TagMango, a creator monetisation startup said today that it has raised Rs 5.5 crore in seed funding led by Y Combinator, XRM Media, Pioneer Fund and Co-founder Twitch Kevin Lin.
The Mumbai-based startup was launched in 2019 by Mohammad Hasan and Divyanshu Damani, to connect firms to nano influencers. However, in February 2020, TagMango moved from a market of nano influencers to a fan engagement model, allowing influencers and celebrities to stream videos for their fans.
The startup plans to use the funds collected to strengthen its technological capacity and expand its base of creators with a particular focus on non-metropolitan cities. It states that its objective is to expand the ecosystem of content creators across the country by giving them access to monetization channels to build a sustainable business. At present, in a short period of launch, the platform claims to have over 3,000 creators on board, with approximately 50 creators with over one million followers and over 200 creators with over 100,000 followers on all social media platforms.
Twitch co-founder Kevin Lin said in a statement, "They've created a flexible platform for creators of India to explore more personalized avenues to make a living based on each creator’s unique relationship with their community."
"With these funds, we are looking to build more and more features, hire top talent, and onboard the biggest creators that are in India and not just restrict ourselves to Tier-I cities but also Tier-II and Tier-III cities," added TagMango founders, Mohammad Hasan and Divyanshu Damani.