LetsVenture, a one-of-its-kind online funding platform which helps startups to raise early-stage investments in India, has raised a Series A round of funding from Nandan Nilekani, co-founder of Infosys; Kunal Bahl, co-founder of Snapdeal, along with few other investors.
The funding round, whose financial figures has not been revealed, also witnessed participation of Wipro’s Rishad Premji, Manipal Global Education’s Mohandas Pai, Freshdesk’s Girish Mathrubootham and Snapdeal co-founder Rohit Bansal, along with some other investors.
Times Internet, Singapore Angels and IDG Ventures India were also a part of this round. The funding round was led by Accel Partners and Anupam Mittal of People Group. The total number of investors for the company’s latest funding round stands at 18.
Shanti Mohan, co-founder and CEO of LetsVenture, said,
In the last year, LetsVenture has unlocked a new category of angel investors onlineentrepreneurs-turnedinvestors, 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.
It will use the infused money from the latest Series A funding round to expand and rope in more global investors. It is also planning to double up its team to 40 people by the end of the year. Last year, it raised around Rs. 4 crore from a group of 21 angel investors.
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.
It 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.
LetsVenture is currently free for investors, and charges startups 2 percent of the funds raised as fee. It has been regarded as AngelList of India and competes with the likes of Globevestor and ah!Ventures.