- Indian Tiktok alternative app Chingari raised Rs10 crore funding from Logx Ventures.
- Chingari was launched in 2018 as a subsidiary of the IT consulting company Globussoft.
- Chingari was also in talks with the VC firm Tiger Global for this funding, although the deal wasn’t passed.
After the immediate ban on 59 Chinese apps including TikTok, many Indian content space companies started creating TikTok alternatives. Right after the ban, many TikTok alternatives including Mitron TV, Dailyhunt Josh App, and Chingari, etc. noticed a huge amount of downloads within a week.
Looking at this exponential growth, many venture capitalists starting funding these alternatives apps.
According to the report, the Indian short video app Chingari app has raised nearly Rs10 crore in seed funding from LogX Ventures, AngelList’s Utsav Somani, NowFloats’ Jasminder Singh Gulati, AL Trust (Vistra ITCL), Village Global.
Earlier this month, Chingari Media was in talks with the venture capital firm The Tiger Global for this seed funding. Although the deal wasn’t passed.
Chingari was started in 2008 as a subsidiary of Ghosh’s IT consultancy firm Globussoft. The app was created by two developers Biswatma Nayak and Siddharth Gautam of Globussoft. Following the exponential rise of the user base due to TikTok Ban, the platform decided to register two separate entities — Tech4Billion Pvt Ltd and Chingari Media Pvt Ltd.
According to the sources, Ghosh IT consultancy firm told that Tech4Billion will be raising funds, whereas, The Chingari Media will be a fully owned subsidiary of Tech4Billion to operate their media business in India
“Right after the ban announcement, the platform experienced 500K – 600K new downloads for the whole next day. The servers started cracking, the back-end infrastructure was going crazy, we had to shut a lot of APIs down,”said, Ghosh
Moreover, Ghosh said the company has not yet set the monetization model on its platform but looking to add it very soon. Currently, they are running a rewards program for viral video creators.