Funding alert- Social Media Network Zorro raises USD 3.2 million. What incredible news is it!
Let us talk about social media, the fundings in it, and the impact it has on our lives. Talking about social media has a strong and huge impact on our lives. It has become a platform where people get to unite with the lost ones. Facebook and Instagram are here to solve this purpose. Besides using these platforms for just meetings and social networks, social media platforms are also used as a way to come and discuss an alarming issue.
Twitter, for instance, solves this purpose. It provides the users a platform to have discussions through the way of tweets. Nowadays, even social media is being used to share the experience of users. For example, a user goes on a vacation to a particular tourist area. He besides sharing photos of his travel, can also share what he liked there and what he did not. This will in a way help the other users who are planning a travel to get a recommendation and a suggestion as to what to do and what not to.
Social media is also used for raising funds for a social cause or a startup. We can see many times that a social event is organized on a platform and the users are asked to donate according to their capacity. This is another rising use of social media. Social media has provided a direction for the people to come together and fight against injustice. The world now understands the power of social media and it takes hardly any time for any event to become trending.
The statistics reveal that around 4.8 billion people in the world use social media. When looking at an eligible audience which is of the age of 13 above, around 56.8% of the population of the world is active on social media. Talking about India now, internet access and usage have reached wide and according to research made in the year 2020, the number of social media users in India has come to 518 million. It has been expected that by the end of the year 2040, this count will increase to 1.5 billion. Facebook is the favorite choice of the people in the year 2020.
Announcement of the funding of a social media startup
The social media startup, Zorro, has raised a funding of USD 3.2 million, as announced on December 10, 2021. This round of funding was the seed round of funding and was led by 3one4 Capital and 9Unicorn Ventures.
The angel investors of this round of funding were the founder of Paytm, Vijay Shekhar Sharma, founder of Oyo Rooms, Ritesh Agarwal, founder of BookMyShow, Ashish Hemarajani, founder of Cred, Kunal Shah, co-founder of BharatPe, Ashneer Grover, founder of Zomato, Gaurav Gupta, founder of Jupiter, Jitendra Gupta, and founder of Groww, Lalit Keshre.
The other participants of this round of funding were the early-stage venture capital firms Eximius Ventures, Root Ventures, and Venture Catalyst.
The startup plans to utilize the funds raised in expanding and vamping up the team of technology of the startup. This will be done in order to accelerate and increase its product growth.
About the newly funded social media startup
The startup, Zorro, was founded by Jasveer Singh, Abhishek Asthana, and Deepak Kumar in Bengaluru. The startup is a new-age social network to pseudonymously express thoughts. It is like wearing a mask and then building and creating one’s own private identity.
About the founders of the startup
The startup was founded by Jasveer Singh, Abhishek Asthana, and Deepak Kumar. Jasveer Singh, who is the CEO of the startup, is famous for already building successful startups. Abhishek Asthana, who is the COO of the startup, and is popularly known as Gabbar Singh on the internet, has experience of more than a decade in building brands and businesses. Deepak Kumar, who is the CTO of the startup has an experience of seven years of building scalable technologies at Inshorts, Paralledots, and BlackBeltHelp.
What has been said about the deal?
Jasveer Singh, who is the co-founder and the CEO of the startup, Zorro, made a statement saying that the key issue in this day and age is paid PR, paid tweets, and even paid reviews. He said that the truth is often hidden on the 6th page of the Google search results. He further bought in Zorro saying that it is a pseudonymous social network that is content moderated.
He further appreciated the startup saying that it gives the users a clean and authentic timeline consisting of people from the network where the content can be shared and consumed freely. He further said that he felt lucky that the startup had some great founders on the board who bring a lot of experience to the table.
Abhishek Asthana, who is the co-founder and the COO of the startup, Zorro, said that the startup has got an amazing response from the people during the MVP testing. He then said that during this time, they realized the need for a pseudonymous network, which gives the opportunity to the users to express freely and fairly to the people who are strictly part of the existing network. He further told that the startup has been put into a position, as a means to discover the truth.
The founder of 9Unicorns and Venture Catalysts, Dr. Apoorva Ranjan made a comment saying that the current world is digital where content is regarded as the king and content creators are the kingmakers. He then said but there is always a risk of being trolled and targeted for the content which is shared. He further said that there was an urgent need for a platform where free conversations can take place without the fear of being judged.
The startup, undoubtedly, has something very new and innovative to offer on its plate. We are very excited to see what the future has in for Zorro. Till then, we wish the startup a stroke of good luck and a bright and successful future ahead.