Chingari, a short video sharing application has raised $19 million in a crypto based funding round along with other individual investors. The platform plans on collaborating with Solana to launch its own crypto-token, $GARI
Chingari, an India based video sharing application recently raised $19 million. The crypto-based funding round used less fickle and volatile currencies including USDC and Tether. The said stable currency or coins are backed by US dollars. The video sharing application managed to raise funds in the form of stable crypto tokens from 30 venture funds and other individual investors. Till date, Chingari has managed to raise $33 million.
A number of investors participated in the funding round including, Galaxy Digital, Republic Crypto, 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.
Chingari, which has amassed over 78 million downloads till date, will use the capital raised to further amp up business and create an ecommerce space for the platform. Founded in 2018 by Sumit Ghosh, Deepak Salvi, Aditya Kothari and Biswatma Nayak, the short video sharing portal has its eyes set on creating its own token, $GARI using Solana. Solana is a decentralized computing platform which uses blockchain technology. Reportedly, the newly built token would scale up application growth and aid monetization.
Commenting on the collaboration with Chingari, Raj Gokal, Chief Operating Officer at Solana Labs said, “Collective ownership of social platforms like Chingari has the potential to upend the creator-platform relationship and unlock new monetisation models for creators. Solana blockchain’s high throughput, low transaction fees, and fast finality make it a great foundation for platforms targeting global adoption”.
Addressing the recent funding round and rise in crypto dependence, Sumit Ghosh, Co-Founder and Chief Executive of Chingari, talked about the anticipated growth of crypto currencies in India, benefiting $GARI. Ghosh believes the crypto tokens would enable Chingari to foster a successful ecommerce space. It will further aid creators to establish their own ecommerce platform with additional benefits including non-fungible tokens, physical merchandise and to use the capital/funds on desired artists.