Social media platform for creators Rigi saw its FY23 revenue amounting to Rs 7.07 crore with over Rs 4 crore coming in from operations. This was a considerably high spike as compared to the preceding year’s Rs 18.18 lakhs the company saw coming in as revenue.
Based out of Bengaluru, Rigi was established by Swapnil Saurav and Ananya Singhal as a platform for creators, influencers, and celebrities to manage and monetize their community. The platform provides creators the ability to avail features like payment to WhatsApp and Telegram groups, automated member addition and removal, subscription reminders, online selling of courses and learning guides, hosting authenticated webinars, creating pay-to-view content etc.
The two-year-old company’s expenses amounted to Rs 42.2 crore in the fiscal year ending March 2023. The company’s expenditure on employee benefits and advertisement and promotional costs increased over 10X and 12X. Previously in FY22, it spent over Rs 1 crore on employee benefits and over Rs 83 lakhs on advertisement costs.
Rigi experienced over 10X losses as opposed to Rs 3.4 crore losses it witnessed the previous fiscal year. Its EBITDA margins stood at a negative -494.23% while the ROCE was -23.78%.
Since its inception in 2021, Rigi has raised over Rs 185.2 crore over 3 funding rounds. Its latest round, held on January 2023, picked up Rs 100 crore with Elevation Capital as the lead investor. The extended Series A round also saw participation form the likes of Accel, Stellaris Venture Partners, Sequoia Capital, MS Dhoni, and Kunal Shah among others. Rigi has a current valuation of Rs 312 crore.
Post the round, while founders Swapnil Saurav and Ananya Singhal held over 30% and 20% of the company shares, investor Stellaris Venture holds over 11% of the company.