Angel investment platform LetsVenture has joined hands with the Ministry of Electronics and Information Technology’s (MeitY) Samridh scheme, to invest up to $100,000 in early and seed stage startups.
The Samridh scheme, launched by the government in 2021, aims to support existing and upcoming accelerators to select and support potential IT-based startups to scale for solving India’s problems.
LetsVenture was selected for the Samridh accelerator program earlier this year, through which the VC plans to support around eight startups in the first phase, LetsVenture’s cofounder and Chief Executive Shanti Mohan said during its founder-focused conference held on August 5.
Founded in 2013, LetsVenture has raised $120 million across 560 rounds, and the marketplace has 29 syndicates, 13,000 angel investors from 60 countries, and 100 micro VC funds.
LetsVenture is backed by Accel, Chiratae Ventures along with top industrialists and investors such as Nandan Nilekani, Ratan Tata, Rishad Premji, Mohandas Pai, Sharad Sharma, and Anupam Mittal.
“We hope that this partnership will spur the next wave of leading global tech companies built in India and catering to the global markets,” Mohan added.
During the event, LetsVenture announced the launch of its founder’s only Software-as-a-service (Saas) platform, Scalix. The platform aims to remove operational inefficiencies faced by a founder.
“With this launch, we are looking to build a deeper, more meaningful relationship with founders…Scalix will be the go-to platform for founders to get assistance regarding hiring, legal, banking, and technology among others,” Mohan said.
LetsVenture also announced the launch of its maiden subscription product, Compass, to navigate investors into private market investing through data-led stories and analysis.
“The platform curates some of the best startups, and in turn, some of the best angels and VCs come to the platform, thus helping the company create value and wealth for its stakeholders,” the VC said in a prepared statement.
The launch was announced in association with the Government of Karnataka.
“Having worked with so many founders, what we saw was that there was a common set of challenges every founder faced…Scalix is the product that will solve the challenge,” Mohan added.Startups who get selected as part of this joint investment with Meity will get access to the premium offering of the Saas platform, Scalix.