Tech News, Blockchain, Cryptocurrency and the Internet
Chingari and Aptos partnership

Aptos Labs makes an equity investment in Chingari, world’s fastest on-chain Social App

The world’s fastest on-chain social app and the short video platform Chingari has got an equity investment from Aptos Labs, the company that launched the Aptos blockchain in October 2022. Chingari has seen significant growth in 2022, with the number of on-chain users going to about 2.2 million, and now, the social app is going to expand its community with Aptos Network being their preferred Layer 1 blockchain.

The upgraded Chingari app powered by Aptos Network will be launched in the second quarter of 2023. The 2.2 million count is for the GARI wallet holders, and the actual daily active users of the app are about 5 million.

“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,” said Mo Shaikh, co-founder and CEO of Aptos Labs. “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.”

The subscription revenue made by Chingari was about $700,000 in January 2023, while in 2022, the total revenue generated was $6.4M. According to the stats shared by Aptos Labs, the Aptos blockchain has ~2.9M user addresses and nearly 70k daily active users.

“We’re excited to leverage the advantages of Aptos network towards the future of Web3 social media,” said Sumit Ghosh, co-founder and CEO of Chingari. “The Aptos Labs team has done a tremendous job, and the impact of Chingari building on Aptos blockchain will pave the way for a strong foundation & case study in the Indian ecosystem prior to expanding towards newer markets in the near future. After intense months of technical due diligence and evaluation of the Aptos blockchain, we have chosen it as the rightful chain for the newer version of the Chingari App which will go live in early Q2 of 2023. A stronger reason for us to partner with Aptos Labs has been their immense experience in the social media ecosystem.”

When the new upgraded version of the Chingari app is available to users in the second quarter of 2023, users can download the new Chingari app powered by Aptos and start using it.

Share this article
Shareable URL
Prev Post

Tsunami Finance raises $1.3M in pre-seed funding led by BigBrainVC & Mirana

Next Post is an Aptos NFT data aggregator for pro NFT traders, with plethora of features

Leave a Reply

Your email address will not be published. Required fields are marked *

Read next
Subscribe to our newsletter
Get a weekly digest of the tech and blockchain updates, to keep yourselves updated of the happenings. Subscribe to the weekly newsletter.