Aptos Labs makes equity investment in Chingari social media app
1 min read . Updated: 09 Feb 2023, 04:23 PM IST
PremiumAptos Labs has made equity investment in short-video making app, Chingari. The application will upgrade to Aptos network in the second quarter of 2023
After launching Aptos blockchain, Aptos Labs has infused money in a social media app, Chingari, said the company on Thursday. The equity investment will be used by the short-video making application for increasing its user base, product development, and focusing on global expansion.
Chingari will migrate to the Aptos Network by the second quarter of 2023. The network will help the company in adding millions of additional users. Currently, it is built on the Solana blockchain with over 2.3 million active wallet users.
The application is widely used in India and other countries like 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."
