BENGALURU: Angel investor LetsVenture has launched a growth-stage investment platform, LetsVenture Plus, to tap domestic capital. The company, which focuses on early-stage investments, will allow participation from family offices and ultra-high net-worth individuals (HNIs) on the new platform.
LetsVenture Plus will also allow Indian investors access to investments across growth-stage private companies and global funds. LetsVenture has over 6,000 HNIs and 130 family offices in its network, which invest in seed-stage deals.
LetsVenture Plus already has 500 users, including 150 family offices. The platform is also looking at opportunities in healthcare, edtech and gaming. It wants HNIs to co-invest in deal sizes ranging from $1 million to $15 million, with Series B and C rounds being a sweet spot.
Nimesh Kampani, former executive vice-president at Kotak Mahindra Bank Ltd, has been appointed as president of LetsVenture Plus.
“...We want to help HNIs invest in businesses which, have a cash conservative approach and already have a road to profitability or turned profitable. We felt there was information asymmetry around this asset class and wanted to bridge the gap," Kampani said.
"Through LetsVenture Plus, we would like to bring trust, transparency and technology to family offices and ultra-HNIs, which look to invest in rounds upwards of Series A and also will invest in some unicorns as well," he added.
At a time when the venture capital industry is wary of making larger investments, Kampani believes that sustainable and robust businesses will come out of this crisis, paving the way for investments in sound business models.
“Private investments in downturn can fetch higher returns and family offices and ultra-HNIs have allocations for the private market," said Shanti Mohan, founder of LetsVenture.
LetsVenture also believes that domestic capital is on the rise, and over the past three years, family offices have evolved from being investors in public markets to funds and now increasingly want to participate directly in investments in high-growth startups.
“Investment in growth stage deals is still reference driven and we want to open this opportunity to HNIs, and democratise it through a platform. We continue to be selective on this approach and not be an open-source network for these opportunities. With respect to investments amongst the current crisis, the fundamentals of business don’t change in spite of new opportunities and adjacencies and we continue to look at that," added Mohan.
The platform aims to bring exclusive opportunities to HNIs and family offices at ticket sizes that suit their risk appetite.
While not revealing names, the company said LetsVenture Plus has already looked at a few deals on the platform including a luxury fashion aggregator, a sustainable mobility startup and an exclusive allocation in a global venture capital fund.
So far, over 230 startups have raised more than $140 million via LetsVenture.