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Indian TikTok Rival Chingari Raises $15M Round Led by Republic Capital: Report

Indian TikTok Rival Chingari Raises $15M Round Led by Republic Capital: Report

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Chingari, an Indian short-video platform akin to TikTok, has raised $15 million in a funding spherical led by Republic Capital, the personal enterprise arm of funding agency Republic, Economic Times reported on Monday.

  • Crypto change OKEx additionally made a strategic funding within the firm, Economic Times stated.
  • Chingari’s native token GARI will probably be listed on OKEx, the corporate stated in an announcement. The token can even be listed on FTX, Huobi, Kucon, Gate.IO, MEXC Global.
  • The funds will probably be used to reinforce the app’s expertise, introduce new options and develop the platform’s attain outdoors of non-metro cities in India, the report stated.
  • Chingari’s focus has turned in the direction of enabling customers to monetize their content material with using crypto tokens and NFTs. As a part of its earlier funding spherical in October, Chingari additionally plans to launch its GARI token on the Solana blockchain.
  • Following the banning of TikTok in India in June 2020, Chingari grew quickly and now boasts over 35 million lively customers. It goals to achieve 200 million by the tip of this 12 months on the again of growth into Indonesia and has plans to develop to different Asian international locations and the U.S.
  • “Content is accepted globally and we’re creating a “Creator based economy” so this can help us to onboard millions of new users even from Web 3 space,” CEO Sumit Ghosh advised CoinDesk. “We are growing aggressively 10m new users every month, so we should be able to reach our targets by end of 2022 easily.”

Read extra: Republic Launches $60M Crypto Seed Fund

UPDATE (Jan. 17, 15:57 UTC): Adds CEO remark in final bullet level.

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