Chingari raises $19 million through investors to launch its own crypto token

Chingari, the short video app which gained popularity after the Indian Government banned Tik Tok, has raised over $19 million in crypto tokens from almost 30 different venture funds and individual investors. As of now, Chingari has been downloaded more than 78 million times. The app announced that they have raised the capital funds as Stablecoins, which operate under USDC and Tether. Chingari said that Stablecoins are less volatile and are also backed by US dollars.

However, the company has very different plans. Chingari announced that they would use the raised funds to launch their own currency token called $GARI with the help of the computing platform Solana. The company said that these tokens would help the platform grow creator monetisation. Chingari said in a statement, “While crypto experiences a rapid expansion in India, $GARI is poised to make it mainstream. We are infusing the two, through robust strategies and incorporation of the most-promising industry advances.”

Chingari further said that these tokens will play a vital role in the platform as it will allow the creators to earn money through merchandising and setting up their own e-commerce space. This also gives the users the ability to fund their preferred artist. The app further said, “The token is a critical piece of the platform, enabling creators to set up their e-commerce space that includes physical merchandise, their NFT creations and the ability for fans to fund their favourite artists.” It added, “The future of a platform lies in its creators. On one side, we have an immense talent pool that needs to be explored and rewarded with an ethical amount of monetisation. On the other, while crypto experiences a rapid expansion in India, $GARI is poised to make it mainstream.”

Key investors of the app

According to Chingari, the investors are 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. Chingari was launched in November 2018 by Sumit Ghosh, Deepak Salvi, Aditya Kothari and Biswatma Nayak. As of today, the app has managed to raise funds of more than $33 million and recently changed its way of working to allow creators on the platform to generate their own funds.

Image: Shutterstock