Fanztar raises Rs 5 cr Seed fund led by India Quotient, founders of ShareChat

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Fanztar, a web3 platform for the creator economy, today announced that it has raised Rs 5 crore in seed funding led by India Quotient, an early stage venture capital firm that has invested in more than 100 startups.

The funding round also saw the participation of ShareChat founders – Ankush Sachdeva, Bhanu Pratap Singh and Farid Ahsan as well as Sarthak Misra (Softbank India), Manohar Charan (CFO, ShareChat) and Tarsame Mittal (TM Ventures).

Founding team

Fanztar was founded by graduates of IIT Delhi – Himanshu Garg (CEO) and Sahil Singla (CTO). The funding saw the presence of the founders of ShareChat – Ankush Sachdeva, Bhanu Pratap Singh and Farid Ahsan as well as Manohar Charan (CFO, ShareChat), Sarthak Misra (Chief Investment Officer, Softbank India) and Tarsame Mittal (TM Talent Management).

Funds to use?

Fanztar plans to use the funds for robust product development to meet changing market demands. Additionally, the Web3 platform will also expand their technology and business teams and empower breakthrough creators across the country.

Fanztar will also allocate the funds for product innovation and launching the industry’s flagship product in the market to drive the future of creator monetization.

Himanshu Garg, co-founder and CEO of Fanztar, said, “We are heading towards a future where Web3 will disrupt business models across all industries. For the first time, fans now have the opportunity to become part of a creator’s value creation journey, allowing them to become active players in the process rather than passive consumers of content. For creators, we are opening a new channel for monetization, engagement, and advocacy in the form of incentivized fans.”

Sahil Singla, Co-Founder and CTO of Fanztar, said, “Fanztar aims to create a platform at the intersection of these exciting technologies to enable creators and fans to monetize their time and attention,” added ,

Investor’s speech

“We are still very early in the evolution of the creator economy. Fanztar’s approach is unique and creates value for creators and their fans. With all the hype surrounding Web3 speculation, we are excited to finally see long-term applications of blockchain technology emerging. After watching the market closely, Himanshu and Sahil’s approach stood out,” said India Quotient Founding General Partner Madhukar Sinha.

Regarding the funding, Ankush Sachdeva (Co-Founder & CEO, ShareChat & Moj) said, “Excited to be supporting Fanztar and being part of their journey to help build more meaningful connections between influencers and their fans. The content creators of tomorrow will be brands in their own right and there is still a long way to go to unleash the full potential of the creator ecosystem. »

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Posted: Thursday May 12th 2022, 2:24 PM IST

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