Creator monetisation startup TagMango, led by Y Combinator, XRM Media, Pioneer Fund and Twitch co-founder Kevin Lin, has raised Rs 5.5 crore in seed funding.
The start-up plans to use the funds raised to improve its technology capabilities and to broaden its creative base with a strong emphasis on non-metro cities.
Founded in 2019 by Mohammad Hasan and Divyanshu Damani, TagMango provides developers, influencers, and artists with business tools to help them create subscription-based revenue streams as well as user one-off purchases.
“Today with access to the internet and smartphones penetrated across the nooks and corners of Bharat, anyone can dream to be a creator and curate a community. With these funds, we are looking to build more features, hire top talent, and onboard the biggest creators in India, including those in tier 2 and tier 3 cities” said Divyanshu Damani and Mohammad Hasan, founders of TagMango.
The platform claims to have more than 3,000 creators on board, with over 50 creators having million-plus followers and over 200 creators with more than 100,000 followers across all social media networks, currently in a soft launch process.
So far through customised video calls, and shoutouts, the platform has allowed creator fan interactions. Creators may also set up their unique podcasts, video shows, seminars, host video calls for groups, or charge for specialised services.
The company’s investment is also indicative of increasing investor interest in the country’s broader influencer and creator ecosystem. These people and their sub-niches pose strong marketing tools for brands, giving entrepreneurs strong influence in the space in terms of valuations and sales potential.
So far, huge cheques from domestic and international sponsors have been issued by social commerce and short video companies such as Meesho, Trell and WMall. In the past year, gaming platforms like Tamasha and Rheo have also obtained money.
“They [Hasan and Damani] have created a flexible platform for Indian creators to explore more personalised ways to make a living based on the unique relationship of each creator with their community,” Kevin Lin said.
Lin said late last month that he will be leaving Twitch. The popularity of the Amazon-owned video game streaming site has spawned a whole host of rivals, with Indian startups joining the fray as well.