NestAway co-founder Deepak Dhar’s new venture Repute raises seed capital

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.

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.

The company, which provides blockchain solutions for securing identity and managing reputation, claims to help businesses and consumers have complete control over their data.