Influencer marketing platform Kofluence announced on Tuesday that it has raised $4 million (about Rs 30 crore) in funding led by co-founder of discount brokerage firm Zerodha, Nikhil Kamath.
Kunal Shah of fintech Cred, filmmaker Karan Johar, Apoorva Mehta of Dharma Productions, Sujeet Kumar of Udaan, microblogging site Koo’s Aprameya Radhakrishna and venture capital fund Upsparks were among other investors who participated in the round .
The newly raised money will be deployed to develop a proprietary platform, accelerate hiring in multiple geographies and accommodate expansion, according to a release.
Kamath admitted that while content creators were capturing the eyeballs, there was a void created by monetization tools, which left creators wanting help and infrastructure to live sustainably from their content or creativity. “With Kofluence expanding its product suite to encompass creation and monetization tools, creators on the platform will have various monetization avenues to explore,” added Kamath, who earned a salary of Rs 100 crore.
Sreeram Reddy Vanga, the company’s founding investor, said influencer marketing spending is expected to soar to $25 billion by 2025.
“…the booming creator economy will allow us to expand our business model and build a self-service, assisted SAAS (software as a service) platform to become the Martech (marketing technology ) must-have for brands and creators,” said Reddy. Kofluence, founded in 2019, provides a data-driven, AI-driven platform for the creator economy and serves over 1 lakh creators across which it claims to reach 1.6 billion people.
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