Chingari app: OnMobile leads $13 million funding in short-video app Chingari – The Economic Times

Clipped from: https://economictimes.indiatimes.com/tech/funding/onmobile-leads-13-million-funding-in-short-video-app-chingari/articleshow/81816484.cmsSynopsis

OnMobile will integrate and distribute its direct-to-consumer gaming platform, ONMO, on the Chingari app.

Mobile entertainment solutions providerOnMobileNSE 4.99 % is leading a $13 million financing round in homegrown short video app Chingari in return for a 10% stake.

Following the investment, OnMobile will integrate and distribute its direct-to-consumer gaming platform, Onmo, on the Chingari app.

Liking this story?

Get one mail covering top tech news of the day in under 5 minutes!

Trusted by 2.5 lakh+ readersPlease wait…
The Bengaluru-based firm also plans to collaborate with the startup on other product integrations in future, the company said in a statement.

“The Chingari team has built a terrific product with great user retention and growth. Onmo gaming’s short format challenges and Chingari’s short-form videos complement each other well,” said OnMobile chief executive Krish Seshadri, who will join Chingari’s board.

Chingari plans to use the funds to improve its content portfolio, accelerate its user base and for recruitment. The company said it currently has 56 million users.

Other investors participating in the round include Republic Labs US, Astarc Ventures, White Star Capital, India TV (Rajat Sharma), Venture Catalysts’ UK arm, ProfitBoard Ventures, Zolve founder Raghunandan G and a few UK-based large family office funds.

Chingari had earlier raised $1.4 million from a clutch of investors including Angellist, Utsav Somani’s micro-fund iSeed, Village Global, Blume Founders Fund, fintech entrepreneur Fabrice Grinda’s venture fund FJ Labs and NowFloats co-founder Jasminder Gulati.

“(Sheshadri’s) vast business experience and working on mobile and social products will add great value to the team,” said Aditya Kothari, co-founder and chief strategy officer, Chingari.

After ByteDance-owned TikTok was banned last June, India’s short-video segment has seen more than a dozen new entrants including Chingari, Dailyhunt’s Josh, Instagram Reels, Times Internet’s MX TakaTak, YouTube Shorts, ShareChat’s Moj, InMobi’s Roposo, Mitron and Bolo Indya.

Times Internet is the digital arm of The Times of India Group that also publishes The Economic Times.

In recent months, Josh has attracted more than $200 million in financing from investors like Google, Microsoft, Qatar’s sovereign wealth fund Qatar Investment Authority, and Falcon Edge’s Alpha Wave Incubation. InMobi’s Glance – which owns Roposo – has raised $145 million from investors like Google and Mithril Capital.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s