Tiktok exit has brought a lot of short video apps to India. Chingari is one of the popular Indian app launched after Tiktok was banned in India. In a recent funding round, Chingari raised $13 Million in the latest funding round led by OnMobile Global Ltd on Wednesday. OnMobile reported the funding investment in Chingari while doing the regulatory filling.
Benefits of Latest Funding Round for Chingari and OnMobile both
The latest funding round organized by Chingari saw participation from different investors including OnMobile. Republic Labs US, Astarc Ventures, White Star Capital, India TV (Rajat Sharma), JPIN Venture Catalysts Ltd, ProfitBoard Ventures, and some large family office funds from the UK were the other investors who showed interest in Chingari. OnMobile revealed these names in a regulatory filing.
As per the filing report, OnMobile will acquire a 10% Chingari share for the current investment.
In the last funding round in 2020, Chingari collected $1.4 million from angel investors like Jasminder Gulati, FJ Labs (Fabrice Grinda), Angelist, Utsav Somani’s iSeed, Village Global, and Blume Founders Fund.
With the current funding, Chingari is planning to grow further. It has a target to reach 100 million users from the current 56 million user base. It crossed the 50 million users mark in 6 months. Chingari will also hire top talent to enhance its content portfolio.
As per the recent deal between OnMobile and Chingari, OnMobile will advertise its gaming platform ONMO on the Chingari app. Both parties will also collaborate on new projects to woo the millions of users.
What OnMobile and Chingari Say about Fundingraise?
Talking about the latest investment in Chingari, the company Executive Chairman François-Charles Sirois said:
‘We are very excited about this investment and partnership bringing millions of users to the new ONMO gaming services while providing immediate business value and increased user reach for both companies.”
Krish Seshadri, CEO of OnMobile, said:
“ONMO gaming’s short format challenges and Chingari’s short-form videos complement each other well.”
The deal will also allow Seshadri to join the Chingari’s board.
Chingari co-founder and CEO Sumit Ghosh also had high praise for OnMobile. He looked quite satisfied with the new investor.
‘We couldn’t have hoped for a better partner than OnMobile to help Chingari embody its vision and become a content super media app for Bharat, and help engage a billion Indians. With our visions aligned, this partnership promises to be a winning collaboration.”
Tech4Billion Media is the parent company of the Chingari app. It helps users in sharing short videos in 14 local and international languages. That includes English, Hindi, Bengali, Gujarati, Marathi, Kannada, Odia, Punjabi, Malayalam, Tamil, and Telugu.
Chingari was founded in 2018. It did not get much popularity initially due to the Tiktok app presence in India. The company redesigned the app in June 2020 after the Tiktok exit. It became an instant hit.