Founded in 2021, Bengaluru-based Rigi is a social media platform enabling creators, influencers, and celebrities to grow, manage, and monetise their communities. With features like payment integration for WhatsApp and Telegram groups, automated member management, subscription reminders, online course sales, authenticated webinars, and pay-to-view content, Rigi empowers creators to pursue their passion while building sustainable income streams.
Co-founded by Swapnil Saurav and Ananya Singhal, Rigi has raised a total of Rs 185.24 crore over three funding rounds, with its latest Series A funding completed in January 2023. The shareholding structure is led by Swapnil Saurav (27.93%) and Ananya Singhal (18.60%), with additional stakes held by Kunal Bahl (1.20%), Rohit Kumar Bansal (1.20%) and ESOP pool accounts 5.05% of the share.
The company’s revenue surged to Rs 21.92 crore in FY24, up from Rs 7.08 crore in FY23, reflecting a 3x growth. However, its expenses also increased by 21.3% to Rs 51.27 crore in FY24, compared to Rs 42.25 crore in FY23.
Over 63% of its revenue was derived from its operations in FY24, down from over 67% in FY23. Its operating revenue consists of a single stream: revenue from the sale of services.
Employee benefit costs remained the largest expense category, accounting for 43.53% of total expenses in FY24, up from 41.72% in FY23. Advertisement expenses declined as a share of total expenses, falling to 18.43% in FY24 from 25.42% in FY23.
Despite the revenue growth, Rigi continues to face significant financial losses. Its net loss narrowed to Rs 29.34 crore in FY24 from Rs 35.18 crore in FY23. The company’s EBITDA margin improved to -131.97% in FY24, compared to -494.23% in FY23, while ROCE saw a marginal improvement to -23.59% in FY24, up from -23.78% in FY23.