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NestAway co-founder Deepak Dhar’s new venture Repute raises seed capital
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Repute Networks, which owns blockchain-based data and identity management platform Repute, has raised Rs 13 crore ($1.7 million) in a seed funding round.
German investment firm Rocket Internet led the round with a Rs 5.63 crore investment, regulatory filings showed.
Venture capital firm 3one4 Capital also participated in the round with a Rs 3 crore capital infusion, along with GFC Global and Saison Capital, which put in Rs 1.4 crore each, the filings showed. AL Trust and serial entrepreneur Jitendra Gupta invested Rs 1 crore and Rs 50 lakh, respectively, it said.
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The Bengaluru-based company has allotted 1,840 seed cumulative convertible preference shares (CCPS) to raise the total amount.
Rocket Internet has picked up a 5.58% stake in the company, 3one4 Capital a 2.98% stake, and Saison and GFC hold 1.39% each, while Gupta and AL Trust together control 2.99%.
Repute was founded by NestAway co-founder and former CXO Deepak Dhar, and ex-Chai Point COO Sandesh Chidanand. The two quit their jobs in June 2019 to work on the new venture, which was launched four months later in October.
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The company, which provides blockchain solutions for securing identity and managing reputation, claims to help businesses and consumers have complete control over their data.