Chingari secures $15 million funding to strengthen the technological space

Chingari, a video-sharing mobile application, has reportedly raised $15 million in a recent funding round headed by Republic Capital.

JPIN Venture Catalysts, Onmobile, and Hill Harbour also participated in the funding round along with the angel investors. The total funding raised by the firm in the latest round totals to $28 million.

OKEx, a Seychelles-based cryptocurrency exchange, also made a deliberate deal as a part of which it will be listing Chingari's native crypto token, $GARI on the exchange, which was launched last year.

Reportedly, the firm will use the latest funding to amplify the technology on the app, launch new features, and add more people to its team. The firm will also leverage these funds to embrace the brand's presence in non-metro cities.

As per a credible source, the web3 tools like NFTs and crypto tokens will become the key theme in the creator economy in 2022.

At present, the firm has over 35 million active users. Chingari also plans to add supplementary revenue streams for creators via live streaming, audio chat, and social commerce on the app. The app wants to strengthen its user base to 200 million by 2022.

Speculations have it that '$GARI' is also likely to be listed on around six global exchange platforms - Kucoin, Huobi, OKEX, Gate.IO, FTX, MEXC Global.

Sumit Ghosh, Chingari Co-founder and CEO, said that the new funding would help the firm strengthen its position and help them deliver the best user experience for its community.

Sumit mentioned that it is very inspiring to have well-known people and organizations backing the firm in the market. At the same time, the current investors have also suggested increasing the investment and helping the firm touch new levels.

For the uninitiated, Sumit Ghosh, Deepak Salvi, and Biswatma Nayak founded the firm in 2018, and the application was the replica of TikTok, which appeared in India but failed to gain the same popularity. The firm has now shifted its focus on creator monetization by leveraging crypto tokens and NFTs.

Source Credit - https://economictimes.indiatimes.com/tech/funding/short-video-platform-chingari-raises-15-million-funding-led-by-republic-capital/articleshow/88946666.cms