Short-video making app Chingari has raised $15 million in a Series A extension round led by Republic Capital. Onmobile, JPIN Venture Catalysts, Hill Harbour have also participated in the round along with angel investors.
This brings the total funds raised in the round to $28 million.
Previously, the startup had raised $19 million in a token round. Entrackr had exclusively reported about it in October, 2021.
According to the Bengaluru-based startup, the fresh capital will be used to enhance the technology on the app, launch new features and expand its team. The company will also use funds to increase marketing initiatives to strengthen the brand’s reach in non-metro cities.
Founded in November 2018, by Sumit Ghosh, Deepak Salvi, and Biswatma Nayak, Chingari provides social video commerce through its Chingari Multiplex offerings. It’s also planning to introduce gaming within the app through its strategic partnership with OnMobile.
With over 35 million monthly active users, Chingari also plans to add other revenue streams for creators through live streaming, social commerce and audio chat on the app.The app wants to grow its user base to 200 million by the end of 2022.
According to Chingari, its crypto token ‘$GARI’ is set to make a debut by getting listed on six global exchange platforms – FTX, Huobi, Kucoin, OKEX, Gate.IO, MEXC Global.
In the short video sharing space, MX TakaTak, Moj and Josh are market leaders followed by Trell, Roposo, Chingari and Mitron TV.