Mahindra finds 'next-gen Indian social network start-up'- Hapramp; invests 1 million USD

Mahindra Group Chairman Anand Mahindra has invested USD 1 million (nearly Rs 7.5 crore) in a Gurugram-based startup named Hapramp. The startup established in 2018, works on technologies like blockchain and social media.

Mahindra took to Twitter on Wednesday to announce his million-dollar investment. He said that the company was established by five students of the Indian Institute of Information Technology, Vadodara.

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Earlier in 2018, the business tycoon had announced a funding opportunity for an Indian social media startup that met certain criteria. He brought ex-Mahindra executive, Jaspreet Bindra on board 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," said Bindra in a tweet.

He will be an Executive Advisor and Mentor to the Hapramp founding team. In its initial days, the company was fuelled by Huddle, a sector-agnostic incubator in Gurugram.

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Large user-base

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. It will help platforms to privately and securely treat public data.

Hapramp co-founder and CEO Shubhendra Vikram said that GoSocial has already garnered 50,000 users in less than three months. It allows users to take creative challenges designed by photographers, artists, writers, and designers and get rewarded.

The startup has a total of 12 employees. The founders are based in Gurugram, while the staff is located across the country. The company is willing to hire more people. By the end of the year, Hapramp aims to have 25-30 employees.

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(With inputs from PTI)