Aptos Labs, the team that launched the Aptos blockchain, has made an equity investment in Chingari, the world’s fastest-growing on-chain short video app. The fresh capital will be used by Chingari for user growth, product development, ramping up engineering and global expansion. The Aptos Labs team has experience in developing and scaling some of the biggest social media platforms in the past.
“Chingari will be launching 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 2.2 million active wallet users,” the company said in a statement.
It added that with its migration to Aptos, the short video app plans to further expand its user base. Currently, the app is available for millions of users in India, UAE, Indonesia, Turkey and the US. The firm plans to launch in more emerging & strategic markets in the near future. Chingari generated revenue of $6.4 million in FY22 and $700k in the first month of the year 2023.
Sumit Ghosh, CEO & co-founder of 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 & case study in the Indian web3 ecosystem prior to expanding towards newer markets in the near future. This is a significant partnership that Chingari will forge to onboard the first one billion on-chain users.”
Mo Shaikh, CEO & co-founder of 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. Chingari was looking for the speed, safety and scalability of the Aptos network to support their millions of users – and to onboard millions more in the future.”
Read all the Latest Business News here
Comments
0 comment