Chingari Gets Funding From Tinder’s Chief Product Officer, Olx Co-Founder
Chingari has received funding from Tinder’s Chief Product Officer Brian Norgard and Olx founder Fabrice Grinda, a move that underscores investor interest in Indian short video platforms following the TikTok ban.
Just Monday, Mitron raised $5 million in fresh funding at $20 million valuation.
Norgard has invested in startups like SpaceX, Lyft and NotionHQ. Grinda has made over 200 investments in firms ranging from Alibaba Group Holding Ltd., Airbnb Inc., Beepi, FanDuel, Palantir, and Windeln.
"We are humbled that globally acclaimed entrepreneurs like Brian Norgard and Fabrice Grinda loved the vision of the Chingari team and invested into what we are building,” Sumit Ghosh, co-founder and chief executive officer at Chingari’s parent Tech4Billion Media Pvt. Ltd., said in a statement on Wednesday. "We are delighted to have them onboard the Chingari rocket ship and look forward to learning from them the art of building and scaling global product companies.”
Commenting on the investment, Grinda said, “We've been impressed with the way Chingari has grown organically and in a very capital-efficient manner so far. Chingari has been able to make its way into the hearts of the Indian people, and the team is shipping upgrades at speed like none we have seen so far.”
Indian short video platforms have seen their subscriber base soar after government banned TikTok and other Chinese apps following the India-China border standoff.
The avalanche of migration drew investors for local ventures. In less than two months, startups such as ShareChat, Chingari, Bolo Indya have raised more than $40 million, according to data by Venture Intelligence. Lightspeed Ventures, SAIF, Trustbridge Partners are among a dozen investors to bet on these platforms.