Fanztar raises Rs 5 crore funding led by India Quotient and ShareChat
- ByStartupStory | May 13, 2022
Fanztar is a blockchain-based creative monetization platform which has recently raised Rs 5 crore in its funding round that was led by India Quotient and ShareChat founders. The round also saw the participation of angel investors including Ankush Sachdeva, Bhanu Pratap Singh and Farida Ahsan of ShareChat along with Sarthak Misra, the Softbank India’s investment director, Manohar Charan (ShareChat’s CFO) and Tarsame Mittal, the founder of TM Ventures.
Fantzar was founded by Himanshu Garg, the CEO and Sahil Singla, the CTO of the company and also the IIT Delhi graduates. The startup aims to utilize the funds in product development to cater for the evolving market demands. In addition to this, the Web3 platform also plans to extend its technology and business teams by empowering the breakthrough creator all over the country. It would also allocate the funds towards the product innovation and the launch of the industry-led product in the market to support the future of creator monetisation.
Himanshu Garg, the co-founder and CEO of Fanztar said that the company is looking forward to a future where Web3 will offer business models across the markets. For the very first time, the fans are getting a chance to become a part of the value creation period of a creator and also enabling them to be the active counterparts rather than just being passive consumers of the content. He further added that for creators, a special channel of monetization, engagement and advocacy in the form of incentivised fans.
Madhukar Sinha, the founding general partner at India Quotient said that they are glad to invest in a project which is very unique and would add value to creators as well as their fans although they are very ahead in the evolution of the creator economy. But with the hype of diminishing Web3 speculation, people will finally be able to some long-term use of blockchain tech, he concluded.
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