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TagMango, a homegrown creator monetisation startup, raises seed round funding of Rs 5.5 crore
New Delhi, December 4, 2020
TagMango, a homegrown, creator monetization startup, today announced raising around Rs 5.5 crore ($ 750,000) in a seed round funding led by Y Combinator, Kevin Lin (Co-founder of Twitch), XRM Media, Pioneer Fund and angel investors from the United States and the United Arab Emirates (UAE).
Tapping into the creator-audience interaction space, the company, in a press release, said it aims to scale the Indian creators’ ecosystem by empowering homegrown creators with sophisticated monetization channels, tools, and features to build a sustainable business.
By turning Indian creators into entrepreneurs, TagMango aims to foster their ecosystem by offering an opportunity to build a brand-independent revenue stream, establish more meaningful interactions, and build a lasting community.
The company has already onboarded 3000+ organic creators in the soft launch with about 50 creators enjoying a million-plus following and 200 creators with 100k+ following across social media platforms. The amount raised will enable the brand to build tech capabilities and expand its creator base with a keen focus on India.
The Indian creators’ ecosystem is one of the fastest-growing in the world. However, the pandemic and ban of social networking platforms along with a growing number of creators has posed several challenges for these homegrown creators. Lack of monetization opportunities and brand collaborations add to their woes.
Also, the fact that there is no one-stop platform to showcase a creators’ credibility and talent, most brand collaborations are offered to the top-most influencers who have been featured across brands. Moreover, brands are now looking at influencers to be more effective from a brand building and advertising perspective rather than a performance-based return.
TagMango bridges this gap by offering a platform that empowers creators to become entrepreneurs by running an independent and sustainable digital business. It provides business tools for creators to set up paid communities by offering one time and subscription-based services.
Designed with feedback and inputs from over 100K+ creators, influencers, and artists, TagMango is a one-stop solution for all the creators' needs. Their tools include exclusive content (podcast, video, and more), one-on-one with creators, video chats, and community hangouts to give the creators’ audience a more meaningful engagement avenue.
Some of the creators they have on their platforms are Nikita Sharma, Digital Pratik, Shakti Arora, Abby Viral, and Paritosh Anand. The company enables creators who know how to build loyal audiences but lack knowledge about how to monetize this audience. TagMango gives them a ready platform to build and test out with monetizable services.
Divyanshu Damani and Mohammad Hasan, Founders, TagMango said, “We deeply understand the passion that drives our tribe but more often than not, it is not coupled with avenues to sustain a living. Today with access to the internet and smartphones penetrated across the nooks and corners of Bharat, anyone can dream to be a creator and curate a community.
“We at TagMango are on a mission to turn their dreams into an ambitious career empowering them with content monetization tools and a platform to foster lasting communities. 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 1 cities but also tier 2 and tier 3 cities.”
Kevin Lin, Co-Founder, Twitch TV, said, “We are drawn to the TagMango team’s passion for helping creators. They have 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. We’re thrilled to contribute to the brand’s future growth and expansion in the vast, underpenetrated segment and are excited to be a part of their journey, which has worldwide potential.”
TagMango works with creators, influencers, and artists, and creates multiple income streams by creating tiers (or Mangoes as they are called on the platform) to which the audience can subscribe. TagMango has also enabled interactions through personalized video calls, shootouts, and various other social modes. Creators can also put up their exclusive podcasts, video series, workshops, hold group video calls, and charge for specialized services.