Anand Mahindra waited over 26 months to invest crores in this startup; here’s what makes it unique

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Published: June 10, 2020 5:56 PM

Hapramp isn’t the first Made-in-India app in the social networking space. Vebbler, Tokbiz, Mooshak, Imlee, Wooplr and more were launched earlier. However, most of them weren’t able to scale much while a few got shut. Tiger Global-backed Roposo and Twitter-backed ShareChat were other networks that managed to see a decent scale.

Anand Mahindra has backed a handful of startups earlier as well. (Image: Reuters)

Mahindra Group Chairman Anand Mahindra has put $1 million in blockchain-based social network startup Hapramp. Launched in 2018, Hapramp allows creators to showcase their talent and build a community. The investment from Mahindra comes more than two years after he tweeted (on March 26, 2018) about the need for an Indian social network company “that is very widely owned and professionally and willingly regulated,” that he can look at to “assist with seed capital.”

On Wednesday, Mahindra took to Twitter again to announce the startup that he was looking for. “Took 2 yrs, but I finally found the startup I was looking for! Hapramp is indigenous, built by 5 young founders & brings together a best-in-class combination of creativity, technology & data protection,” he tweeted. Hapramp was incubated by Gurugram-based startup incubator Huddle.

“We see ourselves as an idea lab working on the ideas that emerge from the confluence of the creative industry and information economy. We believe in becoming India’s only platform where creators across can share, create and spread their artistic views,” said Hapramp, Shubhendra Vikram, CEO and one of the founders of Hapramp.

Hapramp’s flagship solution is the social networking solution GoSocial, the startup is also working on 1Ramp.io – a rewarding social media platform powered by Steem Blockchain — a social blockchain that allows users to generate revenues by rewarding them for sharing content; and Asteria Protocol – a user privacy and security tool for applications.

Also read: Swiggy to merge premium food delivery brand Scootsy to tap into orders from high-end restaurants

However, Hapramp isn’t the first Made-in-India app in the social networking space. Vebbler, Tokbiz, Mooshak, Imlee, Wooplr and more were launched earlier. However, most of them weren’t able to scale much while a few got shut. Tiger Global-backed Roposo and Twitter-backed ShareChat were other networks that managed to see a decent scale particularly the latter focusing on a vernacular user base that is more comfortable sharing their lives and experiences in native languages instead of Facebook.

Social network users in India is likely to more than triple from 142.23 million to 447.9 million by 2023, as per statistics portal Statista. Currently, India has 376.1 social network users. As of Q3 2019, YouTube followed by Facebook and WhatsApp accounted for the largest penetration in India at 82 per cent, 76 per cent, and 70 per cent respectively. However, Chinese app TikTok has rapidly scale in the Indian market with over 200 million active users while Facebook has around 350 million and YouTube has 245 million monthly active users.

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