By Chingari, a popular short video app with over 78 million downloads, has successfully raised $19 million in crypto tokens from a consortium of 30 venture funds and individual investors. The funding marks a significant step for Chingari as it ventures into the world of blockchain and cryptocurrency.
Funding Details and Strategy
The $19 million investment was secured in the form of stablecoins, specifically USDC and Tether, which are renowned for their stability as they are backed by US dollars. Chingari plans to utilize this capital to launch its own crypto token called $GARI on the Solana blockchain network, known for its decentralized computing capabilities and blockchain technology.
Growth and Monetization
The introduction of $GARI tokens aims to enhance creator monetization within the Chingari platform. Sumit Ghosh, the co-founder and CEO of Chingari, emphasized the potential of $GARI in mainstreaming cryptocurrency experiences in India. The platform envisions leveraging these tokens to empower creators in setting up their ecommerce spaces, offering physical merchandise, non-fungible tokens (NFTs), and enabling fans to financially support their favorite artists.
Investor Participation and Endorsements
Notable investors in this funding round include Republic Crypto, Galaxy Digital, Alameda Research, Solana Capital, Valor Equity Partners, Kraken, Blackpine, NGC, Coinfund, LD Capital, Borderless Capital, AU21, Cultur3 Capital, Long Term Ventures, Afton Capital, and CSP DAO. Raj Gokal, the COO at Solana Labs, highlighted the potential of platforms like Chingari in revolutionizing creator-platform relationships and introducing new monetization models.
Chingari’s Journey and Expansion
Founded in November 2018 by Sumit Ghosh, Deepak Salvi, Aditya Kothari, and Biswatma Nayak, Chingari has now raised a total of $33 million in funding. Backed by prominent investors such as Republic Capital, Astarc Ventures, JPIN, OnMobile, and others, Chingari has diversified its offerings by launching a video commerce vertical earlier this year. This strategic move aimed to provide creators on the platform with enhanced monetization opportunities.
Chingari’s foray into cryptocurrency and blockchain technology reflects its commitment to innovation and empowering creators in the digital content landscape.
