In a country echoing with countless tales, the voice of creators resonates the loudest. Each has a story – from the kitchens of Punjab to the gaming cafes in Bengal. This isn't just about technology; it's a journey into the heart of India.
By Sheetal Bahl & Ashita Gupta | 30 October 2023
India is buzzing with stories. From its bustling cities to its quaintest corners, tales of an evolving digital landscape are being woven, painting a vivid image of our transformative creator economy.
There's a 62-year-old retired railway employee from Punjab, who once found solace in her quiet post-retirement life. Today, she’s an influencer. With just a smartphone and her cherished family recipes, she has carved out a niche audience eager for her traditional dishes. Beyond her passion, this endeavour has provided her an income, dwarfing her pension, and offering her freedom she never imagined.
Then, there's the 30-year-old from Mumbai, heir to a family-run textile empire. While his heritage might spell out textiles, his heart sings a different tune — one of wellness and personal care. Through the world of social media, he has not only found his voice but also a community where he isn't judged for his passions.
But, perhaps the most inspiring is the 14-year-old gamer from a remote village in north Bengal. Once just a kid with a passion for gaming, he's now the primary earner for his family, bringing them to an entirely new economic standing.
These aren't just individual stories. They epitomise the rise of creators in India, underscoring the immense power of technology and connectivity in democratising opportunities. Such democratization is reshaping industries. The traditional norms of marketing are being redefined by creators who may have never set foot in a media school. Their genuine narratives, authentic to their experiences, are resonating with millions. The numbers speak for themselves. As of this year, platforms catering to creators boast nearly 300 million active users every month.
And where there's potential, there's investment. The VC world is taking note. By the end of the previous year, India's creator platforms had seen an investment close to $2.5 billion. Our belief in this arena led us to back Gurugram-based Cosmofeed last March with a $1.5 million seed round. We see platforms like these as the bridge between raw talent and the tools they need to maximize their potential.
This revolution isn't just about numbers. It's about the profound societal impact we're witnessing. The creator economy is empowering individuals to combat self-doubt, break through economic barriers, and redefine their destinies.
The Indian government, too, is evolving in its stance. Recent tax reforms, while debated, hint at a desire to organize and nurture this booming sector.
Merak Ventures isn’t just an observer. We're participants, deeply vested in the evolution of the creator economy. Our Creator Economy Investment Thesis is an embodiment of that belief.
To do this, we’ll be investing across three key domains within the creator economy - discovery platforms, monetisation platforms, and what we call creator ‘tools’. Discovery platforms, as you’d imagine, are where you’d go to discover your favourite creators, engage with them, and the whole nine yards. These platforms can be across video, audio and text formats, and will be fundamentally influential in supporting the entire industry.
Monetisation platforms, meanwhile, represent the newest form of e-commerce in the country. These platforms will experiment with new formats such as live commerce through niche creators, discover lost art forms, and shop directly from fringe communities that we may have never discovered otherwise.
Finally, we’ll also be investing in creator tools, which include apps and services that will help creators generate content, manage their interactions with their audiences, build a creator-audience bond, and support ancillary aspects of this entire market.
Moreover, in the spirit of collaboration, we’ve launched ‘Creators Jam - India’ on WhatsApp - a melting pot for creators, investors, and companies. It's not just about investments; it's about fostering a community of innovation.
India is on the cusp of a creator-led revolution. We at Merak are excited and ready.