Chingari, a short video app, gained immense popularity over a short span of time, owing to the Indian government’s ban on TikTok that opened doorways for indigenous apps to showcase their talent. Chingari witnesses a steep growth in users, and the app reportedly received funding from investors like AngelList, iSeed, 3one4 Capital, and many others
History and Background:
Chingari was launched in November 2018 by Biswatma Nayak and Siddharth Gautam and was later joined by Sumit Ghosh. The video-sharing app aims to provide a platform for users to create, share, and explore short videos showcasing creativity and talent. Chingari has done an excellent job of keeping the user base engaged through a unique concept that allows users to get paid for their content.
Funding and Investors:
Chingari has raised approximately $88 million in funding by several investors that include iSeed, Village Global, OnDeck, Republic Labs, and many others. With this funding, Chingari aimed to strengthen its technology and expand its user base. The investors also appreciated Chingari’s potential to introduce local talent and provide them with a platform to showcase their skills globally.
Layoff by Chingari
Recently, Chingari laid off about 48 employees in their Bengaluru office, which accounted for 20% of their workforce. The reasons for the layoffs are still unclear, but speculations suggest that the company was going through a rough patch and needed to cut down on their expenses. Amidst the layoffs, the company’s CEO, Sumit Ghosh, stated that Chingari would continue to focus on their core values and further strengthen their product and technology.
Impact of Layoffs
Layoffs are never easy, and the impacted employees are mostly left in shock as they never expected it. Layoffs affect the employees’ mental and financial stability, and finding a new job in the current market conditions is challenging. It also has a negative impact on the overall organization, and they might lose their credibility in the market, and their reputation might also take a hit. However, Chingari must have assessed the need to lay off and taken the necessary precautions to minimize the impact on their employees and the overall organization.
In conclusion, the recent layoffs at Chingari have raised concerns about the company’s future prospects. However, the company is well-funded and has experienced the founders who can take the necessary steps to steer Chingari’s growth back on track. The layoffs might have been a tough decision, but the company must have evaluated its needs and taken the necessary actions to ensure long-term sustainability. Chingari has set high expectations and aims to achieve new heights by further strengthening its core values.