[Funding alert] LetsVenture new business entity trica raises $3M seed round
LetsVenture, a startup investment marketplace, on Thursday announced the launch of its new business entity trica — a software products platform for equity management and transactions — which raised $3 million in a seed round.
It raised funding from Accel, LC Nueva AIF, and Secocha Ventures. LC Nueva AIF is an alternative investment fund, which is awaiting SEBI approval.
Other angel investors, including Anupam Mittal (Shaadi.com), Kunal Shah (), Ashneer Grover ( ), and family offices of Apurva Parekh of Pidilite, Rahul Talwar of the DLF Group, and others, participated in the round.
Shanti Mohan, Founder, LetsVenture.
While Nimesh Kampani is the co-founder and CEO of trica, LetsVenture co-founders Shanti Mohan and Sanjay Jha are the Head of Strategy and Head of Product for the startup, respectively.
trica will use the funds to build the technology infrastructure stack, scale the product, and grow the team.
Shanti Mohan, Co-founder and CEO, LetsVenture, said, “trica has been conceptualised out of LetsVenture's vision to build a transparent platform that democratises private market investing. With trica, we now aim to be the market leader in equity management, primary fundraising, and liquidity solutions.”
On the launch of trica, CEO Nimesh Kampani said, “In a short span of 15 months, we have 350 startups from India, Singapore and the US using our equity management SaaS product.”
trica products will operate on a SaaS model and focus on the cap table, ESOP management, and facilitate investments into the growth stage and pre-IPO companies.
On the investment into trica, Subrata Mitra, Partner, Accel India, said,
“Startups are becoming mainstream at an ever-faster pace, and just like the DEMAT moment for public markets, we believe we're at the right inflection point where private company ownership needs to be managed and scaled digitally. That's exactly the mission that LetsVenture and trica have at their core.”
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.