One of the largest short-videos sharing platforms in India – Chingari – has successfully raised $19 million from investors such as Kraken, Alameda Capital, Galaxy Digital, and more. The company aims to launch its own token, enter the NFT world, and tap into the Solana blockchain.
Chingari Raises $19M
The press release shared with CryptoPotato explained that aside from the aforementioned investors participating in the fund round, other prominent names included Republic Crypto, LD Capital, Solana Capital, Valor Equity Partners, and Blackpine.
The company intends to utilize the substantial amount towards the growth of its existing products and the development of new ones. Chingari saw a massive redesign last year following the TikTok ban in India. Consequently, it managed to garner a sizeable market share of users going after the short-video sharing trend.
The statement explained that Chingari managed to go from 100,000 users to 50,000,000 in just six months. According to data from SimilarWeb, the app has entered the top 10 most used applications in India, trailing to giants like Facebook and Instagram.
The GARI Token
The PR further reads that some portion of the newly acquired funds will go to entering the cryptocurrency space in a few different forms. The development of the GARI token, for instance, is among the first on the Roadmap, which has attracted a large number of investors from the digital asset space.
The upcoming coin, which will work on top of the rapidly-rising in usage and popularity Solana blockchain, aims to create a “mainstream use case for crypto in India.”
“The future of platforms 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.” – said Chingari CEO Sumit Ghosh.
The token will enable creators to set up their own e-commerce space that includes physical merchandise, their NFT developments, and the ability for fans to fund their favorite artists.