Chingari, a popular short-video making app, has announced a significant milestone with the completion of a $15 million Series A extension round. This infusion of capital is earmarked for bolstering technological capabilities, introducing new features, and expanding the tech team.
Focus on Technological Advancement
The app is gearing up to roll out several exciting features, including live-streaming, socio-commerce, and audio chat functionalities. These additions are expected to enhance user engagement and offer a more immersive experience to Chingari’s growing user base.
Rapid Growth and Ambitious Targets
With an impressive track record boasting over 110 million downloads, Chingari has witnessed a remarkable two-fold increase in its user base since April 2021. The platform has set ambitious targets, aiming to surpass the 200 million user mark by the end of the year, propelled by continuous innovation and user-centric enhancements.
Strengthening User Engagement
Chingari boasts 35 million monthly active users (MAUs) and is keen on amplifying user engagement further. A key strategy involves enriching the platform’s local content portfolio, with support for over 20 languages, catering to diverse audiences across the nation.
Strategic Investors and Collaborators
The latest funding round was spearheaded by Republic Capital, with notable contributions from Onmobile, JPIN Venture Catalysts, Hill Harbour, Angellist, Venture Collective, Makan Family, Cowa Ventures, MVC Friends, Protocol Labs, and other HNI family offices. This strategic partnership underscores the collective commitment to fuel Chingari’s growth trajectory and solidify its position in the market.
Embracing Content Monetization with $GARI
In a bid to mainstream content monetization, Chingari recently introduced a crypto token called ‘$GARI’. This initiative aims to empower content creators by offering them new avenues for monetization, tapping into the burgeoning cryptocurrency landscape in the country.
Outlook for Chingari
Sumit Ghosh, Co-founder and CEO of Chingari, expressed confidence in the platform’s trajectory, emphasizing the importance of delivering an immersive user experience. The infusion of fresh capital is expected to fortify Chingari’s position in the competitive landscape and propel its growth journey towards new milestones.
As Chingari continues to evolve and innovate, users can anticipate a slew of exciting developments, further cementing its status as a leading player in the short-video app segment
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