- Chingari announced that its crypto token, GARI, raised $40 million.
- This happened only within 24 hours after its live sale on the Republic platform.
It is a good day for Chingari. According to reports, the short video application announced something interesting last Thursday.
In the announcement, Chingari stated that its first-ever crypto asset, GARI, raised a staggering $40 million just within 24 hours after its live sale which happened on the Republic platform. To clarify, Republic is a crowd-equity platform that offers investment for startups in the real estate, gaming, and crypto industry.
Commenting on the matter, Chingari stated,
GARI has been designed to empower the creator community with content monetisation opportunities. The token is built on Solana — one of the biggest & rapidly growing blockchains globally.
In detail, Chingari allows its users to upload short videos and shop for some merchandise in the app. Actually, these are just some of the things that they can do with Chingari.
Based in Bengaluru, Chingari rivals Instagram reels, MX Takatak, and Josh, and Moj. More so, the company takes pride in having 50 million monthly active users and around 85 million downloads to date. Furthermore, its co-founders are all confident that, soon, it will be India’s fastest-growing ‘Social Token App‘.
Apart from this, Chingari also completed $19 million in a previous funding round — from more than 30 venture funds and investors.
When India banned TikTok, the company worked hard to fill the void that it had created. It redesigned its application to satiate the needs of its users. With that, Chingari’s users increased significantly — as its team claims. Since then, it continues to not only entertain its users but also meet their expectations.