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Chingari, an Indian platform for creating short videos, has reduced its staff by 20% as part of organisational restructuring. There were layoffs after one of the co-founders, Aditya Kothari, left the firm last month. The employer will provide a two-month salary severance compensation and three further months of health insurance coverage.
Chingari also stated that it would provide comprehensive support for the impacted employees, including career counselling and help finding employment. A representative from Chingari said that this was the management's toughest decisions, and that the firm's priority continues to be optimising processes, increasing efficiency, and matching resources to long-term growth plans. After the popular video app TikTok was outlawed in India, the 2018-founded startup established itself in the short video creation and sharing industry.
About Chingari
Data from the previous year showed that Chingari, one of the top sites for short videos in India, had more than 160 million users across more than 15 languages. IANS said the firm had attracted more than 40 million monthly active users (MAU) and 5 million daily active users (DAU). In addition, the only blockchain-based social entertainment platform in India is powered by Chingari's cryptocurrency token, GARI.
In October 2021, Chingari successfully raised over $19 million from more than 30 investors in a token round. These comprise both venture capitalists and private citizens. Several respected venture capital firms, including Republic Crypto, Galaxy Digital, and Alameda Research, as well as other companies, including Solana Capital, Kraken, and Borderless Capital. Overall, a wide range of investors that are dedicated to assisting Chingari's future growth participated in the round.
The crypto token of Chingari, India's only blockchain-based social entertainment network, is powered by GARI. Chingari raised over $19 million in October 2021 for its token round from more than 30 venture capital firms and private investors.