Mumbai: Qoruz, India's leading influencer marketing and intelligence platform, has announced the successful closure of its seed round. The funding round saw participation from exclusive investor network Dexter Angels and prominent angel investors like IIM Indore, Ideotic Media, and others from the media industry. The undisclosed investment amount will enable Qoruz to further scale influencer marketing opportunities for brands and agencies across its network.
Founded as a bootstrapped influencer marketing platform in 2016, Qoruz has rapidly grown into a leading industry player, with over four lakh creators in its database and an annual revenue of Rs 34 crores. Qoruz can also lay claim to being one of the few tech startups that have been profitable since inception, underscoring its sustainable and robust business model.
Qoruz currently offers two core solutions for brands and agencies: the ‘Qoruz Business Suite’ and the ‘Qoruz Creator Marketplace’. Qoruz Business Suite addresses CMOs' influencer marketing challenges, providing deep insights on influencer engagement, audience data and campaign effectiveness. It enhances the efficiency of influencer marketing efforts and can result in cost savings of up to 80 per cent. The Creator Marketplace serves as an open platform where brands can post their campaign briefs, allowing creators to connect directly with the brands based on their specific requirements.
Commenting on the development, Praanesh Bhuvaneshwar, Co-Founder and CEO, Qoruz, said, “Despite brands contributing to 80 percent of creators' revenue, the collaboration process between brands and creators has often been broken and disjointed. Our vision is to revolutionise this landscape by creating the largest creator network where creators including long tail can collaborate with brands to monetize their content and audience.”
"Influencer marketing was in its nascent stage when Qoruz began its journey. Brands were engaging with only a handful of top influencers without leveraging data-driven approaches. This funding represents a crucial milestone in our mission to transform the influencer marketing landscape in India, facilitating stronger brand-creator partnerships and empowering content creators to excel in the digital era," added Qoruz co-founder and CTO Prabakaran B.
“Creator economy is resulting in creation of new value and fuelling a lot of micro-entrepreneurs to start on their own. Brands today want to connect with these influencers and this channel is only going to grow stronger as brands search for better ways to engage with their customers. At Dexter Angels we are excited about new business models emerging in the creator economy. Qoruz’s platform and SaaS approach helps brands and content creators to engage transparently, and drive data-backed campaigns. We are excited to partner with Praanesh, Prabakaran and the entire Qoruz team as they look to revolutionize the creator economy space in India and globally”, said Dexter Angels on the investment.
The funding from this round will be utilised to reinforce its core business through investments in technology and market expansion, empowering brands to strategize influencer campaigns effectively. This will enable them to connect and engage with their desired target audiences while optimizing returns on ad spends. Qoruz will also focus on strengthening the connection between branded content and commerce through its marketplace and SaaS platforms, expanding its role beyond consideration and awareness to encompass end-of-the-funnel activities.
