Fanztar, a web3 platform for the creator economy, has announced that it has raised ₹5 crore in seed funding led by India Quotient, a seed-to-early-stage venture capital firm.
The funding also saw participation from ShareChat founders Ankush Sachdeva, Bhanu Pratap Singh and Farid Ahsan, along with Sarthak Misra (Softbank India), Manohar Charan (CFO, ShareChat) and Tarsame Mittal (TM Ventures).
Fanztar was founded by two IIT Delhi graduates, Himanshu Garg (CEO) and Sahil Singla (CTO).
Fanztar plans to utilize the funds towards product development to cater to the evolving market demands.
Additionally, the web3 platform will also expand its technology and business teams and empower breakthrough creators across the nation. Fanztar will also allocate the funds towards product innovation and launching the industry-led product in the market to drive the future of creator monetisation.
“We are heading towards a future where web3 will upend business models across industries. For the first time, fans now have an opportunity to become part of the value creation journey of a creator, enabling them to become active players in the process rather than be passive consumers of content. For creators, we are opening up a new channel of monetisation, engagement and advocacy in the form of incentivised fans,” said Himanshu Garg, co-founder and CEO, Fanztar.
Commenting on the funding, Madhukar Sinha, founding general partner at India Quotient, said, “We’re still very early in the evolution of the creator economy. Fanztar’s approach is unique and value-accretive to both creators and their fans. With all the hype around web3 speculation ebbing, we’re excited to finally see some long-term applications of blockchain tech emerge. After having watched the market closely, Himanshu and Sahil’s approach stood out.”
Source: Mint