Influencer marketing tech platform Kofluence has raised $4 million in pre-series A funding round, led by Zerodha’s co-founder Nikhil Kamath, according to an official statement.
Kofluence was one of the early pioneers to drive the shift towards influencer marketing and contribute to the creators economy in the Indian ecosystem.
“We are excited to announce that we have raised $4 Million in our pre-series A round from a group of leading investors to help us strengthen our position as pioneers & trailblazers in the Indian influencer marketing landscape,” Kofluence said in a statement.
Kofluence intends to use the funds to further develop its proprietary platform, accelerate hiring across multiple geographies and scale-up for expansion.
With this added boost, the company said it remains committed to keeping paving the way towards democratizing the creators economy.
Sreeram Reddy Vanga, founder investor of Kofluence, said influencer marketing spends are projected to skyrocket to a whopping $25 billion by 2025.
The round has also included other notable investors like Kunal Shah (Founder, CRED), Karan Johar (Filmmaker & TV Personality), Apoorva Mehta (CEO, Dharma Productions), Sujeet Kumar (Co-Founder, Udaan), Aprameya Radhakrishna (Co- Founder, Koo), Upsparks (Micro VC), and Kiran Gadela & Abhijeet Pai (Renowned investors)
“Content creators have long been relied on to capture eyeballs through free user-generated content. But the lack of monetization 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 monetization avenues to explore.” said Nikhil Kamath.
“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.
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