LetsVenture, a leading start-up investment platform, has secured seed funding of $3 million from marquee investors including Accel, Kunal Shah of Cred, Ashneer Grover of BharatPe and Anupam Mittal of shaadi.com among others for a new business entity called trica.
According to a media release, trica is a unified platform for equity management and private market investments and would facilitate investments in growth stage and pre-IPO companies from family offices, Ultra HNIs and funds – both Indian and global.
Further, MyStartupEquity, a SaaS product for cap table and ESOP management has been rebranded to trica equity. Meanwhile, LetsVenture will continue to focus on angel investing and early-stage companies.
While Nimesh Kampani would be the co-founder and CEO of trica, LetsVenture co-founders Shanti Mohan and Sanjay Jha will function as head of strategy and head of product, respectively.
The new entity has also brought on board Pranav Mahajani, former investment banker at ITI Capital and Siddhartha Sharma, who was earlier with Expedia. While Mahajani will head company relations, Sharma will be heading the trica equity global SaaS business.
Meanwhile, some of the other entities that are part of the seed funding round are LC Nueva AIF, Secocha Ventures along with the family offices of Apurva Parekh of Pidilite, Rahul Talwar of DLF among others.
The funds raised by trica will be used to build the technology infrastructure stack for equity management for start-ups and investors, scale the product and grow the team, added the release.
“trica has been conceptualised out of LetsVenture's vision to build a transparent platform that democratises private market investing,” said Shanti Mohan, co-founder and CEO, LetsVenture.
“With trica, we now aim to be the market leader in equity management, primary fundraising and liquidity solutions at the growth stage of the market, thereby becoming a one-stop-technology led full-stack platform for founders,” she added.
trica is derived from the word ‘trikon’ or triangle and built on the pillars of trust, transparency and technology, added the release by LetsVenture, whose portfolio ventures have a combined value of over $3 billion and also has an Angel AIF with assets under management of over $64 million.
Meanwhile, investments into trica are currently warehoused in the name of LC Nueva AIF, which is an Alternative Investment Fund awaiting approval from the Securities and Exchange Board of India and the fund will be launched once necessary regulatory approvals are obtained, stated the release.
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today