Other investors who participated in the round include Kunal Shah (founder, CRED), Karan Johar (Filmmaker & TV Personality), Apoorva Mehta (CEO, Dharma Productions), Sujeet Kumar (cofounder, Udaan), Aprameya Radhakrishna (cofounder, Koo), Upsparks (Technology VC Fund), and Kiran Gadela & Abhijeet Pai.
ETtechThe Bengaluru-based company said in a statement it will use the funds to further develop its proprietary platform, accelerate hiring across multiple geographies and scale up for expansion.
Sreeram Reddy Vanga, cofounder at Kofluence, said that with the influencer marketing spends projected to skyrocket to a whopping $25 billion by 2025, the company is confident that the booming creator economy will equip the firm to scale up its business model and build a self-serve and assisted SAAS platform to become the go-to Martech destination for both brands and creators.
“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.” says Ritesh Ujjwal, CEO and cofounder, Kofluence.
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Founded in 2019, Kofluence provides a data driven AI-led platform with a vision to democratise the Creators’ economy landscape in India. The ad-tech platform provides a collective reach of over 1.6 billion through its creator ecosystem.
“With Kofluence expanding its product suite to encompass creation and monetization tools, creators on the platform will have varied monetization avenues to explore.” says principal investor Nikhil Kamath.
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