Social media influencers can be a great way to reach out to your target audience. Of late, businesses are on the lookout for nano influencers ( Social media users having less than 1000 followers) for promoting their products, as nano influencers have a high engagement rate with their followers, and also their charges are low.
TagMango, a Mumbai based startup was started in 2019, for connecting businesses to nano-influencers. However, in February 2020, TagMango pivoted from being a nano-influencer marketplace to a fan engagement model, thus allowing influencers and celebrities to give shoutout videos for their fans. Here is all about TagMango's startup journey so far.
TagMango - Company Highlights
| Startup Name | TagMango |
|---|---|
| Headquarter | Mumbai |
| Co-founders | Divyanshu Damani & Mohammad Hasan |
| Sector | AdTech |
| Founded | 2019 |
| Parent Organization | TagMango Pvt. Ltd. |
| Website | tagmango.com |
TagMango - Latest News
About TagMango and How it Works
TagMango - Founders and Team
How was TagMango Started
TagMango - Funding and Investors
TagMango - Business Model and Revenue Model
TagMango - User Acquisition
TagMango - Growth
Check out the list of Mumbai Based Startups | Entrepreneurs & Startups in Mumbai [Exhaustive List]
TagMango - Latest News
TagMango, a Y-Combinator backed celebrity connect platform, has taken a novel route to fight against COVID-19 by organizing a live-streaming event to entertain the masses during the social distancing period. The event aims to encourage donations pan-India with any amount starting from INR 100 to 25,000. The three-day star-studded event (from 10-12 April, 2020) will help raise funds by the startup, while extending its collective support to the PM Cares Fund initiative.
TagMango has roped in a list of stars, namely Nikita Sharma, Mohit Hiranandani, Shruti Sinha, Mehreen Pirzada, Gurfateh Pirzada, and Raghav Sachar, who performed at the event. The platform has over 1,500 active celebrities, comedians, artists.
About TagMango and How it Works
TagMango started operations in February 2019, as India's first App-based Nanoinfluencer marketplace that lets people with just 500+ followers on social media to partner with top brands, promote their products on social media and get rewarded either monetarily or with freebies. Any social media user with 500+ followers just had to sign up on the platform and apply on campaigns relevant to them.
Once selected for the campaign, the influencers simply has to post about the products on their social media accounts and get paid or rewarded for the same. It was in February 2020, when TagMango pivoted to become a 'video shoutout marketplace' as a celebrity shoutout platform is still an unexplored yet promising segment in India, looking at the craze that we have for celebrities and influencers in India.
With this pivot, TagMango will now let fans closely connect to their favorite celebrities and influencers available on their platform. Fans will not only be able to receive personalized video shoutout from their favorite influencer/celebrity but will soon also be able to do video call with them.
Regarding how the startup works, there are many influencers and celebrities from different fields who are listed on the platform. The rates specified by different influencers/celebrities are also specified on the platform. Users can simply select the influencer/celebrity he likes and makes the required payment to get their personalized shoutout done.
Users have to create the message he wants his favorite celebrity/influencer to convey in the shoutout, and after the influencer/celebrity accepts the message, the users receive the shoutout within the next seven days. TagMango will soon also launch a feature whereby users will be able to book a 5-minute live video session with one's favorite influencer.
Also Read: 10 Foundation tips on How to Become an Influencer
TagMango - Founders and Team
Divyanshu Damani & Mohammad Hasan co-founded TagMango in February 2019.
23 years old, Divyanshu Damani is a passionate entrepreneur, a social media influencer and a keynote speaker. Done his Bachelor’s Degree in Business Administration from St. Xavier’s College Kolkata, Divyanshu co-founded several other startups like -
- ‘Wakeupkid’, which is social entrepreneurship venture which through its projects, videos and posts seeks to utilize the power of the social media and the youth to make a difference in the world
- 'The Soch Network’, an online media distribution platform for distributing various thought-provoking content of national interest.
