Mumbai-based celebrity engagement platform Tring has raised $5 million in pre-Series A funding led by Kalaari Capital, which invested $2 million and has the option to invest $2.5 million in a fresh tranche at a later date. Blume Founders Fund, Redbrook Pte (Singapore) and Sujeet Kumar (Udaan.com) also participated in the round.
Tring plans to use the new funds to improve the product and introduce additional forms of celebrity and fan engagement, further monetizing its customer base of more than 200,000 customers.
Tring was founded in December 2019 by Akshay Saini, Rahul Saini and Pranav Chabhadia to help bridge the gap between fans and celebrities. The company says more than a million people visit the website to interact with celebrities and hopes to soon see more than 100,000 paid transactions a month.
Akshay Saini, Co-founder and CEO of Tring, said, “India is a huge market for celebrity engagement services with users who demonstrate a high level of fandom. We are working to make Tring the one-stop marketplace for all digital personalized celebrity interactions in India and soon in Asia. We are pleased to have strong institutions, like Kalaari Capital join us on this journey. Kalaari Capital’s strong belief in the maker economy makes them ideal partners as we continue to grow rapidly across Asia over the next few quarters.”
Vamshi Reddy, Partner at Kalaari, said, “We are thrilled to support Akshay, Rahul and Pranav on their journey to disrupt the celebrity fan engagement space in India. The team has demonstrated strong execution skills and brings a deep understanding of the market opportunity. We are confident in their ability to build a premier fan engagement platform from India and are proud to welcome them to the Kalaari family.”
Tring competes with international platforms such as Cameo (US) and Memmo (Europe), which have seen rapid growth and attracted huge user interest.