● Chingari will migrate to the Aptos Network by the second quarter of 2023
● The Aptos Labs team comes with extensive experience in developing and scaling social media platforms
● The fresh funds will be used for user growth, product development, ramping up engineering and global expansion
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 extensive 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 prioritizes 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.
With its migration to Aptos, the short video app plans to further expand its user base. Presently, 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, 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, Aptos added, “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.”
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About Chingari: Chingari, powered by GARI is the world’s fastest-growing on-chain social app. Chingari’s eclectic
platform entertains 170M+ users across, and witnesses videos in 15+ languages. Chingari has more than 5 million Daily Active Users (DAU) and 40 million Monthly Active Users (MAU). The app has been downloaded more than 170
million times across the Play Store and is amongst the top 20 most downloaded apps worldwide on Google Play. Over 200 million videos are being watched on the app on a daily basis. About GARI Social Tokens: Gari token is the World’s biggest social token. Chingari’s native token, GARI enables short-form video creators to monetize their content on the Blockchain with the GARI token. Gari token has received great enthusiasm from the community with almost 2.2 million GARI holders in a record time of just a year from launch.
GARI token is amongst the top 2 Projects on the Solana blockchain in terms of the number of holders. About Aptos Network: Aptos is a next-generation Layer 1 blockchain. Aptos’ breakthrough technology and programming language, Move, are designed to evolve, improve performance and strengthen user safeguards. Aptos Labs, co-founded by Mo Shaikh and Avery Ching, is dedicated to creating better network tooling and seamless usability to bring the benefits of decentralization to the masses. Having now raised over $400M, Aptos Labs is backed
by top-flight investors including a16z, Jump Crypto, Binance Labs, Dragonfly, PayPal Ventures and Coinbase Ventures.
Visit https://aptoslabs.com/ for more information on the Aptos blockchain.
For more information, contact:
Ashish Shukla, Communications Lead, Chingari
Mobile no. +91 9718051099
Email: [email protected]
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