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Aptos Labs, the team that launched the Aptos blockchain, has made an equity investment in Chingari, an on-chain short video app.
The fresh capital will be used by Chingari for user growth, product development, ramping up engineering, and global expansion.
Chingari will launch its upgraded application on the Aptos Network by the second quarter of 2023. Aptos Network prioritises security, safety, and scalability and will prove to be advantageous for Chingari to scale to millions of additional users. Currently, it is built on the Solana blockchain with over 2.3 million active wallet users, said the company.
Sumit Ghosh, CEO & Co-Founder, Chingari, said, “Aptos Labs comes with immense experience and we will leverage their expertise in building and scaling social media platforms. The partnership with Aptos Labs will pave the way for a strong foundation and case study in the Indian web3 ecosystem prior to expanding toward newer markets in the near future.”
With its migration to Aptos, the short video app plans to further expand its user base. At present, the app is available for millions of users in India, UAE, Indonesia, Turkey, and the US. The firm plans to launch in more emerging and strategic markets in the near future. Chingari said it generated revenue of $6.4 million in FY22 and $700,000 in the first month of the year 2023.
Mo Shaikh, CEO and Co-Founder, Aptos, said, “In a world with countless platforms and disparate communities, it’s impossible for creators to own and manage their content and continue to grow and retain their followers. The team at Chingari has developed new ways for creators to interact with users, and we look forward to seeing their team continue to innovate.”
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