Web3 platform Fanztar has raised ₹5 Cr in Seed funding led by India Quotient. The round also saw participation from ShareChat Founders - Ankush Sachdeva, Bhanu Pratap Singh & Farid Ahsan Sarthak Misra (Softbank India), Manohar Charan (CFO, ShareChat) and Tarsame Mittal (TM Ventures).
In a statement, the company said that Fanztar plans to utilize the funds for robust product development to cater to the evolving market demands. Additionally, the Web3 platform will also expand their technology and business teams and empower breakthrough creators across the nation.
Commenting on the latest round of fundraisers, “We are heading towards a future where web3 will upend business models across industries. For the first time, fans now have an opportunity to become part of the value creation journey of a creator, enabling them to become active players in the process rather than be passive consumers of content. For creators, we are opening up a new channel of monetisation, engagement and advocacy in the form of incentivised fans.”
Fanztar will also allocate the funds towards product innovation and launching the industry-led product in the market to drive the future of creator monetisation.
“We're still very early in the evolution of the creator economy. Fanztar's approach is unique and value-accretive to both creators and their fans. With all the hype around web3 speculation ebbing, we're excited to finally see some long-term applications of blockchain tech emerge. After having watched the market closely, Himanshu and Sahil's approach stood out”, said Madhukar Sinha, Founding General Partner at India Quotient.