Chingari is having a good day. According to reports, the short video application made an interesting announcement last Thursday.
Chingari stated in the announcement that its first-ever crypto asset, GARI, raised a staggering $40 million just 24 hours after its live sale on the Republic platform. Republic is a crowd-equity platform that invests in startups in the real estate, gaming, and crypto industries.
Chingari commented on the situation, saying,
GARI was created to provide content monetisation opportunities to the creator community. The token is built on Solana, one of the world’s largest and fastest growing blockchains.
In detail, Chingari users can upload short videos and shop for merchandise through the app. These are just a few of the things they can do with Chingari.
Chingari competes with Instagram reels, MX Takatak, Josh, and Moj, all of whom are based in Bengaluru. Furthermore, the company is proud of its 50 million monthly active users and 85 million downloads to date. Furthermore, its co-founders are all optimistic that it will soon become India’s fastest-growing ‘Social Token App.’
In addition, Chingari received $19 million in a previous funding round from more than 30 venture funds and investors.
When TikTok was banned in India, the company worked hard to fill the void it had created. It redesigned its app to meet the needs of its users. According to the company’s team, this resulted in a significant increase in Chingari’s user base. Since then, it has continued to not only entertain but also meet its users’ expectations.