Google invested ₹10 crore in the creator economy startup Rigi, pushing its valuation to ₹670 crore. The tech giant now holds a 1.43% stake in the platform. Rigi plans to use these funds to grow its free digital content and entertainment portfolio, helping creators manage subscriptions and sell online courses.
Google International has invested ₹10 crore ($1.07 million) in Rigi, becoming a shareholder in the India-based creator economy startup, to be valued at ₹670 crore ($79 million) post-money, according to a report by Analytics Insight.
Entrackr cited regulatory documents to report that Rigi's board has approved allotment of 1,543 preference shares to the tech giant at ₹61,796 each, giving it a 1.43% stake in the platform.
Rigi, which is an ad-based platform, allowing users to watch micro-dramas without a subscription, is looking to use the funds to expand its free-to-watch digital content and entertainment portfolio, a report by Exchange4media added.
Founded by Ananya Singhal and Swapnil Saurav in 2021, the startup helps celebrities, creators and influencers monetise content and build paid communities on Telegram and WhatsApp.
They can manage subscriptions and sell digital products including webinars, workshops, online courses and mentorship sessions. Rigi generates its cut from transaction fees on these services. Further, Rigi TV features ad supported micro-dramas that also have in-app purchases.
About Rigi: Fundraise, financial performance
Notably, Rigi raised around ₹100 crore in 2023, in a round led by Elevation Capital and participation from Accel, Stellaris Venture Partners and Sequoia Capital, the report said.
Prior to this, the Bengaluru-based startup closed a $10 million-Series A round in April 2022, having pulled $25 million in three rounds in 14 months since inception.
The startup is the second venture of Saurav and Singhal, who are both alumni of BITS Pilani. They previously founded real-money gaming platform HalaPlay, which Nazara Technologies and Delta Corp acquired in 2020.
Elevation also backed startups like Sharechat, Turnip and Headfone, all of which support the growing creator economy. While Prayank Swaroop, Partner, Accel India had in a statement noted that the creator economy “is a new paradigm of employment. But this is a nascent ecosystem” which needs tools to be more efficient and grow.
The startup reported ₹19.92 crore revenue in FY24-25, with net loss of ₹20.5 crore for the financial year. It has not yet filed financial results for FY25-26, it added. With Google's entry onto its investor base, Rigi is expected to have access to a broader presence across the online, video, and creator ecosystem.