Nikhil Kamath and True Beacon led a $4 million funding round for influencer marketing platform Kofluence
- ByStartupStory | February 9, 2022
On Tuesday, Kofluence, an influencer marketing network, said that it had secured $4 million (Rs 30 crore) in a fundraising round headed by Nikhil Kamath, the creator of Zerodha and True Beacon.
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 were among the other investors in the round.
The money will be used to further develop the Bengaluru-based company’s unique platform, speed recruiting across different countries, and scale-up for expansion, according to a statement.
With influencer marketing spending expected to reach $25 billion by 2025, Sreeram Reddy Vanga, cofounder of Kofluence, believes the booming creator economy will enable the company to ramp up its marketing strategy and establish a self-serve and assisted SAAS platform to become the go-to Martech getaway for both brands and creators.
Kofluence, a data-driven AI-led platform, was founded in 2019 with the goal of democratizing India’s Creators’ economy landscape. Through its creative ecosystem, the ad-tech platform has a cumulative reach of over 1.6 billion people.
With Kofluence’s expansion of its product portfolio to include creation and monetization capabilities, platform producers will have a variety of revenue options to choose from. Nikhil Kamath, the major investor, agrees.
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