Short-video platform Chingari raised $15 million led by Republic Capital

Short video app Chingari raised $15 million led by Republic Capital, where Onmobile, JPIN Venture Catalysts, Hill Harbour, also participated along with angel investors. Crypto exchange OKEx also made a strategic investment in the startup as part of which it will list Chingari’s native crypto token $GARI

The startup will use the fresh capital to enhance the technology on the app, launch new features and expand its team. The company will also use funds to increase marketing initiatives to strengthen the brand’s reach in non-metro cities.

Founded in November 2018, by Sumit Ghosh, Deepak Salvi, and Biswatma Nayak, the application was one of the many TikTok clones that emerged in India but failed to gain the same traction. The company has now evolved to focus on creator monetisation by using crypto tokens and nonfungible tokens (NFTs).

With over 35 million monthly active users, Chingari also plans to add other revenue streams for creators through live streaming, social commerce and audio chat on the app.The app wants to grow its user base to 200 million by end of 2022.

“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,” Chingari cofounder and CEO Sumit Ghosh said.

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