Short Video App Chingari Raises $15 Million In Funding
Chingari, a Bengaluru-based short-video app, has raised $15 million in a Series A extension round led by Republic Capital.
The funding round also saw participation from Onmobile, JPIN Venture Catalysts, Venture Collective, Makan Family, Hill Harbour, Angellist, Cowa Ventures, MVC Friends, Protocol Labs and other HNI family offices.
As per the startup, the raised funds will be used to enhance and integrate new in-app features and strengthen the backend technology team. Additionally, the startup will use the funds to boost its marketing initiatives for 2022.
Chingari | Bharat Ka Super Entertainment App
Founded by Sumit Ghosh, Biswatma Nayak, and Deepak Salvi in November 2018, Chingari is a Bengaluru-based short-video app that has now evolved to focus on creator monetisation by using crypto tokens and nonfungible tokens (NFTs). In 2020, the startup had emerged as the top winner in the ‘Social’ category of the ‘Aatmanirbhar Bharat App Innovation Challenge.’
Speaking about the development, Sumit Ghosh, Co-founder and CEO of Chingari, said,
“Chingari is leading the Indian market in the short-video platforms category. This new funding will further strengthen our position and help us deliver an immersive user experience for our community. It is very encouraging to have reputed new names backing us in the market, while our existing investors have also offered to increase their investments and help us reach newer heights.”
With aims to make content monetization more mainstream in India, Chingari has launched $GARI, a crypto-token in the presence of its brand ambassador Salman Khan. Additionally, the crypto-token is all set to make its debut by getting listed on six global exchange platforms, OKEX, FTX, Kucoin, Gate.IO, Huobi, and MEXC Global.
The short-video app wants to grow its user base to 200 million by the end of 2022. Presently, Chingari has over 110+ million app downloads and over 35 million monthly active users. Additionally, Chingari plans to add other revenue streams for creators through live streaming, social commerce and audio chat on the app.
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