The short video streaming service is looking to raise $16 million from the crypto community in a historic IDO.
Chingari’s Attempt to Replace TikTok in India
SolRazr has announced that it will launch Chingari’s GARI token on Dec. 15 in an attempt to raise $16 million from the crypto community.
Chingari is a short video streaming service that focuses on the Indian subcontinent and is known for its educative and entertaining short-form videos. The platform is attempting to capture the void in this particular market that the government’s ban of TikTok has led to. The application currently has more than 33 monthly active users and more than 85 million app downloads to date.
“We are excited to launch the $GARI token on SolRazr. This will be the biggest IDO on any launchpad in the crypto sphere. $GARI will help creators on Chingari create their e-commerce ecosystem through physical merchandise, NFTs, and raising funds from their fans directly,” mentioned Sreekanth Kalapur, the co-founder of SolRazr.
“We made sure that the process to buy $GARI is smooth and frictionless. Users don’t have to apply for the whitelist to win the lottery. They can go straight to the IDO process,” chimed in Vijay Kalangi, the co-founder of SolRazr.
Here is a summary of the funding Chingari has received to date:
- Seed Round: $1.3 million from AngelList, LogX Ventures, iSeed, Village Global, amongst others, in Aug. 2020.
- Series A Funding Round: $13 million in a funding round led by mobile entertainment company OnMobile in Apr. 2021.
- Private Funding Round: $19 million in Oct. 2021.
“Collective ownership of social platforms like Chingari has the potential to upend the creator-platform relationship and unlock new monetisation models for creators. Solana blockchain’s high throughput, low transaction fees, and fast finality make it a great foundation for platforms targeting global adoption,” mentioned a representative of Solana about this latest development.
The IDO on SolRazr will accept the SPL standard USD Coin (USDC) token. There will be a total of 40 million tokens in the IDO sold at the price of $0.4.
What is SolRazr?
SolRazr is the first decentralized developer ecosystem built for the Solana blockchain. The protocol mainly offers a launchpad, an accelerator, tradable allocations, cross-chain pools, and developer tools. SOLR is the native utility token of SolRazr that allows holders to have access to special features and benefits in the ecosystem.
Find more about SolRazr here:
Source: Solana News https://www.solana.news/post/solrazr-to-launch-chingari-ido-on-dec-15