Mahindra Group Chairman Anand Mahindra has invested $1 million (about Rs 7.5 crore) in Gurugram-based Hapramp, a startup working on technologies like blockchain and social media.
The startup was founded in 2018 by five students of the Indian Institute of Information Technology-Vadodara.
"Took 2 yrs, but I finally found the start-up I was looking for! @Hapramp is indigenous, built by 5 young founders & brings together a best-in-class combination of creativity, technology & data protection. Look out for @gosocial_app their social networking platform," said Mahindra, announcing his investment via his Twitter handle on Wednesday.
Took 2 yrs, but I finally found the start-up I was looking for! @Hapramp is indigenous, built by 5 young founders & brings together a best-in-class combination of creativity, technology & data protection. Look out for @gosocial_app their social networking platform. @j_bindra https://t.co/9mFwzjQXjF— anand mahindra (@anandmahindra) June 10, 2020
In 2018, Mahindra had announced via Twitter a funding opportunity for an Indian social media startup that met certain criteria. He had asked ex-Mahindra executive, Jaspreet Bindra to work with him to find a next-gen Indian social network start-up.
"The Hapramp team is building a Web 3.0 social network. It is built on emerging digital technologies, has a solid business model which rewards content creators, protects personal data, and best of all, is built here locally in India," Bindra said.
He has been signed on as Executive Advisor and mentor to the Hapramp founding team.
In addition to its flagship social networking solution GoSocial, Hapramp also operates 1Ramp.io, a social media platform powered by Steem Blockchain, and Asteria Protocol.
Asteria Protocol will help platforms to privately and securely treat public data.
"We are honoured and excited. This is a massive approval of our mission to give creators the right to their content. We plan to use the funds to expand our platform and want to empower creators," Hapramp co-founder and CEO Shubhendra Vikram told PTI.