Chingari's crypto token raises $40 million within 24 hours of its launch

Bengaluru, 6 November Indian short video app Chingari has said that its first-ever crypto token 'GARI' raised $40 million within 24 hours of its live sale on Republic platform.

Republic is a crowd-equity platform that offers investments in startups, real estate, gaming and crypto.

"GARI has been designed to empower the creator community with content monetisation opportunities. The token is built on Solana - one of the biggest & rapidly growing blockchains globally," the company said in a statement.

Chingari gained popularity after the Indian Government banned Tik Tok. It has recently raised over $19 million in crypto tokens from almost 30 different venture funds and individual investors. As of now, the short video app has been downloaded more than 78 million times.

Indian short video apps are witnessing rising adoption among users, leading to higher monetisation opportunities through advertisement revenues. Live commerce and virtual gifting are other spaces which are also picking up, providing more monetisation opportunities for these apps.

According to consulting firm RedSeer, the time spent on short video platforms, which was popularised by Tiktok, continues to increase in India accounting for about 9 per cent of the overall time spent on content consumption.

While live commerce is nascent in India with gross merchandise value at $100 million, it is expected to grow to $4 billion by 2025 and over $25 billion in 2030 led by short-form video platforms.