LetsVenture, a Bangalore based online fund-raising platform or online crowdfunding website got around $670K (Rs. 4 crore) of funding from group of angel investors which includes – Manav Garg (co-founder, Eka Software), Naveen Tewari (co-founder, InMobi) , angel investor Rajan Anandan and Sharad Sharma who is co-founder of software product industry think tank iSpirt.
According to a The Economic Times report VC body Accel Partners also participated in this round.
LetsVenture is a very new entry in online fund-raising arena in India and since its inception the platform has always looked as Kickstarter or Angelist like platform of India region. LetsVenture was founded in 2013 by Shanti Mohan along with two other co-founders Manish Singhal and Sanjay Jha, both are IITians.
Let’sVenture enables startups looking to raise seed/ angel money to create investment ready profiles online, and connect to accredited Investors. LetsVenture charges 2-3 per cent of the entire funding as a commission from entrepreneurs, once they receive the money.
Till now about 750 startups and 375 Indian investors registered on LetsVenture platform. LetsVenture is in private beta at moment and is currently free for all startups & investors (angels and institutional investors). However in future the website plans to charge investors about Rs.20,000 as annual registration fee.
“Hardly 200-300 startups get funded each year whereas the potential is many folds higher. This money will help us scale up and build our outreach in more cities ,” said Singhal, cofounder and CEO of LetsVenture, who along with his two other co-founders invested 30 lakhs to start the firm last September.
Apart from acting as fund-raising platform, LetsVenture also allows startups to post jobs on job board host plenty of resource and collection for startups such as PPTs on “Investment guidance for Indian startups” or “How to Incorporate your Startup in USA?”.