One of India’s leading short video sharing mobile applications, Chingari, recently organized a live sale of its crypto token ‘GARI’ and raised $40 million for it within 24 hours.
The sale was initiated on Republic, a crowd-equity platform that offers investments in startups, real estate, gaming and crypto.
On November 04, Chingari released a public statement, notifying, “GARI has been designed to empower the creator community with content monetization opportunities. The token is built on Solana – one of the biggest & rapidly growing blockchains globally.”
As per the announcement, over 30 venture funds and individual investors took part in the recent funding round organized by the company.
The Bengaluru-based company was founded in November 2018. The users can not only download and upload their short video clips, but also, are allowed to shop merchandise through the app.
According to the co-founders of the company, in the near future, Chingari would become India’s fastest-growing ‘Social Token App.’
In 2020, after the Indian Government banned TikTok in the country, Chingari started getting recognition. The platform filled the vacuum created by TikTok. Since June 2020, the user base of Chingari has surged exponentially in India.