Indian TikTok Competitor Chingari Raises $19 Million from Galaxy Digital, Alameda Compare, Kraken, and Others

The crypto craze appears to be predominant gaining traction in India as video-sharing app Chingari concludes a $19 million funding round.

Indian Video-Sharing App Chingari Raises $19 million

On October 8, India-primarily primarily based fully TikTok competitor and brief-videos application Chingari offered it efficiently raised $19 million from the main crypto VC companies to launch its social token on the excessive-performance, low-cost Solana blockchain.

Particularly, Chingari raised the funds from a form of reputed crypto VC companies corresponding to Alameda Compare, Kraken, Galaxy Digital, Solana Capital, and Republic Crypto.

Diversified well-known investors within the funding round are BlackPine, NGC Ventures, CoinFund, LD Capital, Without boundary lines Capital, AU21 Capital, Cultur3 Capital, Long Time period Ventures, Afton Capital, and CSP DAO.

For the uninitiated, Chingari became founded in 2018 that grew in recognition exponentially after India’s ban on the Chinese language video app TikTok in June 2020. Currently, Chingari boasts 30 million monthly users and more than 78 million downloads.

The Bengaluru-primarily primarily based fully video-sharing app became founded in 2018 by Sumit Ghosh, Deepak Salvi, Aditya Kothari, and Biswatma Nayak.

The funds raised via primarily the most up-to-date financing round include main stablecoins corresponding to USDC and USDT. Accordingly, the funds will likely be gentle toward product type and to launch a social token dubbed $GARI powered by the Solana blockchain.

In addition, Chingari will pronounce the funds toward launching and fostering diverse creator monetization avenues for the length of the app via Web3.0 tools.

The corporate stated:

“The token is an fundamental fragment of the platform, enabling creators to dwelling up their e-commerce reveal that includes physical merchandise, their NFT creations, and the ability for fans to fund their accepted artists.”

An analogous sentiments were echoed by Sumit Ghosh, CEO, Chingari. He stated:

“The long bustle of a platform lies in its creators. On one aspect, we beget an huge skills pool that desires to be explored and rewarded with an ethical amount of monetization. On the opposite aspect, whereas crypto experiences a speedily expansion in India, $GARI is poised to construct it mainstream.”