Medilytix Research:

Short-video platform Chingari announced it had raised $15 million (Rs 111 crore) in a Series A extension round led by Republic Capital and joined by investors such as OnMobile, JPIN Venture Catalysts, Hill Harbour, Angellist, Venture Collective, and family offices.

The funding values the company at $85 million (Rs 631 crore).

Majority of the investment will go into technology, launching new features and hiring artificial intelligence experts for enhancing user experience.

The new features including live-streaming, social commerce and audio chat will help creators to boost their engagement rates and open up branding collaborations, Chingari said in a statement.

The company will also be investing in marketing initiatives to strengthen the brand’s reach in Tier-III and IV markets. It will focus on attracting talented creators to generate engaging content for viewers in their local languages, which the company is expanding to 20.

Sumit Ghosh, co-founder and CEO of Chingari, said, “This new funding will further strengthen our position and help us deliver an immersive user experience for our community. We are concentrating our technology and marketing efforts to achieve this goal.”

The company is looking at growing its user base to over 200 million by the end of 2022 and currently has 110 million downloads and 35 monthly active users.

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