Known as the Indian TikTok clone, Chingari managed to rake in a large cash bag with funding led by Republic Capital.
Since Chingari’s launch in 2018, it hasn’t had much success in the video content market. However, the short-video platform will be moving into the crypto market and NFTs due to the secured funding round led by Republic Capital, amounting to $15M.
However, other contributors like Hill Harbour Onmobile, JPIN Venture Catalysts, angel investors, and OKEx (recently rebranded to OKX) chimed in, putting the total funding amount to $28M.
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According to the article by Indiatimes, the funding is set to be used for the improvement of the technical aspects of the mobile video application, speeding up its development, and increasing brand awareness. Likewise, OKEx will list Chingari’s crypto token $GARI which will be used for creator monetization.
Other global exchange platforms that will feature $GARI coins include FTX, Kucoin, MEXC Global, Gate.IO, and Huobi.
"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." - Sumit Ghosh, CEO of Chingari.
Chingari sets its sights for the end of 2022 and predicts to have 200M users by then with additional video content creation options via "live streaming, social commerce, and audio chat."
