Indian Tik-Tok competitor Chingari has launched its own social network and blockchain network. To launch its mainnet, the short-video sharing platform raised $19 million. On November 2, the token sale mentioned above will be held. By the end of November, the mainnet launch will take place and the application integration will be live.
Over thirty people participated in the funding round that was co-led jointly by blockchain investors Republic Crypto, Galaxy Digital and Galaxy Digital. These included venture funds as well as individual investors like Kraken, Solana Capital and Sam Bankman Fried’s Alameda Research.
Sumit Ghosh (Chingari CEO and co-founder) stated that the funding round was made through a GARI token raising. It took place in two rounds: one seed round and one private round. Chingari raised $1.3million in 2020, and $13million in April 2021.
Chingari also plans to sell a token for its Solana-based GARI Token with part of the proceeds.
Ghosh stated that Chingari is aiming to do to social media “what Axie did to gaming.” He also said that the blockchain platform Chingari will allow users to earn tokens to watch or create content.
Several companies, including Chingari, tried to fill the gap in India’s TikTok earlier this yea. In just six months, the app’s user base increased from 100,000 to 50,000,000 people according to Chingari.