Star-studded startup Socialswag gets IMEF on board for next stage of growth

Its promoters and founders include celebrities such as actors Akshay Kumar and Rana Daggubati as well as tennis ace Mahesh Bhupati among others. But online learning platform Socialswag, which helps consumers learn directly from influencers, celebrities and seasoned professionals, is now roping in new private equity investors for the next stage of funding.

India Media Entertainment Fund (IMEF), one of the first media and technology focused equity funds which was launched last year, is putting around Rs 22 crore into Socialswag, together with Unicorn Ventures, say sources in the know. The deal is expected to be announced soon.  For IMEF, which has raised Rs 500 crore, this will be its first investment from the fund. The fund is overseen and run by its founder and partner Parth Gandhi, former managing director of the $825 million fund AION, a leading asset management company.

The fund also includes C P Khandelwal, chairman of the Systematix Group, a diversified financial services company.

It also boasts a celebrity advisory board which includes advertising guru Prahlad Kakkar who is managing director of Red Chillies Entertainment and the cricket team KKR Sports and actress and entrepreneur Raadhika Sarathkumar who has starred in Malayalam, Hindi and Kannada films and runs Radaan Mediaworks.

Socialwag’s subjects range from investment, copywriting, and drumming to being a successful entrepreneur (this class is presented by Ola founder Bhavish Aggarwal) or how to become a Bollywood star (Akshay Kumar).

Its monetisation model is straightforward: consumers  have to pay for the live classes.

According to Crunchbase, the company raised its first seed fund of $1 million from the Credence Family Office last April.  

IMEF focuses on funding TV and film content, digital news and entertainment, live events, and music. According to sources, in the distribution space it is looking at OTT, print, broadcasting, cable, DTH and radio.

In services, the fund’s focus will be on companies with strong technology in areas such as post-production, visual effects, and digital as well as in sports and talent management.