Google takes 1.43% stake in Rigi for Rs 10 crore at Rs 670 crore valuation

Rs 10 crore deal values Rigi at Rs 670 crore

Rigi issued 1,543 preference shares to Google International at Rs 61,796 each, raising Rs 10 crore. The deal pegs the Mumbai-based startup’s valuation at Rs 670 crore, according to filings with the registrar of companies.

Google now owns 1.43% of Rigi—the tech giant’s first equity position in the creator startup. The cash infusion arrives as Rigi scales its short-form video app, Rigi TV, designed to compete with Instagram Reels and Moj.

From subscription tools to ad-supported video

Swapnil Saurav and Ananya Singhal started Rigi in 2021 to help influencers and celebrities turn followers into paying customers. The platform began with paid communities on WhatsApp and Telegram, where creators sold courses, webinars and one-on-one mentorship sessions.

Transaction fees were Rigi’s only revenue source, but margins stayed thin. Last year the founders shuttered the subscription product and launched Rigi TV, a short-form video app funded by ads and virtual gifts.

Funding history and financials

Elevation Capital led Rigi’s Rs 100 crore round in January 2023, still the startup’s largest check. Accel, Stellaris Venture Partners and Sequoia Capital joined that syndicate.

Eighteen months later, Google’s Rs 10 crore infusion suggests investors still see potential in Rigi’s shift to video. The startup’s FY25 filings show Rs 19.92 crore revenue and a Rs 20.5 crore net loss—narrowly missing break-even.

Why Google chose preference shares

Google’s preference shares carry no voting rights but sit ahead of common equity in any payout. The structure lets Google monitor Rigi’s video pivot without exposing itself to the same risk as founders and earlier backers.

At Rs 670 crore, Rigi’s valuation is now six times its January 2023 post-money mark. The premium reflects investor appetite for platforms that blend creator communities with scalable ad revenue.

What this means

Lazyfounder analysis — our interpretation, not reported fact.

Google’s move shows it is willing to test high-growth, unprofitable startups if the model pivots toward ad-supported video—even at a lofty Rs 670 crore price tag.

Key takeaways

• Rigi’s valuation climbed to Rs 670 crore after Google bought 1.43% for Rs 10 crore via preference shares.
• Google secured downside protection by taking preference shares instead of common equity.
• Rigi’s financials remain tight: Rs 19.92 crore revenue in FY25 was wiped out by a Rs 20.5 crore net loss.
• The startup is betting its short-form video platform, Rigi TV, can scale faster than its original creator-tools business.

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