In April last year, Spark raised $13 million in a pre-Series A round led by OnMobile Global.
Short-video platform Chingari on Monday said it has raised $15 million (approximately ₹111.4 crore) in funding led by Republic Capital.
OnMobile, JPIN Venture Catalyst, Hill Harbor, AngelList, Venture Collective, Maken Family, Kava Ventures, MVC Friends, Protocol Labs and other HNI family offices also participated in the expanded Series A round, a statement said.
The app will invest this new round of funding to enhance and integrate new in-app features, strengthen the backend technology team, as well as boost its marketing initiatives for 2022.
Spark raised $19 million in crypto tokens in October last year from venture funds and individuals including US-based cryptocurrency exchange Republic Crypto, Solana Capital and Kraken.
In April last year, Spark raised $13 million in a pre-Series A round led by OnMobile Global.
The bulk of the new investment will be used to enhance the technology on the app, launch new features and enhance the backend tech team by employing the best talent in Artificial Intelligence and Machine Learning with the aim of further enriching the user experience of Spark.
It added that another key area of focus is to scale up marketing initiatives to further strengthen the brand’s reach to India’s roots, making it a favorite among Tier III and IV audiences as well.
The app plans to launch its live-streaming, social-commerce and audio chat features soon, which will help creators increase their engagement rate with viewers and for top brands and companies to engage with the app and its creators. Will also open the door for cooperation. , leading to the next big phase of the producer economy, it said.
Spark’s $GARI (crypto token) is also set to debut by listing on six global exchange platforms – FTX, Huobi, Kucoin, OKEX, Gate.IO, MEXC Global.
“This new funding will further strengthen our position and help us provide an immersive user experience for our community. It is very encouraging that iconic new names in the market are supporting us, while our existing investors have also added their investments. and offered to help us reach new heights,” said Sumit Ghosh, Co-Founder and CEO, Spark.
He added that with the rapid growth in users over the past two years, the company believes it has the potential to become a household name in India, and has focused its technology and marketing efforts to achieve this goal. is focusing.
Currently with over 35 million monthly active users (MAUs), the company is looking to grow its user base to over 200 million by the end of 2022.
Keeping in view the growing demand for regional content in India, Chingari also plans to enhance the local content portfolio by deploying over 20 languages on the platform.
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