ⓘ Featured image: TagMango co-founder; Mohammad Hasan (L) and Divyanshu Damani
Mumbai, India-based creator monetization platform TagMango, on Friday, announced that the company has raised INR 5.5 crore (around $0.74 million) from Y Combinator; with participation from Kevin Lin, co-founder of Twitch; XRM Media, Pioneer Fund and some angel investors from US and the UAE.
The company is aiming to deploy the fresh funds towards augmenting its technology infrastructure and expanding its creator base.
Founded in early 2019 by Divyanshu Damani and Mohammad Hasan, TagMango aims to scale India’s creator ecosystem by allotting various monetization channels and tools to creators – ultimately helping them build sustainable businesses.
According to Crunchbase, the latest development is the third seed funding round for TagMango, having raised $105K in April, and $300K in March. The company claims that it has onboarded over 3,000 creators until now, with around 50 creators enjoying over a million follower base, and around 200 creators with over 100K follower base across social media channels.
TagMango focuses on fixing problems and empowering Indian creators, considering the crisis caused by the COVID-19 pandemic, where various social media platforms were also banned – closing doors of monetization and brand collaborations for independent creators in India. The company offers various gateways including podcasts, videos, and live chats with creators – boosting their audience base in an engaging way.
Speaking of the development and core-cognition of TagMango, Damani and Hasan, in a press statement said,
“We deeply understand the passion that drives our tribe but more often than not it’s 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 I cities but also tier II and tier III cities,”
The company also added that gearing upon insights, TagMango platform aims to target the next 500 million internet users in India, and to bridge between the creators and brands.
Kevin Lin, Co-founder of Twitch TV, stated,
“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 are thrilled to contribute to the brand’s future growth and expansion in the vast, underpenetrated segment and are absolutely excited to be a part of their journey, which has worldwide potential,”