DingDong
How is this startup Rigi ? Heard they're doing 40-45Cr GMV/month and Profitable.
15mo ago
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Curated from across
Fraud GMV , We have been hearing Rigi is also in the category of financial fraud. Investors have not done PR for them. But 40-50cr is they rotating their own funding money in the system. Same is Probo and many more sequoia companies.
How can someone rotate money? Just the payment gateway charges would be enough to deplete the funding
Payment gateway is hardly any cost 0.2% UPI txn charges and via bank UPI it is free. So negative PNL also but more transactions you show more the valuation justification and more ease of fund raise. GMV is not the right metric. Also I have heard the majority of Rigi transactions are coming via porn or only fans kind of usages. Rest other categories are just for investor to show off and since the system can be manipulated easily so gmv distribution can be shown. Same thing MPL , mojorcare, jabong type companies has done in the past. Creator economy is new so investor identifying the lies and the fraud will take time. eCommerce is straight forward fraud understood by investors post jabong , snapdeal case studies
I dont think they are profitable for now. At max it can be break even.
This is just a prediction based on what I've been observing recently. Founder is publishing a lot of self ego boosting articles and aggressively hiring currently.
This has been going on for quite some time and they recently did some lay...
