Chingari, a short-video app, has raised $19 million to introduce crypto as a means of revenue for artists and subscribers. Among the investors in Series A were Republic Crypto, Alameda Research, Galaxy Digital, Solana Capital, and many others.
The firm says the funds were obtained in USDC and Tether, which are less volatile and backed by dollars. This investment will help the business become a worldwide blockchain-based social infotainment platform. The current capital injection will create a new currency, $GARI, in conjunction with the decentralized computing platform Solana.
These coins would let the network monetize more creators. The funds will be used to test the live blockchain, Chingari Integration beta, and the forthcoming $GARI token sale.
Sumit Ghosh, CEO of Chingari, said after the fresh funding round:
“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.”
For Chingari, the platform’s non-fungible tokens (NFT) and the opportunity for fans to support their favorite artists are essential elements. The app has seen a 4X increase in downloads in the last six months after losing early traction to heavyweights such MX TakaTak, Dailyhunt’s Josh, and ShareChat’s Moj.
In April 2021, Chingari raised $13 million from investors, including OnMobile, a mobile entertainment business. The software boasts 78 million downloads on Google Play and Apple App Stores, with 30 million monthly active users (MAUs).
Aside from live blockchain testing, the near-term plan is focused on the forthcoming $GARI token sale. The business hasn’t said whether it will go online until the Indian government allows crypto.
Moreover, Aditya Kothari, Biswatma Nayak, Deepak Salvi, and Sumit Gosh created Chingari in 2018. Users may post videos, connect with friends, meet new people, trade material, and more. Content producers get Chingari Coins, which can be traded for money.
- Customized videos for them
- Realistic AR filters
- Mega-Song Library
- More than 20 languages Content
Chingari has received the ‘Times Business Awards 2021’ for ‘Most Popular Social Media App.’ This outstanding award has inspired Chingari to surprise users with the best in entertainment, technology, and innovation.
Chingari is India’s first blockchain-based Social Infotainment platform, powered by token $GARI. Chingari hopes to transform the industry for creator monetization with its inception and the fresh round of funding while empowering its skills.