Rigi, a Bengaluru-based creator platform founded by Ananya Singhal and Swapnil Saurav, is facing its toughest challenge yet. The startup, once a favourite for financial influencers, has been hit hard by SEBI’s strict action against unregistered investment advisors. Many finfluencers using Rigi’s platform were delisted, and the company’s core business took a major blow.
Layoffs and Losses After Regulatory Heat
After SEBI’s crackdown, Rigi shut down its main finfluencer platform and even pulled its finance advisory app, Gap Up, from app stores. The company had to let go of nearly 60% of its staff, including senior employees. Revenue growth slowed, and Rigi’s reputation suffered as controversies around misuse of its brand surfaced. With no fresh funding in over two years, the pressure is mounting.
Rigi’s Big Bet on Beauty and Lifestyle
With finance content off the table, Rigi is now focusing on beauty and lifestyle creators. The company recently launched Lit Vibes, a short video and content app targeting India’s booming beauty and personal care sector. This move is seen as Rigi’s last major attempt to revive its fortunes and stay relevant in a crowded market.
Will Beauty Content Be the Lifeline?
Rigi’s pivot to beauty and lifestyle is bold but comes with its own challenges. The space is already crowded, and Rigi needs to build trust and offer real value to both creators and users. While the company claims over 10 lakh content creators, most of its earlier success was in finance and trading. Success in beauty will depend on fresh content, strong community building, and strict compliance with regulations.
What Lies Ahead
- Rigi’s future depends on its ability to establish itself in the beauty creator ecosystem.
- The company must shed past controversies and focus on compliance to avoid further trouble.
- With no major funding recently, making this pivot work is critical for survival.
Rigi’s journey is a lesson for Indian startups: regulatory compliance is a must, and pivots should be backed by expertise, not just trends. Whether beauty content can truly rescue Rigi remains to be seen, but for now, the company is putting everything on the line for this new direction.