India Roundup: TikTok-like social media app enters crypto space, and more

TikTok-styled social media app Chingari launches NFT marketplace

• Short-video platform Chingari has launched cryptocurrency tokens called $GARI, which will help content creators set up ecommerce channels. The company will help users organize physical merchandise, create non-fungible tokens (NFT), and receive funding from their fan community.
• Chingari recently raised US$19 million from investors including Republic Crypto, Galaxy Digital, Alameda Research, and Solana Capital. 
• Currently, a total of 1 billion $GARI tokens are in supply and will eventually be listed on crypto exchanges. The company will also put up crypto tokens for sale to accredited US and non-US investors starting next month.

Paytm sets aside US$13.3 million for festive season

• Paytm said it will invest the funds into marketing activities during the festive season in the country, which will run until early November.
• The company will pour money into cashback offers and educate customers about Paytm UPI (real-time payments) for money transfers, as well as Paytm Wallet and Paytm Postpaid (buy now, pay later) for spending.
• The company added that it will especially focus on the Indian states of Gujarat, Maharashtra, Andhra Pradesh, Telangana and Karnataka.

Edtech firm Unacademy to acquire Swiflearn 

• Unacademy is reportedly in late-stage talks to acquire Gurgaon-based edtech firm Swiflearn in a deal worth between US$15 million and US$20 million.
• Founded in 2018, Swiflearn focuses on the K10 segment and offers both free and subscription-based classes. 
• In June, Swiflearn raised US$3 million in its pre-series A funding round from Stellaris Venture Partners and Venture Highway, among other investors. 

CityMall to raise US$70 million in series C money

• The social commerce platform is reportedly in talks to raise fresh funds from new and existing investors, including General Catalyst, Elevation, and Accel.
• The round, which could see a combination of equity and debt, will potentially lift CityMall’s valuation up to US$350 million.
• CityMall, which competes with the likes of DealShare and Meesho, previously raised US$22.5 million in a series B funding round led by General Catalyst and Jungle Ventures.

Mobility startup Automovill raises funds from AngelBay

• Essar Oil & Gas Exploration and Production also took part in the financing round along with executives from Google and PWC.
• Automovill said that the latest capital infusion is part of a recent bridge round, where the company had already raised US$500,000.
• Founded in 2016, the startup connects vehicle owners with automobile service providers. To date, it has handled over 100,000 cars for retail and business-to-business customers. The company currently operates in 14 Indian cities, including Bangalore, Hyderabad, Guwahati, and Delhi-National Capital Region.

Currency converted from Indian rupee to US dollar: US$1 = 75.31 rupees.