Ad-tech influencer marketing platform, Kofluence, has announced its $ 4 million
Pre-Series A funding round led by Nikhil Kamath, Co-Founder of Zerodha and True Beacon.
The round included investors like Kunal Shah, Founder, CRED; Karan Johar, Filmmaker; Apoorva Mehta, CEO, Dharma Productions; Sujeet Kumar, Co-Founder, Udaan; Aprameya Radhakrishna, Co-Founder, Koo; Upsparks, Technology VC Fund; and Kiran Gadela and Abhijeet Pai, investors.
The company intends to use the funds to further develop its proprietary platform, accelerate hiring across multiple geographies and scale up for expansion.
"With influencer marketing spends projected to skyrocket to a whopping $ 25 billion by 2025, we are confident that the booming creator economy will equip us to scale up our business model and build a self-serve and assisted SAAS platform to become the go-to Martech destination for both brands and creators. We pride on what we have built over the last couple of years and we intend on generating multiple product revenue streams out of our AI-led proprietary platform, as a part of our future growth," said Sreeram Reddy Vanga, Founder Investor, Kofluence.
Kofluence provides a data driven AI-led platform with a vision to democratise the creators’ economy landscape in India. "Constant alignment/ realignment with the market has helped us find the best product-market fit and therefore not only survive but thrive over the last several years. We have a lot of exciting developments in the pipeline to support the creator economy and with the current round, we are excited to fire on all cylinders in an aggressive manner," said Ritesh Ujjwal, CEO and Co-Founder, Kofluence.
“Content creators have long been relied on to capture eyeballs through free user generated content. But the lack of monetisation tools left a gap, with creators not having the necessary help or infrastructure to make a sustainable living out of their content or creativity. With Kofluence expanding its product suite to encompass creation and monetization tools, creators on the platform will have varied monetisation avenues to explore," said principal investor Kamath.