The new business entity has secured $3 million in seed funding from Accel, LC Nueva AIF, Secocha Ventures among others, the company said in a statement.
It will use the funds to build out the technology infrastructure stack for equity management for startups and investors, scale the product and grow its team.
Other marquee angel investors such as 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, also participated in the funding round.
Trica will provide a unified technology platform for equity management and growth stage fundraising and liquidity solutions, it said.
Nimesh Kampani is the co-founder and CEO of the new firm.
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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),” the company said. “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 domestic capital, according to the company.
“The technology startup space is leapfrogging, with 30 of India’s more than 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,” it said.
“trica has been conceptualised out of LetsVenture’s vision to build a transparent platform that democratizes private market investing,” said Mohan, chief executive of LetsVenture.
Startups are becoming mainstream at an ever-faster pace, said Subrata Mitra, Partner, Accel India.
“… just like the DEMAT moment for public markets, we believe we are 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,” Mitra said.
Kampani said within 15 months, 350 startups from India, Singapore and the United States have started using its 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,” said Kampani.