According to a statement, the newly raised funds will be deployed to develop a proprietary platform, increase hiring and for expansion across multiple geographies.
Influencer marketing platform Cofluence, on February 8, said it has raised $4 million (approximately ₹30 crore) in funding led by Nikhil Kamath, co-founder of discount brokerage Zerodha.
Fintech Cred’s Kunal Shah, filmmaker Karan Johar, Apoorva Mehta of Dharma Productions, Sujit Kumar of Udaan, Aprameya Radhakrishna of microblogging site Koo and venture capital fund Upsparks were among other investors who participated in the round.
According to a statement, the newly raised funds will be deployed to develop a proprietary platform, increase hiring and for expansion across multiple geographies.
Mr Kamath acknowledged that content creators’ eyes were captured, but there was a gap created by monetization tools, which left creators wanting the help and infrastructure to make a sustainable living out of their content or creativity.
“With Cofluence expanding its product suite to include creation and monetization tools, creators on the platform will have different avenues of monetization,” said Mr Kamath, who draws a salary of Rs 100 crore.
The company’s founding investor Sriram Reddy Vanga said the impact marketing spend is expected to increase to Rs 25 billion by 2025.
“…the emerging manufacturer economy will enable us to build a self-service and assisted SaaS (Software-as-a-Service) platform to enhance our business model and become the Martec (marketing technology) destination for both brands . Producer,” said Sri Reddy.
Founded in 2019, Cofluence provides a data-driven, AI-led platform for the creators’ economy and serves over a million creators, through which it claims to reach 1.6 billion people.
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