Cipholio Ventures Participates in Investing India’s TikTok Rival — Chingari, to Layout and Boost the Web3.0 Track
Recently, India’s leading short-video social application Chingari announced it has successfully raised $19 million.
Over one dozen leading crypto VC firms have participated in the token round. The list of investors includes Cipholio Ventures, Republic Crypto, Galaxy Digital, Alameda Research, Solana Capital, Kraken, Blackpine, NGC, Coinfund, LD Capital, Borderless Capital, AU21, Cultur3 Capital, Long Term Ventures, Afton Capital, and CSP DAO.
Chingari is a short-video entertaining platform in India, or known as India’s TikTok. It has more than 80 million users. After TikTok was banned in India in 2020, Chingari, Trelle and other applications have tried to fill the area. The Indian government has also awarded Chingari with the App Innovation Challenge.
The raised fund will be used to build infrastructure for Chingari’s GARI token built in the Solana ecosystem. Content creators can set up their e-commerce space that includes their NFT creations and physical merchandise. Users can watch and upload content, and receive GARI token which can also be used to unlock more customized content, or buy audio or video chat services with the content creators.
Cipholio Ventures, as a global leading investment firm in cryptocurrencies, tokens, and blockchain companies, is very optimistic about Web3.0 development, especially the bridging between Web2.0 and Web3.0. Participating in Chingari’s funding in this round is because, firstly, Cipholio Ventures is confident in the development opportunities of short video applications in India; and secondly, Cipholio Ventures is optimistic about the monetization opportunity for the short-video content creators.
With the traditional Web2.0 application, plus web3.0 payment infrastructure, Chingari is expected to directly empower its content-creating users upon opening up the blockchain wallet.
Meanwhile, based on Chingari’s solid user base, Chingari is also expected to serve as a Dapp ecological entrance, bringing more accurate traffic to Solana blockchain applications, and boosting the development and popularization of crypto.
About Cipholio Ventures:
Cipholio is a team of professional investors and analysts focusing on blockchain and crypto projects. Cipholio will serve as a bridge to connect people, technology, and capital in the decentralized world. We aim to seek opportunities in Web 3.0, DeFi, GameFi, Metaverse, and Layer 2 based on deep understandings of the industry and data-driven decisions.