India-based funding marketplace for startups LetsVenture recently announced raising an undisclosed investment in a Series A round led by Accel Partners and Anupam Mittal, Founder and CEO, People Group, according to DEALSTREETASIA.
Other investors that joined in the round include Times Internet, Singapore Angels and IDG Ventures India, as well as individuals such as Nandan Nilekani, Co-founder, Infosys; Kunal Bahl, Co-founder, Snapdeal; Rishad Premji, Chief Strategy Officer, Wipro; Mohandas Pai, Chairman, Manipal Global Education; Girish Mathrubootham, CEO, Freshdesk; and Rohit Bansal, Co-founder, Snapdeal.
Founded in 2013, this marks LetsVenture’s second round of funding — its first being a US$618,000 seed round from 21 angel investors, according to the same report.
The company intends to use its latest injection of funds to add more investors as users and build a team of 40 staffers by the end of this year.
Led by Shanti Mohan, CEO, LetsVenture, the Internet firm generates revenue from charging startups a two per cent commission fee of the total funds raised. Investors, on the other hand, do not need to pay a single cent to use the platform or make deals.
LetsVenture claims to have 1,200 investors from 20 countries on its platform, and has facilitated investments for 53 firms amounting to US$17 million.
In India, LetsVenture faces direct competition from similar homegrown crowdfunding platforms such as Globevestor and ah!Ventures. Should it decide to open up to a more global audience, it will have to compete with US-based AngelList, which was first launched in 2010.