Creator economy data infrastructure provider Phyllo has raised INR 120 Cr ($15.1 million) in its Series A funding round led by RTP Global along with Nexus Venture Partners, Better Capital and iSeed.
Angel investor Sima Gandhi, former head of business development and strategy at Plaid, Pat Shah of Audible, Ankur Nagpal of Teachable and Nakul Gupta of Coinbase also participated in the funding round.
Phyllo plans to use the fresh capital for R&D and product development, increase sales and marketing activities and expand the business.
With the latest round, Phyllo has raised a total of $17.75 million to date. In 2021, it raised $2.5 million in seed funding from Nexus Venture Partners and other investors.
Founded in May 2021 by Akhil Bhiwal, Achintya Gupta and Mohit Kumar, Phyllo operates as a data gateway platform for the creator economy. It helps creator economy businesses collect creator or influencer data such as name, follower count, and content type through a single application programming interface (API).
Phyllo is looking to expand its coverage (access to data from social media platforms) in the coming years. Currently, it has coverage of more than 20 platforms such as Youtube, Instagram, Tiktok and more.
Phyllo offers its services to fintech platforms Jelly and Unacademy’s Graphy in India. Its clients worldwide include Beacon, Karot and Kofluence, among others.
It claims to have more than 1,00,000 creator accounts linked on its platform. Phyllo is seeing 5X quarter-on-quarter growth and 75% month-on-month growth, the startup said, adding that it aims to grow 90X over the next two years.
Phyllo Bhiwal, Co-founder of Phyllo, said, “It’s a difficult task for creators to access data from different platforms. If a creator has to manage finances, they have to count the revenue generated on Youtube, Shopify, Substack and other platforms.
He added, “We realized that creators can’t automate all the information on one platform, so we thought about creating a framework similar to the account aggregator platform.”
Achintya Gupta, Co-founder of Phyllo, said, “There are more than 100 million creators worldwide whose professional identity, work, income and other related details are locked inside creator economy platforms. They need to share that information to get better service.”
Essentially, Phyllo helps creators share their data in a secure way where they have control over what data they share. It also facilitates businesses focused on the creator economy by offering them a single API to collect creator data instead of integrating with multiple platforms.
India’s digital economy, which is estimated to reach $800 billion by 2030, also plays a key role in supporting the creator economy.
Emphasizing the importance of the digital economy, Bhiwal said, “The country’s digital infrastructure is mature and thus has the potential to build an export-oriented creator economy. Within a few years, people will be creating digital assets in the form of NFTs and other associated assets and exporting extensively around the world.
To make this possible, Phyllo is building an API for brands focused on the creator economy. Businesses have to pay to access them for the number of APIs they use.”
Phyllo charges a brand when they sign up to subscribe to creator data. The brand pays a certain amount to get that creator’s data on all the platforms they subscribe to,” Gupta explained the startup’s business model.