OnMobile leads $13 million funding in Chingari

Mobile entertainment solution provider OnMobile is leading a $13 million financing in domestic short video app Chingari for a 10% stake.Following this investment, OnMobile will integrate and distribute its direct-to-consumer gaming platform, ONMO, on the Chingari app. The Bengaluru-based firm also plans to collaborate on other product integrations in the future, the company said in a statement. "The Chingari team has built a terrific product with great user retention and growth. ONMO gaming’s short format challenges and Chingari's short-form videos complement each other well" said OnMobile chief executive Krish Seshadri.Chingari plans to use the funds raised to strengthen its content portfolio, accelerate its user base and for hiring talent. The company claims to have 56 million users. Other investors participating in this round include Republic Labs US, Astarc Ventures, White Star Capital, India TV (Rajat Sharma), JPIN Venture Catalysts Ltd, ProfitBoard Venture, Zolve's Raghunandan G and a few UK-based large family office funds. Chingari had earlier raised $1.4 million from a clutch of investors including Angelist, Utsav Somani’s iSeed, Village Global, Blume Founders Fund, FJ Labs (Fabrice Grinda) and NowFloats co-founder Jasminder Gulati."We are thrilled to have Krish Seshadri join our board at Chingari. His vast business experience and working on mobile & social products will add great value to the team," said Aditya Kothari, Co-Founder & Chief Strategy Officer of Chingari.Since the suspension of Bytedance-owned TikTok last June, India's short-video segment has seen more than a dozen new entrants including Chingari, Dailyhunt's Josh, Instagram Reels, Times Internet's* MX TakaTak, YouTube Shorts, Sharechat's Moj, InMobi's Roposo, Mitron and Bolo Indya.In recent months, Dailyhunt's Josh has attracted more than $200 million financing from investors like Google, Microsoft, Qatar's sovereign wealth fund Qatar Investment Authority, and Falcon Edge's Alpha Wave Incubation while InMobi's Glance that owns Roposo has raised $145 million from investors like Google and Mithril Capital.*Disclosure: Times Internet owns ETtech

from Economic Times https://ift.tt/3dmiVAV