LetsVenture, India’s leading startup investment marketplace today announced the launch of its new business entity – trica, a unified platform for equity management and private market investments. This new business entity has separately secured $3 million in a seed funding round from Accel, LC Nueva AIF*, Secocha Ventures; marquee angel investors 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 and others.
trica is a LetsVenture company where Nimesh Kampani is the co-founder and CEO and LetsVenture co-founders Shanti Mohan and Sanjay Jha are the head of strategy and head of product, respectively. MyStartupEquity – a SaaS product for cap table and ESOP management has rebranded to trica equity; and trica capital will facilitate investments in growth stage and pre-IPO companies from family offices, UHNIs and funds (Indian and global). LetsVenture will function as it is and will continue to focus on angel investing and early stage companies.
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 Indian domestic capital itself. The technology startup space is leapfrogging with 30 of India’s 65 unicorns getting created in 2021. trica sits at the centre of this universe with its equity management software, liquidity solutions and access to capital.
The funds raised by trica will be used to build out the technology infrastructure stack for equity management for startups and investors, scale the product and grow the team.
“trica has been conceptualised out of LetsVenture’s vision to build a transparent platform that democratizes private market investing. As a pioneer and market leader in the early-stage ecosystem, LetsVenture is a technology first platform – we continue to leverage this DNA as we launch trica and its suite of products – trica capital and trica equity. 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, co-founder and CEO, LetsVenture
Commenting as a co-lead to the seed investment in trica, Subrata Mitra, Partner, Accel India said,“We’re excited to be an investor in trica: 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. We think this is a global opportunity led by Indian tech and product talent!”
trica is derived from the word ‘trikon’ or triangle and built on the pillars of trust, transparency and technology. Commenting on the launch of trica, Nimesh Kampani said, “In a short span of 15 months, we have 350 startups from India, Singapore and USA using our equity management SaaS product, including unicorns and pre-IPO companies like Delhivery, Infra Market, Pharmeasy, Zetwerk and Mobikwik. Similarly, in the last year the team has fulfilled exclusive investment mandates in over 20 growth stage startups, pre-IPO companies and venture funds from India and overseas. All of these were positive tailwinds for us to create a new unified technology platform and execute on the larger vision of truly powering India’s private markets.”
Commenting on the market opportunity ahead of trica, Sohil Chand, Chief Investment Officer of LC Nueva AIF* said, “Over the last decade, more startups and unicorns have emerged in India than predicted and therefore the associated ecosystem has to develop dynamically as well. Entrepreneurs and investors these days are looking for one solution that caters to their needs and the market opportunity to provide these services is large.”
trica has also strengthened its leadership team by bringing in Pranav Mahajani, former investment banker at ITI Capital and Siddhartha Sharma, who joins from Expedia. Pranav will head company relations at trica capital while Siddhartha will be heading the trica equity global SaaS business.
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* Investments into trica are warehoused in the name of LC Nueva AIF (“Fund”), which is an Alternative Investment Fund that is currently awaiting approval from Securities and Exchange Board of India (“SEBI”). The Fund will be launched once necessary regulatory approvals are obtained.