Homegrown short video app Chingari has secured $13 million (about Rs 95 crore) in an early-stage found round from a clutch of investors led by NSE-listed mobile entertainment company OnMobile Global as it builds its portfolio post TikTok’s ban in India.
As part of the investment, OnMobile will partner with Chingari for integration and distribution of its direct-to-consumer ONMO gaming platform and other integrations, according to a statement.
OnMobile CEO Krish Seshadri will also join the board of the company.
Other investors in the round include Republic Labs US, Astarc Ventures, White Star Capital, Rajat Sharma of India TV, JPIN Venture Catalysts Ltd, ProfitBoard Ventures, founder of Zolve Raghunandan G and family office funds from the UK, said the statement.
The company, operated by Tech4Billion Media, will use the capital to grow its user base from 56 million to 100 million, enhance its content portfolio and onboard top talent. Chingari last raised $1.3 million in an angel round from AngelList India, Utsav Somani backed micro fund iSeed, Village global, LogX Ventures and cofounder of NowFloats, Jasminder Gulati in August 2020.
“We couldn't have hoped for a better partner than OnMobile and Krish to help Chingari embody its vision and become a content super media app for Bharat, and help engage the Billion Indians. With our visions aligned, this partnership promises to be a winning collaboration,” Sumit Ghosh, CEO of Chingari said in the statement.
Incubated in 2018 as part of Globussoft Technologies, Chingari is helmed by Ghosh and Aditya Kothari who joined the platform in June 2020. According to Google Play Store, the app has over 10 million downloads and saw increased traction after ByteDance backed short video app TikTok was banned last year.
Chingari has added social video commerce as a monetisation channel apart from real-time biding for ads and revenue share model for brand endorsements and marketing content. It will add gaming with the current partnership.
“The Chingari team has built a terrific product with great user retention and growth. ONMO gaming’s short format challenges and Chingari's short-form videos complement each other well," Krish Seshadri, CEO of OnMobile, said in the statement.