The Shrinking Chingari, Raising Superstars Fined, and Oxyzo’s Latest Foray

When TikTok was banned in India back in 2020, it felt like a gold rush. A few local apps jumped in to fill the gap, and for a moment, Chingari looked like the winner. It tapped into patriotic feelings, signed up millions of users, launched its own crypto token with Bollywood backing, and promised to change how creators made money using blockchain.

Fast forward five years, and that big dream has fallen apart.

The company’s recent financial numbers tell a tough story. Their revenue has plummeted by more than half in just one year. While they did manage to cut their losses, they didn't do it by growing, they did it by slashing their marketing budget and laying off a huge chunk of their staff. It’s a story of a company shrinking just to stay alive.

The most telling change is that Chingari isn't even trying to be the "Indian TikTok" anymore. They’ve pivoted into a completely different world: private live streaming. Instead of making short, fun videos for everyone to see, the app now focuses on one-on-one video calls. Users buy digital "diamonds" or tokens to talk privately with creators or send them virtual gifts. It’s a model borrowed from certain Chinese apps that relies on a small group of big spenders rather than a massive audience.

This shift has also changed where their money comes from. The app that once branded itself as "Bharat-first" now gets over 70% of its revenue from users outside of India. The local dream has been replaced by international demand for paid private chats.

Meanwhile, the crypto hype that once fueled the company has vanished. Their $GARI token, which was supposed to be the future of the creator economy, has lost 99.9% of its value since its peak. When the token price crashed, the excitement, and the users who were only there for the money, disappeared with it.

The competition also played a huge role. Once Instagram launched Reels and YouTube introduced Shorts, most people simply went back to the big global platforms. It’s incredibly hard for a local startup to compete with tech giants that have infinite money and millions of existing users.

This new path comes with its own set of problems, too. By focusing on private video calls and virtual gifting, Chingari now risks being seen more like an adult chat service than a social network.

In the end, Chingari has landed in a strange spot. It’s no longer a mainstream social media app competing for the world’s attention. Instead, it has become a niche business built around paid private interactions. It might survive this way, but the grand vision of building a global Indian tech giant or a crypto revolution is gone.

Let’s go through what else is happening in Indian startup world - Grab your simmering cup of StartupChai.in and unwind with our hand-brewed memes.

“Ye Kya Bak Rahe Ho”: CCPA Fines Raising Superstars For Claiming Babies Can Crawl At 3 Months

The CCPA has fined edtech startup Raising Superstars ₹8 Lakh for misleading ads that claimed babies could crawl at three months, walk at eight months, and speak 200+ words by eighteen months.

Founded in 2020 by Raghav and Shraddha Himatsingka, the startup had raised $2 Mn from BLinC Invest in a 2023 pre-Series A round.

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“Zara Dil Ko Thaam Lo”: Oxyzo Forays Into Fund Management With Launch Of Credit Fund

Oxyzo Financial Services, the lending arm of OfBusiness, has entered the fund management space with the launch of its first credit fund under its alternative investment platform.

Called Oxyzo Credit Fund I (OCF-I), the fund will back mid-sized, investment-grade companies seeking growth capital. The fund will be managed by Oxyzo Investment Manager Private Limited, a wholly owned subsidiary of Oxyzo.

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“Chor Ki Daadhi Mein Tinka”: After CEO Arrest, Fino Payments Bank Says SFB Transition On Track

Fino Payments Bank says its plans to transition into a small finance bank (SFB) remain on track despite the recent arrest of its MD and CEO Rishi Gupta.

The development follows an investigation by the Directorate General of GST Intelligence (DGGI), which has named Gupta in a case linked to alleged GST evasion. Officials claim he was among the “masterminds” of a syndicate routing funds from illegal online gaming platforms through shell entities.

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“Raste Ka Maal Saste Mein”: boAt Cofounder Aman Gupta Launches New Venture ‘OffBeat Studios’

boAt cofounder Aman Gupta has launched a new venture called OffBeat Studios after stepping away from day-to-day operations at the IPO-bound audio brand.

Gupta shared the update on X but kept the startup’s business model and focus under wraps for now. The move follows his shift to a non-executive director role at boAt in September 2025.

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“Hum Saath Saath Hai”: IPO-Bound Captain Fresh Completes Acquisition Of Spain-Based Frime

IPO-bound B2B seafood startup Captain Fresh has completed the acquisition of Spain-based tuna producer Frime. The deal was finalised two months after the Accel-backed company withdrew its IPO papers amid delays tied to the acquisition.

With Frime S.A.U., Spain’s largest sustainable yellowfin tuna processor, now in its fold, Captain Fresh is strengthening its global seafood supply chain.

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“Sapne Dekhe Bade Bade”: Fintech Unicorn Moneyview Files DRHP For Over ₹1,500 Cr IPO

Fintech unicorn Moneyview has filed its DRHP for an IPO that includes a fresh issue of shares worth ₹1,500 Cr along with an offer for sale of up to 13.61 Cr equity shares. The company plans to use the proceeds from the fresh issue to expand its lending business.

The OFS will see cofounders Puneet Agarwal and Sanjay Aggarwal, along with investors like Accel, Ribbit Capital, and Tiger Global, offload part of their stakes.

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1. Digital transformation consulting firm KaarTech has raised ₹100 Cr (about $11 Mn) from Playbook Partners, the investor behind Renee Cosmetics. The round comes on the back of strong momentum, with the company posting 56% YoY growth in FY25.

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