JPIN Venture Catalysts Ltd (JPIN VCATS), India’s specialist co-investor network has partnered with a cohort of investment leaders as part of a USD13 million raise for Chingari, a global innovator in mobile entertainment
The social media start-up serves as India’s homegrown short-form video app; progressing onwards from the raise, the company is set to scale as a steady disruptor to its Chinese equivalent, TikTok. Indicative to both the investor appetite for video content social media platforms, and the raise capacity of its backers, JPIN VCATS – and some large UK family offices from their network – have committed USD1 million towards the raise, oversubscribing on this round to the amount of USD1.2 million.
The investment will allow Chingari to accelerate its growth from 56 million users to over 100 million users. JPIN VCATS’ investment alongside other lead investor OnMobile, will integrate and distribute the mobile entertainment specialist’s gaming platform on the Chingari app, and collaborate on other product integrations. Chingari will use the funds to enhance its content portfolio, hire top talent and accelerate its growing user base to over 100 million subscribers.
Source: Private Equity Wire
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