Besides, Divyanshu himself is also a social media influencer. A vivid speaker, Divyanshu also hosted the ‘Divyanshu Damani Talk Show’, an online talk show, and has spoken at various platforms like TEDx, JoshTalk and various IITs and IIMs.
Mohammad Hasan is a 24 years old entrepreneur. He is a graduate in computer science engineering, and is an experienced website and app developer. He also co-founded ‘Fleapo’, an information technology solutions provider company specializing in mobile apps development, customized web apps development and internet marketing services. Fleapo is currently operating in 3 countries.
The other members of the team are -
Priyanka Kamdar, a recent IIM C graduate and certified Chartered Accountant. She works closely with Mohammad Hasan and looks after the campaign execution and conceptualization. She also handles the Public Relations of the company.
Sayantan Chandra is a former employee of the Crime Investigation Department (CID) where he worked as a software developer. He worked on developing the website and the app of TagMango.
Ishmeet Singh Batra, is a 21-year-old B.Com(H) St. Xavier’s College, Kolkata graduate. Ishmeet looks after the Campaign formation and execution. He also looks after the execution of the offline marketing campaigns.
Eepsita Sinha is a 23-year-old Economics Honours graduate who also holds a certification in German A1 level course. She looks after the business development of the organization.
Chaitanya Kandoi is a 22-year-old lawyer by training. He is currently working as a business development executive of the organization.
The core belief of the team behind running TagMango is that everyone is a social media influencer. The only variable is the size of the circle one influences. The team is aimed at providing an opportunity for everyone to make something out of their recommendations and get rewarded.
How was TagMango Started
Influencer marketing is gaining popularity. Divyanshu has been a social media influencer for quite a few years and could foresee the immense scope and opportunities that the sector has, which inspired him to start TagMango, to connect nano influencers and businesses for a mutual benefit. Divyanshu and Hasan spoke to many entrepreneurs they know about the concept and received an amazing response from them.
For validating the business idea the co-founders did a thorough analysis of companies in the nano-influencer marketing space. Also pilot runs with brands both the co-founders have previously worked with validated the idea to the stage of launching.
TagMango's pivot from a nano-influencer marketplace, to a video shoutout marketplace, is largely aimed to explore the opportunities of this untapped market in India.
Also Read: Micro-Influencers Marketing | The most effective channel of Marketing
TagMango - Funding and Investors
TagMango has raised a total of $555K in funding over 3 rounds.Their latest funding was raised on Apr 10, 2020 from a Seed round.
| Date | Stage | Amount | Investors |
|---|---|---|---|
| January 2020 | Pre Seed Round | $150K | - |
| March 2020 | Seed Round | $300K | - |
| April 2020 | Seed Round | $105K | - |
The investors of TagMango are Y Combinator, Pioneer Fund, Alan Rutledge, Kevin Lin, and XRM Media.
TagMango - Business Model and Revenue Model
The company works on a commission business model. TagMango earns revenue by levying 25% commission on the amount paid by the users to the influencers/celebrities.
TagMango - User Acquisition
TagMango was launched by taking nano-influencer sign-ups on the company’s website while the mobile app was still in the development stage. The team got its first set of influencers by organizing nano-influencer meets to introduce and educate them about how they can benefit from TagMango. The company still periodically holds these meets to reach out to more and more people to join the platform as influencers.
TagMango - Growth
As a nano-influencer marketplace, TagMango worked with over 100 brands like Hershey's, Bounce, and Raw Pressery. It has tied up with over 80,000 influencers. As said by Divyanshu Damani, In February 2020, TagMango clocked over $150,000 in GMV and $37,000 in revenue. After its pivot, the startup has done over 310 shoutouts to date.
Link : https://startuptalky.com/tagmango-earn-money-through-social-media-story/
Author :- Rishabh Rathi
June 04, 2020 at 09:05AM
StartupTalky - Your Entrepreneurial Journey Starts Here!