Mugafi Nets $3 Mn To Deploy AI To Help Filmmakers Write Scripts

SUMMARY

Led by StartupXseed, the funding round also saw participation from Auxano, Proneur Network, Mars Shot Ventures, Beyond Venture Partners and We Founder Circle

Mugafi plans to deploy the funds to enhance its tech stack, acquire talent and expand to new markets

Mugafi’s flagship AI bot Ved assists writers in generating ideas, structuring plots, shaping characters, and writing dialogues

AI-powered content creation platform Mugafi has raised $3 Mn (about INR 25.5 Cr) in its seed funding round led by StartupXseed.

The round also saw participation from Auxano, Proneur Network, Razorpay founders’ venture capital fund Mars Shot Ventures, Beyond Venture Partners and We Founder Circle, the startup said in a statement.

The Delhi NCR-based startup plans to deploy the funds to enhance its tech stack, acquire talent and expand to new markets.

Founded in 2020 by Vipul Agrawal, Mugafi leverages AI to help filmmakers and writers create content online. Mugafi’s flagship product, AI tool Ved, works as a co-writer and facilitates authors in generating ideas, structuring plots, shaping characters, and writing dialogues.

In a conversation with Inc42 last month, Agrawal said that users utilise its AI bot to write stories, analyse scripts, and seek suggestions around characters and more. Later, these stories, polished by the platform’s AI, can be picked by audio show platforms and production houses if the writer gives publishing rights to Mugafi, Agrawal told Inc42.

Besides, the startup also creates its own IPs inspired by Indian history and epics. It allows users to chat with these IPs.

The startup claims to have helped more than 10,000 writers create original IPs through Ved and human mentorship. It has partnered with homegrown production studios like Excel Entertainment.

The platform operates on a subscription fee-based model.

The GenAI Era Of Content Creation

India’s GenAI market is booming as creators are leveraging AI to produce images, videos, scripts and what not. The recent AI-generated Ghibli Studio art trend is one such example, which shows the growing adoption of AI-powered content among masses.

Several homegrown startups are also trying to build such tools and getting a lot of traction from the investors.

Earlier this year, AI-based content platform FanTV raised $3 Mn to develop advanced AI tools and expand its global creator network. Last month, Observe.AI acquired text-to-speech AI startup Dubdub.ai, which operates an audio and video dubbing platform which helps content creators and production houses automate their dubbing requirements.

As per an Inc42 report, India is home to more than 200 GenAI startups, which have attracted a total funding of over $1.2 Bn to date. The homegrown GenAI market is projected to become a $17 Bn opportunity by 2030.