Short Video App Chingari “Gari Token” Bags Funding From Aptos Labs to Enter New Markets
The short video app, Chingari, has recently received funding from Aptos Labs to expand its reach into new markets. Chingari, which was launched in India in 2018, has gained widespread popularity in the country and is now looking to expand its reach to a global audience.
Indian Web-3 social-video app Chingari has partnered with the Aptos blockchain to provide infrastructural support for its Web3 product base, according to a Wednesday blog post from Chingari.
The partnership, which will take the Solana-native platform multi-chain, is scheduled to launch in the second quarter of this year. The version of the Chingari app that will launch in Aptos will boast a “more scalable experience with newer products,” according to the post. Legacy support for Solana-based Chingari users will remain, however.
The Rise of Chingari
Chingari has quickly become one of the most popular short video apps in India. It offers users a platform to create and share short videos, from funny memes to educational content. The app’s user-friendly interface and wide range of features have made it a favorite among Indian users.
The app has also received recognition for its efforts to promote regional content, with a focus on promoting content created by users from smaller cities and towns in India.
This has helped Chingari to connect with users from a wide range of backgrounds and has contributed to its success in the Indian market.
Chingari CEO and co-founder Sumit Ghosh said the partnership is a stepping stone for the app’s plans to expand to new markets in the near future.
“A stronger reason for us to partner with Aptos Labs is their immense social media ecosystem experience,” Ghosh told CoinDesk. “The impact of Chingari building on Aptos blockchain will pave the way for a strong foundation and case study in the Indian ecosystem prior to expanding towards newer markets in the near future.”
Chingari’s partnership with the Aptos blockchain also aims to facilitate transactions, increase transaction speeds and bolster the platform’s security.
“Aptos offers several key benefits, including increased scalability, security and speed, making it the perfect fit for Chingari’s needs,” Chingari said in a statement.
Aptos Labs Invests in Chingari
Aptos Labs, a venture capital firm based in Silicon Valley, has invested in Chingari with the aim of helping the app to enter new markets. The investment will allow Chingari to expand its reach and bring its unique features to a wider audience.
Aptos Labs has a history of investing in successful tech startups and has a track record of helping these companies to scale and reach new heights. The investment in Chingari is a testament to the company’s potential and its ability to provide value to users in new markets.
Expansion Plans for Chingari
With the new funding from Aptos Labs, Chingari is planning to expand its reach into new markets, starting with countries in South Asia, the Middle East, and Africa. The app will also be available in several new languages, making it accessible to a wider range of users.
In addition to expanding its reach, Chingari is also looking to introduce new features to enhance the user experience. The company is committed to providing a platform for creative expression and is constantly exploring new ways to engage and connect with its users.
This comes at a time when peers Moj and Josh’s parent companies are struggling and have recently laid off employees. Moj’s parent company, Mohalla Tech, laid off about 115 people after closing its fantasy gaming vertical, whereas Josh’s parent company, VerSe Innovation, laid off 150 people and announced company-wide pay cuts for employees earning more than Rs 10 lakh per year.
Deepak Salvi, co-founder and COO of Chingari, told, that the platform will be hiring for positions in technical, content, and creative teams. For global markets and launches, the Chingari app has been modified to the local language of those regions, and the company will hire local on-the-ground staff in those regions, Salvi said.
In the past 6 to 9 months, Chingari has launched its apps in local languages in the UAE, Indonesia, Turkey, and parts of the US. It is currently scaling teams there and intends to launch promotional campaigns for the application.
“Though next year will be a little lull, we believe in continuing building products, irrespective of whether the market is up or not. So, next year from January onwards, we are focusing on emerging markets plus we are planning to launch in Europe, Latin America and Africa. Africa is the biggest emerging market right now,” Salvi said.
Conclusion
Chingari’s success in the Indian market and its recent investment from Aptos Labs demonstrate the app’s potential to become a major player in the global short video app market. With plans to expand into new markets and introduce new features, Chingari is poised for continued growth and success in the years to come.
Disclaimer – The information provided in this article is solely the author’s opinion and not investment advice – it is provided for educational purposes only. By using this, you agree that the information does not constitute any investment or financial instructions. Do conduct your own research and reach out to financial advisors before making any investment decisions.
