Chingari, India’s leading short video sharing platform, is happy to announce it has completed its funding round, raising over $19 million in funding.
As per the announcement, Chingari’s funding round saw the participation of over 30 venture funds and individual investors who came together to support the platform’s vision of allowing users to share their talents with the world. Some of the major investors who participated in the funding round included AU21, Cultur3 Capital, Republic Crypto, Abi Subramanium, Galaxy Digital, Criterion VCAlameda Research, Solana Capital, Kyle Chase MV Fund, Afton Capital, Kraken Ventures, Blackpine, NGC, Coinfund, LD Capital, 11-11 Ventures, Long Term Ventures, Valor Equity Partners, CSP DAO and many others.
Commenting on the funding, Sumit Ghosh, the CEO of Chingari, explains:
“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 the incorporation of the most promising industry advances. 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.”
This new funding will reportedly help the platform continue the development of various features. Some expected developments include testing Chingari’s blockchain live, the upcoming $Gari token sale, and the Chingari beta integration.
Like many platforms, Chingari was created to fill the vacuum created when authorities in India banned TikTok in the region. Since its launch, Chingari has gained a lot of traction and serves over 78 million downloads and about 30 million active users monthly. The platform provides users with the opportunity to download and upload videos, interact with friends and new people, and share content. Users can also watch movies through the Chingari multiplex, browse through the feed and also conduct e-shopping. Chingari recently won the ‘The Most Popular Social Media App’ award at the latest Times Business Awards 2021.
In addition, Chingari users enjoy the customized video, massive song library, hyper-realistic AR filters, and can get content in more than 20 languages. Through its native token, $GARI, Chingari hopes to revolutionize how content creators monetize their talents while at the same time allowing them to grow and showcase their works.