Bangalore-based startup investment platform LetsVenture today announced the launch of its new entity — Trica, a unified platform for equity management and private market investments.
The newly launched firm has also secured $3 million (approx Rs 22 crore) in a seed funding round led by Accel, LC Nueva AIF*, Secocha Ventures; marquee angel investors Anupam Mittal of shaadi.com, Kunal Shah of CRED, Ashneer Grover of BharatPe, family offices of Apurva Parekh of Pidilite, and Rahul Talwar of the DLF Group and others.
Trica, which is called a unified platform for equity management and private market investments, will facilitate investments in a growth stage and pre-IPO companies from family offices, Ultra HNIs, and funds.
MyStartupEquity, a SaaS product for cap table and ESOP management, which is now has been rebranded to trica equity, will use the raised funding to build out the technology infrastructure stack for equity management for startups and investors, helping them to scale the product and growth the team.
Meanwhile, LetsVenture will continue to focus on angel investing and early-stage startups.
According to a statement, Nimesh Kampani would be the co-founder & CEO of trica, and LetsVenture co-founders Shanti Mohan and Sanjay Jha will be headed as head of strategy and head of product, respectively.
Additionally, Pranav Mahajani, former investment banker at ITI Capital and Siddhartha Sharma, who was earlier with Expedia, has joined Trica as head of company relations and heading of the equity global SaaS business, respectively.
“trica has been conceptualized 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,” said Shanti Mohan, co-founder & CEO, LetsVenture.
“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,” she adds.
According to LetsVenture, trica is derived from the word ‘trikon’ or triangle and built on the pillars of trust, transparency, and technology.
“In a short span of 15 months, we have 350 startups from India, Singapore, and the USA using our equity management SaaS product, including unicorns and pre-IPO companies like Delhivery, Infra Market, Pharmeasy, Zetwerk, and Mobikwik, Nimesh Kampani said.
India’s domestic capital pool is expanding – reports estimates 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.