Google invests $1M in creator economy and micro-drama start-up Rigi
What's the story
Google has invested ₹10 crore ($1.07 million) in Rigi, an India-based creator economy start-up. The investment gives the tech giant a 1.43% stake in the company, valuing it at ₹670 crore ($79 million) post-money. The deal was approved by Rigi's board, which has allotted 1,543 preference shares to Google at ₹61,796 each.
Growth strategy
Rigi helps creators monetize content
Rigi is an ad-based platform that offers micro-dramas for free
The company intends to use Google's investment to expand its portfolio of free-to-watch digital content and entertainment.
Founded in 2021 by Ananya Singhal and Swapnil Saurav, Rigi helps celebrities, creators, and influencers monetize their content on Telegram and WhatsApp.
They can manage subscriptions as well as sell digital products like webinars, workshops, online courses, and mentorship sessions through the platform.
Financial growth
Platform raised ₹100 crore in previous funding round
Rigi earns its share from transaction fees on services offered by creators. The platform also features ad-supported micro-dramas with in-app purchases.
In 2023, the company raised around ₹100 crore in a round led by Elevation Capital, with Accel, Stellaris Venture Partners, and Sequoia Capital also participating.
Prior to that, Bengaluru-based Rigi closed a $10 million Series A round in April 2022 after raising $25 million across three rounds within 14 months of inception.
Founders' background
Founders previously launched gaming platform HalaPlay
The founders of Rigi, Singhal and Saurav, are BITS Pilani alumni. They had previously launched HalaPlay, a real-money gaming platform that was acquired by Nazara Technologies and Delta Corp in 2020.
With Google's investment, Rigi is likely to expand its reach across the online video creator ecosystem.