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Pepul, Chennai-Based mostly Social Media Startup, Raises Rs 10 Crore In Seed Funding


Pepul, Chennai-Based Social Media Startup, Raises Rs 10 Crore In Seed Funding

The startup plans to boost one other Rs 200 crore after the launch.

Chennai:

Pepul, a Chennai-based social media startup, has raised Rs 10 crore in seed funding by outstanding traders, together with Paytm founder Vijay Shekhar Sharma, founding father of Freshworks Girish Mathrabootham and Hourglass Enterprise – a silicon valley based mostly enterprise capitalist agency -the firm mentioned.

Pepul, based by G Suresh Kumar, brings collectively people and teams on the premise of their widespread curiosity. In a primary of it is type method, the platform additionally promotes Aadhaar-based verified customers, eliminating faux profiles and members who’re discovered utilizing footage of others, together with photographs of celebrities. Although customers can join with out Aadhaar, they’re anticipated to get themselves verified by importing the doc.

Detailing the fund elevating course of, Mr Suresh mentioned he handpicked appropriate traders with shared long run imaginative and prescient after an interview course of for shortlisted candidates among the many 700 who had utilized. The startup plans to boost one other Rs 200 crore after the launch.

“Democratisation of verified badges is our USP. Any genuine consumer can get a verified badge. At the least 90% of our customers could be verified,” mentioned Mr Suresh to NDTV.

With a number of social media giants, together with Fb, already dominating the area, Mr Suresh believes there’s nonetheless area for brand spanking new gamers like Pepul. He says, “Present excessive profile gamers are like Goliath, they face credibility points with doubts over information security. We’d construct a constructive tradition in order that there isn’t a room for negativity, nameless and pretend customers”.

This new social media entrant additionally guarantees freedom from unsolicited commercials. “We have now a singular income mannequin that enables focused commercial on offers solely for individuals who join. This could be mutually helpful for such customers and advertisers.” mentioned Mr Suresh.

To be launched on the Republic Day, round 25,000 customers have downloaded the closed beta model. The beginning up plans to make use of the funds for consumer acquisition and to take the platform to the market.

“Our 40 member Pepul workforce of coders too are from tier II and III cities. We have now gifted individuals from humble backgrounds like youngsters of tailors, farmers and drivers”, mentioned Mr Suresh.

Pepul is the third social media platform to be launched from Chennai. A number of months in the past Soundarya Rajinikanth Vishagan had launched “hoote” an audio or voice-based mannequin. Chennai can be the house for Glocl, one other platform that connects communities in a city or a metropolis.

Mr Suresh and his buddy George Christopher earlier bootstrapped and co-founded MacApp Studio, now a 5 million greenback turnover firm.

Commenting on this development and seed funding Pepul has obtained, Mr Sivarajah Ramanathan, CEO of Tamil Nadu Startup and Innovation Mission (TANSIM), mentioned: “That is an inspiring story and a welcome signal. Earlier, entrepreneurs used to start out startups in Bengaluru or Mumbai. Now this is able to deliver in additional investments to Tamil Nadu and make the state a most well-liked begin up vacation spot”. He added, “we’re handholding startups and because the Chief Minister had mentioned Tamil Nadu would quickly flip right into a Panathottam (backyard of cash) for south east Asia.”



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