Today: Jun 23, 2024

Fintech startup seals the deal with Rs 75 lakh investment

1 min read

TLDR: WYLD, a fintech startup, has secured an investment of Rs 75 lakh from entrepreneur Anupam Mittal on the reality show Shark Tank India. The platform allows social media influencers to monetize their social currency and offers a payment card powered by VISA for users to earn cashback on purchases from partner brands. Mittal’s investment is expected to help WYLD expand its reach and enhance the platform.

WYLD, a social media monetization platform, has secured an investment of Rs 75 lakh from entrepreneur Anupam Mittal on the reality show Shark Tank India. The platform, founded by entrepreneurs Dishant Sanghvi, Rij Eappen, and Yash Sakhlecha, caters to social media influencers aged 18 to 30 and allows them to monetize their social currency. The platform offers a unique WYLD payment card powered by VISA, enabling users to earn cashback on purchases from partner brands by sharing their shopping experiences on Instagram.

All five ‘Sharks’ on Shark Tank India recognized the potential of WYLD’s unique business model in the social media and e-commerce space. Despite attracting interest from all five investors, WYLD opted for Anupam Mittal’s offer, securing a 1.5% equity stake at a valuation of Rs 50 crore. Mittal’s investment is a crucial boost for WYLD, as it is expected to play a pivotal role in expanding its reach and enhancing the platform.

Reflecting on the journey on Shark Tank, Rij Eappen, Co-founder & CMO of WYLD, expressed gratitude for the recognition from all five ‘Sharks’ and their support for the platform’s business model. Mittal’s investment is seen as a vote of confidence in WYLD’s potential for growth and success in the social media and e-commerce industry.

In a post-show interview, Anupam Mittal highlighted the importance of leveraging the power of personal networks and reach on social and digital media platforms for influencer marketing. Mittal believes that WYLD’s unique approach has the potential to revolutionize the influencer marketing landscape.

WYLD’s payment card, powered by VISA, is a key feature of the platform. Users can earn cashback ranging from 30% to 100% on purchases from partner brands simply by sharing their shopping experiences on Instagram. This incentivizes social media users to engage with and promote partner brands, creating a win-win situation for both the influencers and the brands.

The investment from Anupam Mittal is expected to help WYLD expand its reach and enhance the platform, empowering social media users across the country. With influencer marketing on the rise and the growing popularity of social media platforms, WYLD’s unique business model and payment card offer a promising opportunity for social media influencers to monetize their online presence and leverage their personal networks for financial gain.