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May 12, 2014

Deal Alert: Manav Garg, Sharad Sharma, others invest Rs. 4-Cr in online fund raising platform LetsVenture

Bangalore-based online fund-raising platform, LetsVenture has raised Rs. 4 crore money from a syndicate of angel investors as it seeks to broaden the scope of its deal-making services. The funders include Eka Software cofounder Manav Garg, InMobi cofounder Naveen Tewari, angel investor Rajan Anandan and Sharad Sharma, cofounder of software product industry think tank iSpirt. The money from 21 angel investors as well as venture funds like Accel Partners was raised on the deal-making platform run by the company founded in 2013 by Shanti Mohan who was earlier a senior executive at HP Labs who teamed up with two IITians Manish Singhal and Sanjay Jha. 

The platform has about 750 startups and 375 Indian investors registered on its platform. It aims to close 35 funding deals this fiscal. LetsVenture charges 2-3% of the entire funding as a commission from entrepreneurs, once they receive the money. LetsVenture has tied up with Bangalore-based K-Law as its legal partner which helps the startups and investors in drafting term-sheets and shareholder agreements, while they are closing funding. 

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