Homegrown TikTok rival Chingari raises $15 million in new funding

Chingari, which claims to have 32 million energetic customers making it the most well-liked social media app in the nation, has introduced that it has raised $15 million in a Series A extension spherical. Seen as India's reply to the now banned TikTok, the brief video platform Chingari mentioned it will use the funds to launch new in-app options and likewise strengthen its back-end know-how and crew.

Chingari is planning to unveil live-streaming, socio-commerce and audio chat options on its platform shortly. The app can be hoping to reinforce its consumer engagement by strengthening native content material portfolio with greater than 20 languages on the platform.

Chingari to extend its user-base to 200 million by finish of 2023

Republic Capital led the most recent funding with participation from Onmobile, JPIN Venture Catalysts, Hill Harbour, Angellist, Venture Collective, Makan Family, Cowa Ventures, MVC Friends, Protocol Labs and different HNI household places of work."This new funding will further strengthen our position and help us deliver an immersive user experience for our community," Sumit Ghosh, Co-founder and CEO, Chingari was quoted as saying in an organization press assertion.Chingari claims over 110 million downloads, which quantities to a two-fold enhance in its consumer base since April 2021. The short-video making app hopes to take its consumer base to 200 million by the tip of this 12 months.Chingari permits customers to create brief movies and add them on the platform to share with hundreds of thousands of customers. Its in-built filters have been in style, and its worldwide rivals embrace TikTok, Snapchat, Facebook, and Instagram. The app helps greater than 20 Indian regional languages, in addition to English and Hindi. Chingari just lately launched a crypto token ‘$GARI' to make content material monetisation more mainstream in the nation. The cryptocurrency is constructed on the Solana blockchain, and is anticipated to allow content material creators to monetize their movies, permitting them to earn earnings from the Chingari app. They may also arrange their very own e-commerce areas.

The token will probably facilitate the sale of bodily merchandise and non-fungible tokens (NFTs) on Chingari and permit followers to fund their favourite artists. The Bengaluru-based startup mentioned it's the first social community in India to challenge crypto tokens.