Mumbai: SuperShare, the content material sharing platform, which had secured capital from traders, together with Accel and Lightspeed, is heading towards a shutdown, in accordance to two folks acquainted with its plans.
The agency has additionally determined to return the capital it raised to its traders simply 12 months after it efficiently raised the collection A funding. In July 2022, SuperShare raised $6.5 million from Lachy Groom, Accel India and Lightspeed, and Tanmay Bhat, MythPat and influencer administration businesses in India, the corporate had mentioned again then.
The improvement beneficial properties significance, with an increasing number of early-stage startups grappling with excessive burn charges, monetary depletion and a looming risk of closures. In 2020, SuperShare’s dad or mum had secured $1.6 million in a spherical led by Accel India and Lightspeed. “The traders are probably to take a 50-60% haircut on their investments. The remaining money in financial institution shall be returned,” mentioned one of many folks, in search of anonymity. The firm was unable to scale past the preliminary traction. “The PMF wasn’t properly outlined,” he added. Founded in 2019 by Sagar Modi and Advaith Vishvanath, SuperShare helps influencers and content material creators handle content material and amplify the attain. The app provides reward factors to customers for sharing the movies on social media platforms, which they might be redeem towards services and products from throughout platforms. Following the large adoption of social commerce in India, influencer advertising and marketing and amplifying platforms cashed in on the rising alternatives however couldn’t develop past a degree, mentioned trade insiders. Queries to the founders and spokespersons of Accel India, Lightspeed and Lachy Groom didn’t elicit any response. Last yr, whereas saying its Series A funding, Modi mentioned the corporate was constructing the most effective platform to share content material. “Sharing content material is a big a part of our lives on web, and with the ever-changing panorama on social media, and the rising prominence of chat and group apps, there is a chance to improve intimacy and effectivity in the way in which we share content material.” SuperShare competed with the likes of Moj, Josh and Roposo who additionally function within the video advertising and marketing and influencer advertising and marketing section. According to Statista, influencer advertising and marketing in India was valued at over ₹12 billion as of 2022. It was projected to develop at a compound annual development charge of 25% over 5 years to attain ₹28 billion by 2026. According to estimates, in 2022, round 55 million city Indians had been direct customers of the influencer group.
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Updated: 24 Jul 2023, 01:14 AM IST
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