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Home industry startups chingari gets INR 10 Crore funding from LogX Ventures and many others

Chingari gets INR 10 Crore funding from LogX Ventures and many others


Chingari gets INR 10 Crore funding from LogX Ventures and many others

Following the ban over 59 Chinese apps, including TikTok, a large void has opened up in the Indian app market. One of the most prominent being, short video apps like TikTok. Indian youth had gone crazy over the short video format. And the sudden departure of TikTok from the Indian market created opportunities for other similar apps. While apps like MX TakaTak from MX player, Moj from Sharechat, and HiPi from Zee5 have been announced after the debacle, Chingari, the indigenous app was already present since 2018.

Founded by Sumit Ghosh, Biswatma Nayak, and Siddharth Gautam in collaboration with Globussoft, Chinagri already had a competitive edge in the market. It further allowed Chinagri to attract funding. Recently, Chingari has raised 10 Crores ($1Million) in a seed funding coming from LogX Ventures, AngelList’s Utsav Somani, NowFloats’ Jasminder Singh Gulati, AL Trust (Vistra ITCL), Village Global. Chingari was reportedly also in talks with venture capital firm Tiger Global for this round.

After the TikTok ban, Chingari was divided into two firms namely, Tech4Billion Pvt Ltd and Chingari Media Pvt Ltd. While tech4Billion will act as a parent company to Chinagri and will be raising funds, Chingari Media Pvt Ltd will be a fully owned subsidiary of the former and focus on the media management.

“Right after the ban announcement, the platform experienced 500K – 600K new downloads for the whole next day. The servers started cracking, the backend infra was going crazy, we had to shut a lot of APIs down,” said Sumit Ghosh, the cofounder of Chingari app, in a statement.

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