Exclusive: Deepak Dhar’s Repute raises seed round led by Rocket Internet's VC fund
Summary
Raising seed capital for second-time entrepreneurs at just the idea stage has become an easy affair as some fundraises in the past couple of years show. Many such founders including Kunal Shah, Ashish Kashyap, Jitendra Gupta and Pankaj Chaddah went on to raise capital without working products.NestAways co-founder now joins the list by scoring funding for his new firm Repute. While GFC Global and Saison Capital infused Rs 1.4 crore each, AL Trust and serial entrepreneur Jitendra Gupta also joined the round with an investment of Rs 1 crore and Rs 50 lakh respectively.The company has made an allotment of 1,840 seed CCPS to raise the amount, regulatory filings show.The Bengaluru-based startup has a 15-people team led by Deepak Dhar, co-founder and former CXO of NestAway and Sandesh Chidanand, former COO of Chai Point. Unlike traditional solutions, the yet to be launched application would verify identity inside the app without involving offline methods.The duo had left NestAway and Chai Point from their respective roles in June 2019 to work on Repute which was launched four months later in October.According to Fintrackrs estimates, Repute has been valued at around Rs 101 crore (post-money). Gupta and AL Trust control 2.99% stake collectively.When Reputes core app is launched, it would directly compete with Springrole.