A social media celebrity and the app’s co-founder, Abhishek Asthana, discusses the company’s goals and his time on Shark Tank India.
Image source: Business Today
The Hood app is a platform that offers a forum for debates that are more democratic. The Gurugram-based start-up, which was founded in 2021 by Jasveer Singh, Abhishek Asthana, and Deepak Kumar, rose to fame after participating in the second season of the business reality series Shark Tank India.
The app, which was earlier known as Zorro, has received funding from well-known figures in the start-up community, including, among others, Vijay Shekhar Sharma (Founder of Paytm), Ashneer Grover (Former Managing Director of BharatPe), and Kunal Shah (Founder of CRED).
To put strict regulations and procedures into effect, the business has teamed with the law firm Ikigai Law. The proper use of technology is also highlighted by instances of online abuse.
Asthana claims that the business is attempting to deploy responsible AI in a broad sense. But they haven’t arrived yet. “We’re still a work in progress. Even influential members of the industry are pushing toward responsible technology adoption.
Asthana further claims that when a user’s material enters the Hood app, some filters that are already present in the app are applied to it. The filters are designed to guarantee that comments that are offensive to a specific race, gender, or community are removed.
The co-founders of the Hood app, who were featured on the reality show, did not receive a favorable reception from the sharks at the start of the presentation, for the uninitiated. They came on the show as a marketing ploy, which drew criticism. They faced criticism for their figures, notably their demand for a valuation of Rs 600 crore.
In reflecting on his experience, Asthana remarks that “life inside the tank is tough.” “They want to add drama to the program. Positive or negative heightened emotions produce TRPs.
Additionally, he claims that there is not much space for cross-questioning. “There are five really thick sharks. “The other one jumps to defend him or her when you start cross-questioning,” he claims.
For 0.2 percent stake, the founder requested Rs 1.2 crore. They completed the transaction for Rs 60 lakh in debt (at 12% interest) and Rs 60 lakh in equity at a valuation of Rs 112 crore with Aman Gupta (co-founder of BOAT) and Peyush Bansal (co-founder of Lenskart).
