- Chingari, raised over $19 Million in a funding round.
- The fund raised will help the firm continue developing key features for the platform.
India’s leading social platform, Chingari, raised over $19 Million in a funding round for its token across over 30 venture funds and individual investors.
The funding round saw an attendance of angel investors and some of the biggest companies in the crypto and blockchain industry. This includes Republic Crypto, Galaxy Digital, Alameda Research, Solana Capital, Valor Equity Partners, Kraken, and many others.
Chingari is one of India’s leading short-videos sharing platforms with over 78 Million downloads. The blockchain platform came to fill the space created by TikTok’s ban in India.
In a press release, Chingari states that the investors were excited about its roadmap, the app’s popularity in 2021, and its $GARI token developments. In addition, investors were especially enthusiastic about how Chingari is creating a mainstream use case for crypto in India.
According to Chingari, the fund raised will help the firm continue developing key features for the platform. Notably, improve the near-term roadmap milestones, including testing the blockchain live, Chingari Integration beta, and the upcoming $GARI token sale.
As the token is critical to the platform, the firm will enable creators to set up their own ecommerce space that includes physical merchandise, NFT creations, and for fans to fund their favorite artists.
This round of funding is an important and positive step towards realizing Chingari’s vision as a global leader in blockchain-based Social Infotainment.
According to the company, the tokens are powered by Solana’s high-performance blockchain, making it the first major web2 business to integrate web3 into its services.
Sumit Ghosh, CEO of Chingari also, expressed himself about the found round. Ghosh notes,
The future of a platform 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.
On top of that, he says that the result of this infusion is Social Tokens as the future of community platforms for Creator Monetization. “It is reaching new milestones as we speak,” adds Sumit Ghosh.