Unified platform for equity management Trica, a new business entity of investment marketplace LetsVenture has raised $3 million as part of its seed funding round.
The investment was led by Accel, LC Nueva AIF, Secocha Ventures. Marquee angel investors including Anupam Mittal of shaadi.com, Kunal Shah of CRED, Ashneer Grover of BharatPe, as well as family offices of Apurva Parekh of Pidilite, Rahul Talwar of the DLF Group also participated in the round. Former president at LetsVenture, Nimesh Kampani, has been named the chief executive officer and co-founder of Trica.
LetsVenture co-founders Shanti Mohan and Sanjay Jha will head strategy and product at Trica, respectively. Nimesh Kampani, trica CEO said that Trica already has 350 startups from India, Singapore and the US using its equity management SaaS product.
The funds raised by Trica will be used to build technology infrastructure stack for the equity management product, while scaling and growing the team, according to 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," said Shanti Mohan, CEO, LetsVenture.
LetsVenture’s software product for cap table and employee stock ownership plan (ESOP) management MyStartupEquity has been rebranded as Trica equity, while Trica capital will facilitate investments in the growth stage and pre-IPO companies from family offices.
According to LetsVenture, India's domestic capital pool is expanding. Reports suggest that over $65 billion will be invested in India by 2025, and $30 billion of this will come from India's domestic capital.LetsVenture will function as it is and will continue to focus on angel investing and early stage companies.
(Edited by : Aditi Gautam)
First Published: IST