Social media app Chingari bags $13m funding
JPIN Venture Catalysts Ltd (JPIN VCATS), an Indian co-investor network has partnered with a cohort of investment leaders as part of a $13m raise for Chingari – a global mobile entertainment firm.
The social media start-up serves as India’s homegrown short-form video app; progressing onwards from the raise, the company is set to scale as a steady disruptor to its Chinese equivalent – TikTok.
Supported by Bollywood royalty Salman Khan, the raise has garnered international support, with key backers JPIN VCATS and their network of UK family offices oversubscribing the round to $1.2m.
The investment will allow Chingari to accelerate its growth from 56 million users to over 100 million users. JPIN VCATS’ investment alongside other lead investor OnMobile, will integrate and distribute the mobile entertainment specialist’s gaming platform on the Chingari app, and collaborate on other product integrations. Chingari will use the funds to enhance its content portfolio, hire top talent and accelerate its growing user base to over 100 million subscribers.
Other investors who participated in this round include Republic Labs US, Astarc Ventures, White Star Capital, India Tv (Rajat Sharma), ProfitBoard Ventures, Raghunandan G of Zolve (Co-Founder,Taxi4sure) and some large family office funds from the UK from the JPIN VCATS network. Earlier last year Chingari had raised $1.4mil from a series of Angels, including Jasminder Gulati, FJ Labs( Fabrice Grinda), Angelist, Utsav Somani’s iSeed, Village Global, and Blume Founders Fund.
Nayan Gala, Co-founder JPIN VCATS, commented: “Chingari has rock solid-founders, an incredible advisory board and are looking to dominate the video content space with several features that competitors have been trying to build for a while. Whereas Chingari is in advanced stages to execute, China based apps are being banned in India, Chingari within 6 months gaining 56Mn users is an incredible story. Our phone has been ringing with potential investors who want to invest into this.”
Sumit Ghosh, CEO of Chingari, said: “We are on a very fast trajectory with a vision to change how e-commerce is done. We are delighted to have JPIN VCATS as partners who have been very passionate and supported and delivered better than expected, with a great composition of strategic investors who will most certainly help us grow even faster.”