Trica, a new business entity of dealmaking platform LetsVenture, has raised $3 million (Rs 22.33 crore) as part of its seed funding round from a clutch of institutional and individual investors including venture capital firm Accel and Kunal Shah, founder of CRED.
Other institutional investors in the funding round were LC Nueva, an alternative investment fund (AIF) which is awaiting regulatory approval, and Miami based Secocha Venture, said LetsVenture in a statement.
Prominent individuals such as Anupam Mittal of shaadi.com, Ashneer Grover of BharatPe, as well as family offices of Apurva Parekh of Pidilite, and Rahul Talwar of the DLF Group also contributed to the funding round, it added.
The company will use the funds to build its technology, scale its product and expand its team.
Trica is a platform for equity management and private market investments. Nimesh Kampani, who had joined LetsVenture last year from Kotak Mahindra Bank, is the co-founder and CEO of Trica. LetsVenture's co-founders, Shanti Mohan and Sanjay Jha, are its head of strategy and head of product, respectively.
Trica's products include Trica Equity and Trica Capital. Trica Equity, formerly MyStartupEquity, is a software as a service (SaaS) product for cap table and employee stock ownership plan (ESOP) management and Trica Capital facilitates investments in growth stage and pre-IPO companies from family offices, ultra-high net worth individuals (UHNIs) and domestic and global funds.
Kampani said that Trica already has 350 startups from India, Singapore and the US using its equity management SaaS product.
"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," he added.
LetsVenture's cofounder Mohan said that Trica will help LetsVenture become a one-stop-technology led full-stack platform for founders.
Earlier in January, N+1 Capital, a revenue-based capital fund, had roped in LetsVenture as the founding venture partner for its debut vehicle that seeks to raise $100 million (Rs 730 crore), including a greenshoe option of $25 million (Rs 182 crore).https://www.vccircle.com/n-1-capital-floats-debut-fund-with-letsventure-as-founding-partner.
LetsVenture said in the latest statement that Trica is now the venture partner to N+1 Capital.
LetsVenture, founded in 2013, will continue to focus on angel investing and early-stage companies, it added. In 2018, LetsVenture had also announced the launch of its own open-ended angel fund.
