Anand Mahindra, Chairman of Mahindra Group, announced that he is ready to assist startups, with seed capital to build India’s own social networking site. The idea of Anand Mahindra’s ‘desi social networking site’ is being dubbed as Facebook’s rival. According to statista.com, Facebook has over 2.2 billion active users, with more than 250 million (or over 11.3%) of them coming from India.
Beginning to wonder if it’s time to consider having our own social networking company that is very widely owned&professionally managed&willingly regulated.Any relevant Indian start-ups out there?If any young teams have such plans I’d like to see if I can assist with seed capital pic.twitter.com/nBSkQk0hCp
— anand mahindra (@anandmahindra) 26 March 2018
With 230 million users, the US is in the second place. Sources close to the Mahindra Chairman pointed that, the Cambridge Analytica data leak drove the Anand Mahindra to throw out a challenge to India’s brightest minds. Anand Mahindra’s tweet attracted a lot of ideas from enthusiasts, and entrepreneurs via Twitter. Even his employee, Jaspreet Bindra – VP for Digital Transformation at Mahindra – proposed a #blockchain enabled Social3.0 in his tweet.
Business analysts have already predicted that Facebook’s downfall has begun with entrepreneurs coming out with innovative apps and solutions for many social problems. After the Cambridge Analytica fiasco, Facebook has lost around $50 billion in market value.
Indian IT Minister Ravi Shankar Prasad, who sent ‘warning’ to Facebook, has extended his support to Anand Mahindra’s tweet.