Business Updater Funding updates News

AFTER BAN OF TIKTOK, CHINGARI APP RAISED FUND IN A SEED FUNDING ROUND

With the decision of the Government of India to ban 59 apps, the local apps and companies have paved the way to replace the Chinese apps places, Chingari is one of them. It is the alternate to very famous Chinese app- Tiktok which allowed users to create music videos and other content creation videos.

Tiktok was used by many youngsters of India and some even made a career out of it. With the ban of Tiktok, there was a strong need to find a replacement of Tiktok app. For this reason, Chingari app is being encouraged to be used instead of Tiktok.

Many other apps of India are trying their best to fill the replacement of Tiktok such as Mitron, Josh app and Chingari as well. These apps even observed maximum number of downloads after the ban of Tiktok in India.

This sudden growth, attracted investors to invest in it and expand the business of these apps. Following this, Chingari app raised 10 crore amount of fund from LogX Ventures, AngelList’s Utsav Somani, NowFloats’ Jasminder Singh Gulati, AL Trust (Vistra ITCL), Village Global in a seed funding round.

Chingari app was developed by Biswatma Nayak  https://www.linkedin.com/in/ibiswatma/ and Siddharth Gautam in 2008 with the vision of creating creative content creations. So far the app observed 3.5 million downloads and with the ban of Tiktok, it is increasing rapidly with each passing day.

As the demand of app is growing rapidly following the ban of TikTok and Like app, the Chingari app decided to build two separate entities with the funds received which will be – Tech4Billion Pvt Ltd and Chingari Media Pvt Ltd.

Tech4Billion will be solely for raising funds and managing expenditures wheres the other entity Chingari will be a subsidiary of Tech4Billion to expand and operate Chingari business in India.

 

About the author

Unnati Saxena

Add Comment

Click here to post a comment

Your email address will not be published. Required fields are marked *