Onmobile, JPIN Venture Catalysts, Hill Harbour, also participated in the round along with angel investors. This brings the total funds raised in the round to $28 million.
Crypto exchange OKEx also made a strategic investment in the startup as part of which it will list Chingari’s native crypto token $GARI on the exchange, which was launched last year.
The startup will use the fresh capital to enhance the technology on the app, launch new features and expand its team. The company will also use funds to increase marketing initiatives to strengthen the brand’s reach in non-metro cities.
Founded in November 2018, by Sumit Ghosh, Deepak Salvi, and Biswatma Nayak, the application was one of the many TikTok clones that emerged in India but failed to gain the same traction. The company has now evolved to focus on creator monetisation by using crypto tokens and nonfungible tokens (NFTs).
ET reported earlier this month that
web3 tools such as crypto tokens and NFTs will become a key theme in the creator economy in 2022.
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With over 35 million monthly active users, Chingari also plans to add other revenue streams for creators through live streaming, social commerce and audio chat on the app.The app wants to grow its user base to 200 million by end of 2022.
Chingari’s crypto token ‘$GARI’ is also set to make a debut by getting listed on six global exchange platforms – FTX, Huobi, Kucoin, OKEX, Gate.IO, MEXC Global.
“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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