Rigi’s New Lifeline, Reliance Reboots Esports Play & More

With Finfluencers Out, Can Rigi’s Beauty Bet Deliver?

Once riding high on India’s stock market boom, Rigi has shut down its core finfluencer business and pivoted to beauty and lifestyle content. The move comes in the wake of a SEBI crackdown on unregistered finfluencers, several of whom were operating on Rigi’s platform. 

The startup has now launched Lit Vibes, a beauty-focussed content app, in what appears to be its last roll of the dice to stay afloat.

The Back Story: The Bengaluru-based startup initially helped influencers monetise financial advice via paid Telegram channels, online courses, and content subscriptions. But as SEBI cracked down on unregistered advisors in 2023, Rigi was caught in the crossfire. The company delisted uncertified finfluencers on its platform, which directly impacted its revenue stream. Consequently, it had to let go of 60% of its staff across various departments. 

Gap Up Folds Its Cards: In response to SEBI’s mandate for influencer certification, Rigi launched Gap Up, an app featuring courses from qualified financial influencers. But the move came too late. As regulatory pressure intensified and the grey area around Rigi’s role as an enabler narrowed, the company quietly pulled it down in March this year.

Betting On Beauty: Backed by Accel, Elevation, and Peak XV, Rigi is now banking on the beauty & lifestyle content space. Its newly launched Lit Vibes offers paywalled video content starting at INR 49 and is onboarding creators from the beauty, travel, and personal care categories.

While it has gained early traction with 10K+ downloads in a month, the real challenge lies ahead in breaking through a crowded creator economy dominated by Instagram and YouTube and cracking a subscription model that’s inherently difficult in India.

With a limited cash runway and regulatory uncertainty still looming, this pivot to beauty and lifestyle may be Rigi’s final shot at staying relevant.

From The Editor’s Desk

Reliance Reboots Esports Play: Despite its early misfires, Reliance is making a fresh bet on gaming due to the growing momentum of India’s esports ecosystem and the increasing attention from global and domestic giants. But it will have to roll the dice carefully this time.

The Bear House’s INR 140 Cr Profitable Run: Focussed on wardrobe staples for India’s working men, the D2C brand has been EBITDA-positive from day one and claims to have clocked INR 140 Cr in revenue in FY25. But will the momentum continue as it enters the omnichannel arena?

BluSmart’s Puneet Jaggi Blames Brother: While seeking anticipatory bail amid fears that Delhi Police’s EOW might arrest him, Puneet Singh Jaggi told the Delhi HC that he was only a director in name and day-to-day operations of Gensol were handled by his brother Anmol.

Ather’s IPO Lacks Charge: The EV maker’s public issue closed with an oversubscription of 1.43X on the final day of bidding. The IPO received bids for 7.65 Cr shares as against 5.34 Cr shares on offer, with retail quota witnessing 1.78X oversubscription.

PayU Pockets INR 1K  Cr+ Via Rights Issue: As it gears up for its stock market debut, the digital payment solutions startup has raised INR 1,013 Cr from its parent Prosus via a rights issue. Prosus initially planned to take PayU public in India in 2024 at a valuation of up to $7 Bn.  

Zaakpay Gets PA Licence: The RBI has granted final authorisation to MobiKwik’s subsidiary to operate as a payment aggregator. This would enable Zaakpay to expand its payment aggregation business and create an alternate stream of revenue. 

Airtel-Blinkit Pause 10-Min SIM Deliveries: Two weeks after the two companies decided to deliver SIM cards to users in 10 minutes, the duo seem to have quietly pulled the plug on the partnership. The service was suspended after the telecom department questioned the move.

Freshworks Trims Q1 Loss: The Nasdaq-listed SaaS company reduced its losses by 94.4% to $1.3 Mn in Q1 2025 from $23.3 Mn in the year-ago quarter. Meanwhile, operating revenue jumped 19% YoY to $196.3 Mn during the quarter under review.

Inc42 Startup Spotlight

Can SHOEGR Find Its Footing In Sneaker Aftercare Market?

As India’s sneaker market gains serious traction, estimated to touch $5.93 Bn by FY32, a growing ecosystem of brands is emerging around it. Among them is Mohali-based SHOEGR, a D2C brand aiming to build a category-defining brand in the sneaker and shoe care market.

Polishing Off In Style: The D2C brand sells a range of cleaning, protection, and storage solutions, catering to urban consumers looking for easy, at-home maintenance of their footwear. With SKUs ranging from INR 549 to INR 2,999, the D2C brand is targeting both casual buyers and serious sneaker collectors.

Eye On The Prize: Apart from its website, SHOEGR currently sells its products via platforms like Amazon, Flipkart, Myntra and AJIO. On the back of this, the startup claims to be well-placed to cross INR 1 Cr in monthly sales in FY26. 

With the market mushrooming with both local and global players eyeing the sneaker care opportunity, can SHOEGR become a household name?