Chingari closes $15 million funding in Series A extension round

The company will utilize the major part of the investment in enhancing the technology on the app, launching new features and augmenting the backend tech team

e4m by exchange4media Staff
Updated: Jan 17, 2022 2:55 PM  | 3 min read
Chingari

Tech4Billion Media-owned short-video app Chingari has closed $15 million in Series A extension round led by Republic Capital along with participation from OnMobile, JPIN Venture Catalysts, Hill Harbour, Angellist, Venture Collective, Makan Family, Cowa Ventures, MVC Friends, Protocol Labs, and other HNI family offices.

The company will use the proceeds from this new round of funding to enhance and integrate new in-app features, strengthen the backend technology team, as well as boost its marketing initiatives for 2022. The major part of the investment will be utilized to enhance the technology on the app, launch new features and augment the backend tech team by appointing the finest talent across AI & ML with an aim to further enrich Chingari’s user experience. Another important area of focus is to increase Marketing initiatives to strengthen the brand’s reach further into the roots of Bharat by making it a favourite among the Tier 3 & 4 audiences too.

With new technological advancements, the app is planning to soon launch its live-streaming, socio-commerce and audio chat features, which will help creators to boost their engagement rates with the viewers and also open the gates for top brands and companies to collaborate with the app and its creators, leading to the next big phase of creator economy.

Furthermore, Chingari’s $GARI token is all set to make the historical debut by getting listed on six global exchange platforms, FTX, Huobi, Kucoin, OKEX, Gate.IO, MEXC Global. Recently, Chingari has launched $GARI- India’s first-ever crypto-token in the presence of its brand ambassador Salman Khan. $Gari aims to make content monetization more mainstream in India.

Commenting on the announcement, Chingari Co-founder & CEO Sumit Ghosh said, “Chingari is leading the Indian market in the short-video platforms category. 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. With the exponential growth in users over the last 2 years, we believe that Chingari has the potential to become a household name in India, and we are concentrating our technology and marketing efforts into achieving this goal."

With over 110 million downloads of the app, Chingari has witnessed a two-fold increase in its number of users since April 2021. With 35M+ monthly active users (MAUs) currently, the app is now looking at various ways to increase user engagement on the platform from across India. The short-video app of India is looking at further growing its user base to 200M+ by end of 2022.

Given the surge in demand for regional content in India, Chingari also plans to increase the local content portfolio by deploying 20+ languages on the platform. The marketing initiatives of the app will focus on promoting the brand and attracting innovative and talented creators from the remotest corners of the country, that will generate engaging content for the viewers in their local languages.

The platform had recently launched Chingari Star contest that is open for all Chingari users, aims at identifying the upcoming talent and promoting them as the ‘Chingari Star’. Chingari creators & users stand a chance to win cash rewards up to Rs 2 crore, with the 1st Winner walking home with a whooping Cash Reward of Rs 1 crore.

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