To facilitate the growth stage rounds for startups between $1-5 Mn, Bengaluru-based deal-making platform LetsVenture has launched LetsGrow. LetsGrow will help startups go from Seed to Series A/B and help the startups find the right metrics that could excite a VC for their follow-on rounds and also achieve them. Vivek Khare, who has been a strategic advisor at LetsVenture and an Angel Investor in Zomato, Meritnation, and Cashify has come on board to lead this initiative. In his 24 years career, he has scaled up companies and has also been a part of the companies which have not scaled up and understands the reasons behind it.
LetsVenture currently works with 125 Family Offices & Corporates, and over 100 funds to facilitate the larger deal size of LetsGrow via the LV Titans platform.
Since 2013, LetsVenture has enabled 170 funding rounds with a total of ~$70 Mn being raised. 33 of these startups have gone on to raise further rounds, and 4 have got acquired. The total current value of LetsVenture portfolio is Rs 3910 Cr (i.e. $550 Mn). Some of its portfolio companies like Testbook, DailyNinja, Bobble and MyUpchar have received high valuations in their follow-on rounds.
“While valuations are no doubt important, it is not the sole metric by which we measure our portfolio. The fact that marquee VCs and corporates from India and abroad have led follow on rounds of our portfolio startups is the ‘market evidence’ of the quality of startups that raised their angel rounds through us. Some VCs that have invested in our portfolio companies are SAIF Partners, Sequoia Capital, Matrix Partners, BEENEXT, Nokia Growth Capital, Shunwei Capital, Nexus Venture Partners, Omidyar Network and Orios Venture Partners among others. There have already been 3 cash-exits for the angel investors and the Unrealized IRR (Internal Rate of Return) for the 2014 portfolio, as of April 2018, stands at 31%,” LetsVenture said in a statement.
LetsVenture witnesses some of the top angels investing across a variety of sectors at the early stage. Examples of its portfolio companies include startups that include native ads in mobile games with an immersive user experience, vernacular startups in the healthcare content space with a 10 million monthly active user, to a startup providing credit access to the middles-class for their healthcare needs.