Video-sharing app Chingari eyes $1bn valuation in Series B round

Video-sharing app Chingari eyes $1bn valuation in Series B round

by Sakina Raj

Tech4Billion Media, parent company of Chingari, is reportedly looking to raise $200 million in the next funding round to reach a $1 billion valuation to propel its video-sharing app into India’s growing list of startup unicorns, according to sources in the know.

Chingari will be raising the funds in its Series B round, with sources stating that the valuation will be aided by the listing of the app’s recently unveiled crypto token $GARI on various cryptocurrency exchange platforms last month.

The firm has already received several commitments totaling $100 million, as per sources. The short-video platform is currently in talks with various local and overseas VC companies along with crypto-focused funds to take part in the fundraising, with the round expected to be closed in around two months.

The platform was founded in 2018 and allows users to upload as well as download short videos, as well as other things including shopping for merchandise in the app. It hosts over 130 million users from all over India and is available in more than 15 regional languages.

By supporting real-time video commerce, users can shop via the platform as every video uploaded on the app gets parsed frame by frame and detects objects that are then matched with the live catalog of Amazon. The app also offers features like Chingari TV and Chingari Multiplex.

Last year, the startup closed a $12 million Series A round led by telecom firm OnMobile Global and raised an additional $15 million this year in an extension round led by private venture firm Republic Capital.

Chingari’s $GARI token is developed on the Solana blockchain network, a promising cryptocurrency. After its live sale on the Republic, a crowd-equity platform, the token has raised $40 million within the first 24 hours in November last year, after having secured $19 million the previous month from 30 investors and venture funds.

It is currently listed on several centralized exchanges, such as MEXC Global, CoinDCX, and HUObi, and is available on the app as well.

Source credit: https://www.livemint.com/companies/start-ups/chingari-in-talks-to-raise-funds-at-1-bn-valuation-11650223061466.html

Sakina Raj

Armed with a degree in English Literature, Sakina chose to explore the world of content writing and pursue it as a career. Sakina has been playing with words for over five years now and currently pens down articles for Marketprimes and various other online portals relating to diverse domains. Whe Read more...