Tech4Billion Media plans to raise $200 million at a valuation of $1 billion, propelling the operator of video-sharing platform Chingari into India’s fast-growing unicorn league. Chingari will use its Series B fundraising round to raise the additional funds. The successful launching of its social token GARI on numerous cryptocurrency platforms last month will support the firm valuation.

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The platform is in talks with several local and international venture capital firms and crypto-focused funds for fundraising. The funding round is expected to close in about two months. The Indian startup sector saw a spike in fundraising and valuations last year, with 42 businesses becoming unicorns. The trend continued in the first quarter of 2022, with 14 companies, including DealShare, Polygon, and Games 24×7, becoming unicorns.