Chingari, a short-video app has secured $19 million in its newest funding spherical, with the objective of introducing cryptocurrency as a supply of monetization for creators and customers on its platform. The Sequence A funding spherical was backed by Republic Crypto, Alameda Analysis, Galaxy Digital, and Solana Capital.
Courtesy: Chingari
The corporate hopes to change into a world blockchain-based social infotainment platform on account of this funding. The newest infusion of capital will likely be leveraged to develop a brand new token, $GARI, in collaboration with the decentralized computing platform Solana, which relies on blockchain expertise. These tokens would facilitate the platform’s growth in creator monetization.
These tokens, based on Chingari, are a core part of the platform, as they are going to enable creators to arrange their very own e-commerce area, full with bodily merchandise, non-fungible tokens (NFT), in addition to the chance for followers to reward their favourite artists.
Social tokens are blockchain-based preliminary coin choices (ICOs) that interact content material creators with their customers with out the necessity for any middleman. When included into the creator’s current community-building initiatives, followers purchase or commerce within the tokens in trade for unique content material, merchandise, and way more. They contribute to significant worth creation.
Chingari, based by Aditya Kothari, Biswatma Nayak, Deepak Salvi, and Sumit Gosh, in 2018, is a social media platform the place customers could add movies, join with buddies, interact with new people, trade content material, discover, and extra. The platform rewards Chingari Cash to content material creators, which may later be exchanged for cash.
Chingari secured $13 million in April 2021, from cellular leisure firm OnMobile, alongside Bollywood celebrity Salman Khan. The app claims to be certainly one of India’s hottest short-video sharing platforms, with over 78 million downloads on each the Google Play Retailer and Apple’s App Retailer with 30 million month-to-month lively customers (MAUs).
Sumit Ghosh, Co-Founder & CEO of Chingari commented on the event saying, “The way forward for a platform lies in its creators. On one facet, we’ve got an immense expertise pool that must be explored and rewarded with an moral quantity of monetization. On the opposite facet, whereas Crypto experiences a speedy growth in India, $GARI is poised to make it mainstream. We’re infusing the 2, by way of strong methods and incorporation of the most-promising business advances.”
In the intervening time, the near-term technique is confined to reside blockchain testing, Chingari Integration beta, and the upcoming $GARI token providing. The corporate has but to announce whether or not it’s going to go reside till the Indian authorities outlines its views on cryptocurrency buying and selling.
Apps like MX TakaTak, Moj, and Josh are dominant gamers within the brief video sharing sector, with Trell, Roposo, Chingari, and Mitron TV following after. For reference Trell, like Chingari, ventured into the realm of social commerce. The startup, which is headed by Pulkit Agarwal, just lately secured $45 million in funding at a valuation of $120 million.
