Chingari registers 2.3 fold revenue growth in FY23, trims losses by 70%

New Delhi, Feb 6 (IANS) Homegrown short-video making platform Chingari has registered Rs 113 crore in revenue in the fiscal year ended March 2023, up 2.3 times from FY22.

Chingari also managed to reduce its losses by 70 per cent to Rs 42 crore in FY23 from Rs 139 crore in FY22, according to its financial statement filed with the Registrar of Companies (RoC).

The application development constituted 32 per cent of the overall expenditure which increased by 16.3 per cent to Rs 50 crore in FY23, reports Entrackr.

Chingari’s employee benefits cost surged 3.8 times to Rs 46 crore in FY23.

The short-video making platform Chingari last year laid off up to 50 per cent of its workforce. Chingari was reportedly left with around 50-60 employees.

The company had said in a statement that it was "one of the toughest decisions for our management and we understand the impact they have on our employees".

"We are recognising the contribution and dedication of the affected employees by offering a severance package equal to two months' salary to assist them during this transition," the company added.

The platform had crossed 100 million downloads on the Google Play store.

In October 2021, Chingari raised over $19 million for its token round across more than 30 venture funds and individual investors.

In August 2022, Chingari launched its crypto token called $GARI and was set to make a debut on six global exchange platforms – FTX, Huobi, Kucoin, OKEX, Gate.IO, and MEXC Global.