Rigi Funding: Google Takes 1.43% at Rs 670 Cr Valuation
Rigi funding: Google International paid Rs 9.54 crore for a 1.43% stake, valuing the Bengaluru creator app at Rs 670 crore. Revenue fell in FY25.
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Quick Take
- The Rigi funding deal gave Google International 1,543 preference shares at Rs 61,796 each, a total of Rs 9.54 crore.
- The price values Bengaluru-based Rigi at about Rs 670 crore, or 34 times its FY25 revenue.
- Revenue fell to Rs 19.92 crore in FY25 from Rs 21.92 crore in FY24.
Google has bought a 1.43% stake in Bengaluru creator platform Rigi for Rs 9.54 crore, its first outside money since January 2023.
Rigi’s board approved the share allotment, a filing with the Registrar of Companies shows. The last round was Rs 100 crore led by Elevation Capital in January 2023. That leaves a gap of nearly three years and ten months without fresh money.
Revenue went the wrong way in that gap. The FY25 figure was Rs 19.92 crore, down 9.1% from Rs 21.92 crore the year before. The net loss of Rs 20.5 crore was larger than the full year’s revenue.
The Rigi Funding Price Values the Company at 34 Times Revenue
At Rs 61,796 a share, a 1.43% stake prices the whole of Rigi at about Rs 670 crore. Set against FY25 revenue of Rs 19.92 crore, that is roughly 34 times sales.
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Entrackr reported the deal first. Google International is the Alphabet unit that holds many of its stakes outside the United States. It is the first time Google has appeared on Rigi’s cap table.
Rigi’s registered name is Azalp Technologies Private Limited. Swapnil Saurav and Ananya Singhal, both BITS Pilani graduates, started the company in 2021. They had sold their fantasy sports app HalaPlay the year before.
The 1,543 shares are preference shares, which sit ahead of ordinary shares if the company is ever sold. Google paid Rs 61,796 for each one.
Rigi TV Now Carries the Growth Story
Rigi began as a tool for creators to charge their own followers. Creators ran paid groups on WhatsApp and Telegram, sold courses, webinars and one-to-one sessions, and paid a cut of every transaction.
The company has since moved into short video with Rigi TV, which runs original shows and micro-dramas. That app earns from ads and in-app buys rather than creator fees.
FY26 accounts are not yet filed, so there is no public figure for what Rigi TV earns. The FY25 numbers below are the last full-year picture of the business.
Rigi raised a $10 Mn Series A in April 2022, co-led by Accel India, Peak XV Partners and Stellaris Venture Partners. Elevation Capital led the Rs 100 crore round nine months later.
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| Year | Revenue | Net loss |
|---|---|---|
| FY24 | Rs 21.92 Cr | Rs 29.34 Cr |
| FY25 | Rs 19.92 Cr | Rs 20.5 Cr |
What this means for you
If you run a creator-tools or micro-drama app in India, this deal sets a public price for your sector, about 34 times revenue. Check your own multiple before your next round, because Rigi raised at that level with revenue falling.
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