Chingari has just confirmed that it has raised $19 million in a new round. This is the second round of funding for the Bengaluru-based startup, which picked up $13 million in Series A in April this year.
In response to the successful funding round, Sumit Ghosh, CEO of Chingari, replied: “The future of a platform lies in its creators. On one side, we have an immense talent pool that needs to be explored and rewarded with an ethical amount of monetization. On the other side, while Crypto experiences a rapid expansion in India, $GARI is poised to make it mainstream. We are infusing the two through robust strategies and incorporation of the most-promising industry advances.” He added, “The result of this infusion is Social Tokens as the future of community platforms for Creator Monetization. It is reaching new milestones as we speak.”
“Over two dozen investors are going to participate in a fresh $20 million at a valuation of $100-110 million,” said one of the sources on the condition of anonymity.
“Republic Capital, MVC Friends, Galaxy Digital, Solana Capital, Valor Equity Partners and Kraken are set to invest in this round,” the person added.
Chingari, one of India’s leading short-videos sharing platforms with over 78 Million downloads, successfully completed a funding round that raised over $19 Million for its token round across more than 30 venture funds and individual investors. Some of the biggest firms in crypto investment participated in the funding round, including Republic Crypto, Galaxy Digital, Alameda Research, Solana Capital, Valor Equity Partners, Kraken, Blackpine, NGC, Coinfund, LD Capital, Borderless Capital, AU21, Cultur3 Capital, Long Term Ventures, Afton Capital, CSP DAO, among others. Since its redesign in June 2020, many new apps such as Chingari, Roposo and Trell worked to fill the vacuum created by TikTok’s ban in India.
Exclusive Conversation With Sumit Ghosh, Co-founder & CEO, Chingari (Solana Based Infotainment Platform)
Ever since, the number of Chingari users have increased exponentially, surpassing milestones of 100k, 1M, 10M and then 50M – all in just six months. Spurring its growth is the creator-centric model, attracting top talent and generating intriguing content for its nearly 80 Million users. The platform won the ‘App Innovation Challenge’ by the Government of India, was mentioned by name in a speech given by the Prime Minister, and has the best metrics for India social media for Engagement Time, Video Watched, DAUs, and MAUs (daily and monthly active users).
Andrew Durgee, the Managing Partner at Republic Capital, stated: “At Republic, we believe social tokens are an essential piece of the crypto community and creator economy. Chingari shares this vision and has taken innovative steps to bring that vision to life. Their creators and users will now be able to monetize their own engagements and experiences more truly.”
With the funds raised, key features will continue development for the Chingari platform. Near-term roadmap milestones include testing of the blockchain live, Chingari Integration beta, and the upcoming $GARI token sale. The token is a critical piece of the platform, enabling creators to set up their own eCommerce space that includes physical merchandise, their NFT creations, and the ability for fans to fund their favourite artists. Token owners will also help guide the future of the platform. This round of funding is an essential and positive step towards realizing Chingari’s vision as a global leader in blockchain-based Social Infotainment.
Chingari won the ‘The Most Popular Social Media App’ award at the recently held ‘Times Business Awards 2021’. This prestigious honour has been a significant motivation to shape Chingari’s onward journey to continue surprising users with the finest in entertainment, technology & innovation. Chingari’s token, $GARI, powers India’s only blockchain-based Social Infotainment platform. Chingari aims to revolutionize Creator Monetization in the market while enabling creators to hone their skills with its launch.
MX TakaTak, Moj and Josh are market leaders in the short video sharing space, followed by Trell, Roposo, Chingari and Mitron TV. Like Chingari, Trell also forayed into the social commerce space. The Pulkit Agarwal-led company recently raised $45 million at a $120 million valuation.