Short video platform Chingari in talks to raise funds at $1 bn valuation

Tech4Billion Media is set to raise $200 million at a valuation of $1 billion, which will catapult the operator of video-sharing platform Chingari into India’s fast-growing league of so-called startup unicorns, said two people familiar with the matter.

Chingari will raise the fresh capital in its Series B round of funding, the people said, adding the robust valuation will be helped by the successful listing of its social token GARI on several cryptocurrency exchanges last month.

The company has already received commitments of at least $100 million, the people cited above said, requesting anonymity. Unicorns are startups that boast a valuation of at least $1 billion.

The platform, which claims to be one of India’s fastest-growing short-video apps, is in talks with several local and overseas venture capital firms and crypto-focused funds for the fundraising, the people cited above said. They expect the funding round to close in about two months. Live Mint