NEW DELHI: Homegrown short-video making platform Chingari has registered Rs 113 crore in income within the fiscal 12 months ended March 2023, up 2.3 instances from FY22.
Chingari additionally managed to scale back its losses by 70 per cent to Rs 42 crore in FY23 from Rs 139 crore in FY22, in line with its monetary assertion filed with the Registrar of Firms (RoC).
The applying improvement constituted 32 per cent of the general expenditure which elevated by 16.3 per cent to Rs 50 crore in FY23, experiences Entrackr.
Chingari’s worker advantages price surged 3.8 instances to Rs 46 crore in FY23.
The short-video making platform Chingari final 12 months laid off as much as 50 per cent of its workforce. Chingari was reportedly left with round 50-60 staff.
The corporate had mentioned in an announcement that it was “one of many hardest choices for our administration and we perceive the impression they’ve on our staff”.
“We’re recognising the contribution and dedication of the affected staff by providing a severance bundle equal to 2 months’ wage to help them throughout this transition,” the corporate added.
The platform had crossed 100 million downloads on the Google Play retailer.
In October 2021, Chingari raised over $19 million for its token spherical throughout greater than 30 enterprise funds and particular person traders.
In August 2022, Chingari launched its crypto token referred to as $GARI and was set to make a debut on six world trade platforms – FTX, Huobi, Kucoin, OKEX, Gate.IO, and MEXC International.
