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Andreessen Horowitz (a16z) continues to expand its investments in the Indian startup ecosystem. The firm has participated in the seed funding round of Plutus, an emerging creator-focused social platform, the company announced on March 16, The Economic Times reports.
Rising Indian Creator-Focused Platform Secures Silicon Valley Investment
While the amount raised remains undisclosed, it is a16z’s second investment in an Indian company, following its bet on a cryptocurrency trading startup CoinSwitch Kuber in October 2021.
Founded in June 2021 by Karata Dasmahapatra, Shivanshu Tyagi, and Sambhav Jain, Plutus features live community games to facilitate unique interactions between content creators and their fans. The platform offers live rooms, group chats, creator-led games, integrated payments, and analytics, operating on a pay-as-you-go model.
Before this seed round, Plutus raised $280,000 in a pre-seed funding led by Campus Fund, a student-focused venture capital firm, along with investors from CIIE IIM Ahmedabad, Shruti (co-founder of ApnaKlub), and Alagu Periyannan (founder of BlueJeans).
Campus Fund founder Richa Bajpai highlighted the platform’s potential. “Only 2% of the most famous creators make incredible living and there is 98% of the creators which do it as a side hobby because it is not able to generate the kind of money it would need to sustain one’s life,” she told the Economic Times regarding the investment.
“Plutus provides them with an infrastructure through which they can better engage with their fans and in the process of that also be able to gamify it so that it’s beneficial both for the creator as well as for the fans.”
As Plutus prepares for its upcoming Series A funding round, the company is in discussions with another major venture capital firm. Details of this round are expected to be disclosed soon, according to Bajpai.
With its innovative approach to the creator economy, Plutus has captured the attention of prominent investors like a16z, positioning itself as a rising platform in the rapidly evolving creator-focused social media landscape.
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Courtesy : https://www.netinfluencer.com/a16z/