InvestorQ : Why has home grown short video outfit, Chingari, raised $13 million?
Mahima Roy made post

Why has home grown short video outfit, Chingari, raised $13 million?

Answer
image
3 weeks ago
Follow

When Tik Tok was banned in India in the midst of the Galwan stand-off and owing to security reasons, the one set of apps that benefited were the India-based homegrown short-form video apps. One such major beneficiaries has been Chingari. Last week, Chingari announced that it had raised $13 million in a funding round that was led by mobile entertainment company, On-Mobile.

However, there were also other investors who had participated in this venture. For example, Republic Labs of the US, Astarc Ventures, White Star Capital, JPIN Venture Catalysts and Profit-Board Ventures were among the other institutional participants. At an individual level, India TV’s Rajat Sharma and G Raghunandan of Taxiforsure also participated as did some significant family offices in the UK.

Chingari proposes to use these funds to accelerate its growth from the current level of 56 million users to over 100 million users at the earliest possible. As a part of the investment term sheet, On-Mobile which has invested in Chingari, will also integrate and distribute its direct-to-consumer ONMO gaming platform tagged along with the Chingari app. In addition, the two will also collaborate on other product integrations.

Chingari will also use some of the funds to enhance its content offerings as well as to get top of the line talent to enhance its business. This is not the first fund raising as Chingari had raised $1.4 million from angels last year. Chingari plans to evolve into a content super media app for the Indian audience with a very vast engagement. The ONMO gaming short format challenges and Chingari short-form videos are expected to be compelementary.

2 Views