, both pre-recorded and live content, with 60% of the content being recorded and hosted on Rigi’s servers for paying users.
Rigi Platform was established in June 2021 with the goal of supporting the expanding creator economy in India by providing creators and influencers with the tools to monetize their passions. The company aims to create functional, effective products while providing excellent customer service – according the company – the platform creators have multiplied their revenue by 3x.
Mayank Khanduja, Partner at Elevation Capital, highlighted that the investment was in line with the fund’s thesis to invest in the creator economy. “We have been making investments in this space before it was called creator economy with ShareChat. We have invested in live streaming app Turnip for gamers and creators, dating and audio game app FRND, arts and sports focused learning and community platform FrontRow, and beauty-focused platform for live classes Airblack,” he said.
The Rigi funding round also saw participation from new angel investors, including cricketer Mahendra Singh Dhoni, CRED Founder Kunal Shah, NoBroker Founder Amit Agarwal, Country Delight Founder Chakradhar Gade, and finance content creator Sharan Hegde, among others. To date, Rigi has raised a total of $25 million across three rounds of funding. The company last raised $10 million in April 2022 in a Series A round of funding.