OnMobile leads $13 million investment round in Chingari
Bengaluru, 01 April, 2021: OnMobile Global Limited (“OnMobile”), the global leader in mobile entertainment, and Chingari, India’s homegrown short-form video app announced today that OnMobile has led a $13 Million round in Chingari.
This investment will allow Chingari to accelerate its growth from 56 Million users to over 100 million users. As part of the deal, OnMobile will integrate and distribute its direct-to-consumer gaming platform, ONMO, on the Chingari app and collaborate on other mobile product integrations to serve millions of users. Chingari will use the funds to enhance its content portfolio, hire top talent and accelerate its growing user base.
Other investors who participated in this round include Republic Labs US, Astarc Ventures, White Star Capital, India TV (Rajat Sharma), JPIN Venture Catalysts Ltd, ProfitBoard Ventures, Raghunandan G of Zolve (Co-Founder of TaxiForSure) and some large family office funds from the UK. Earlier last year Chingari had raised $1.4 Million from a series of Angels, including Jasminder Gulati, FJ Labs (Fabrice Grinda), Angelist, Utsav Somani’s iSeed, Village Global, and Blume Founders Fund.
Commenting on this investment, François-Charles Sirois, Executive Chairman of OnMobile, said, "We are very excited about this investment and partnership bringing millions of users to the new ONMO gaming service while providing immediate business value and increased user reach for both companies”
Krish Seshadri, CEO of OnMobile, said "The Chingari team has built a terrific product with great user retention and growth. ONMO gaming’s short format challenges and Chingari's short-form videos complement each other well"
“We couldn't have hoped for a better partner than OnMobile to help Chingari embody its vision and become a content super media app for Bharat, and help engage a billion Indians. With our visions aligned, this partnership promises to be a winning collaboration.", said Sumit Ghosh, Co-Founder & CEO of Chingari.
"We are thrilled to have Krish Seshadri join our board at Chingari. His vast business experience and working on mobile & social products will add great value to the team," said Aditya Kothari, Co-Founder & Chief Strategy Officer of Chingari.
Chingari that started as a short-form video app, has now positioned itself as a Content media super app for Bharat. Chingari not only offers short-form videos, but has carved its niche by also introducing Chingari Multiplex, and the first one in India to introduce Social Video Commerce. Now, With the strategic partnership of OnMobile Chingari would also be introducing gaming within the app.
OnMobile [NSE India: ONMOBILE] [BSE Ltd: 532944], is a global leader in mobile entertainment. Headquartered in Bangalore, India and with offices globally, OnMobile offers a wide array of products such as Videos, Tones, Games & Contests. OnMobile has an addressable base of more than 1.68 billion mobile users and over 100 million active subscribers across several geographies based on current deployments. For further information, please visit www.onmobile.com