Rigi Raises $12.3 Million From Elevation Capital

Bengaluru-based start-up Rigi, known for helping content creators to monetise their audience, has raised Rs 100 crore or $12.3 million in a round led by Elevation Capital. Accel, Stellaris and Sequoia Capital also joined. 

Apart from these companies, several other investors like Mahendra Singh Dhoni, Kunal Shah ( CEO of CRED), Amit Kumar Agarwal from NoBroker, Chakradhar Gade from Country Delight and social media influencer Sharan Hegde, also participated in the round. 

The company will utilise the funds to cultivate tools to help new creators. Additionally, it will spend money to fulfil its intention to expand in multiple geographies. Recently it started its operations in the Indonesian market. 

Prior to the latest funding, the company bagged $10 million ( Nearly Rs 80 crore) in its Series A funding round co-led by Accel India, Sequoia Capital India and Stellaris Venture Partners. 

The company has raised $25 million since its inception in 2022. 

“We are creating a lot of tools for creators so we will keep investing in them. We will also keep investing in the tech team so that we create more tools for different categories of creators… we feel this solution can be easily introduced to Southeast Asia countries and other similar geographies,” Swapnil Saurav, the chief executive officer ( CEO) of the company, said. 

“Rigi’s growth in India is phenomenal. It has grown 40X in the last 12 months, in terms of the total value of money flowing from followers to creators through Rigi’s system,” Mayank Khanduja, partner, Elevation Capital, added.