LetsVenture, which helps startups raise early-stage investments in India (just like AngelList), has bagged a Series A round of funding led by Accel Partners and Anupam Mittal of People Group.
Nandan Nilekani, Kunal Bahl, Rohit Bansal, Wipro’s Rishad Premji, Manipal Global Education’s Mohandas Pai, Freshdesk’s Girish Mathrubootham, Times Internet, Singapore Angels and IDG Ventures India were also a part of this round whose amount has not been disclosed yet.
The raised capital shall be channelized towards expanding the business and drawing more global investors. The company is also planning to double up its team to 40 people by the end of the year. Last year, the startup had raised around Rs. 4 crore from a group of 21 angel investors.
Commenting on the investment, Shanti Mohan, Co-Founder and CEO Let’sVenture said, “In the last year, LetsVenture has unlocked a new category of angel investors online entrepreneurs-turned investors, second-generation family businesses and global Indians who are actively looking for a trusted marketplace to discover high-quality, curated Indian startups they could invest in.”
Co-founded in 2013 by Shanti Mohan and Sanjay Jha, the marketplace for funding startups has about 1,200 investors from 20 countries. It has helped raise around $17 million for 53 startups so far including Bluegape, Amigobulls, AdPushup, Postergully etc. Apart from this, LetsVenture also invests in startups. One of its recent investments was made in work management tool Gridle.
The company has tied up with Bangalore-based K-Law as its legal partner, which helps the startups and investors in drafting term-sheets and shareholder agreements, at the time of closing funding. It monetizes by charging 2% back into the startups as equity.
Let alone AngelList, a couple of other players competing in the same arena are Globevestor and ah!Ventures.
Of late, platforms helping startups raise investment are on the rise. Not long ago, Bangalore based- Traxcn had launched their fund raising platform Tracxn Syndicate. Similarly, Amplify is yet another platform which helps startups raise investment. AngelList which is playing big at the international level, recently partnered with China-based private equity firm CSC Venture Capital to pour $400 million into seed-stage startups.