LetsVenture joins Centre's Samridh scheme, to invest up to $100,000 in startups

LetsVenture joins Centre’s Samridh scheme, to invest up to $100,000 in startups

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.

NEWS RELATED

8vdX forays in UK, Singapore, and Australia; offers cross-border venture debt to startups

8vdX, a technology-enabled category-first venture debt marketplace for startups, has announced that it is expanding its operations in leading international geographies like the United Kingdom (UK), Singapore, and Australia.

View more: 8vdX forays in UK, Singapore, and Australia; offers cross-border venture debt to startups

Flipkart's $100 million venture arm to make seed investments in six startups

Flipkart’s $100 million venture arm to make seed investments in six startups A $100 million venture fund set up by e-commerce major Flipkart will invest up to $500,000 in six startups as part of its accelerator program. Set up in 2019, Flipkart Ventures’ publicly revealed investments include Thrasio-styled startup ...

View more: Flipkart's $100 million venture arm to make seed investments in six startups

Veterinary telehealth service Vetster launches in the UK, post expansion in the US

Vetster, a veterinary telehealth service which has raised $40M, is launching in the UK following expansion in the US. Vetster connects licensed veterinarians with pet owners via video, voice and online chat. It hopes to fill a yawning gap in provision. In the UK one in two veterinary clinics ...

View more: Veterinary telehealth service Vetster launches in the UK, post expansion in the US

Kenyan agtech iProcure raises $10.2M to grow its input supply network

The shortage of agricultural inputs like fertilizer, unpredictable prices, and the proliferation of substandard products into markets are some of the biggest challenges for Kenya’s agricultural sector. This impact is especially felt in the country because agriculture accounts for 23% of its Gross Domestic Product (GDP), making it the ...

View more: Kenyan agtech iProcure raises $10.2M to grow its input supply network

Tesla doesn’t need to hit the panic button over China heat wave disruptions just yet

Some parts of China are suffering from record high temperatures in the past few weeks, prompting local governments to halt industrial power use, including those of battery plants. When news reaches the West, it generates fear-mongering headlines like “China heat wave shuts Tesla suppliers” which have likely rattled investors ...

View more: Tesla doesn’t need to hit the panic button over China heat wave disruptions just yet

Feast to famine: How agritech Dehaat went from record funding to layoffs

Feast to famine: How agritech Dehaat went from record funding to layoffs Aditya Narayan Giri joined agritech startup DeHaat’s Patna office on March 17, 2022. The company assigned Giri the responsibility of developing model farms in five states: Uttar Pradesh, Odisha, West Bengal, Jharkhand, and Bihar. Model farms are ...

View more: Feast to famine: How agritech Dehaat went from record funding to layoffs

Helping older adults stay safe and independent

MIT alumni-founded WalkWise uses a motion-detecting device for walkers to allow family members and care professionals to monitor adults with mobility challenges.

View more: Helping older adults stay safe and independent

Dodge unveils Charger EV concept that is faster and louder than a Hellcat

Dodge revealed Wednesday an EV concept that looks — and even sounds — like the gas-powered Charger muscle car that will be discontinued next year. The two-door Dodge Charger Daytona SRT Concept — the Daytona name a nod to its gas-powered ancestor’s 200 mph NASCAR track milestone — is not ...

View more: Dodge unveils Charger EV concept that is faster and louder than a Hellcat

With Ezetap in the bag, Razorpay CEO Harshil Mathur eyes top spot among omnichannel payment providers

Black Girls Code founder Kimberly Bryant has been fired by her board

Crappy chargers and sky-high prices are huge roadblocks to EV adoption

Skyrora completes second stage static fire test of its flagship rocket

How Amazon’s continued expansion into healthcare could buoy the sector

Do we really need a $340, Wi-Fi enabled toaster?

Netflix’s ad-supported plan may block offline viewing, code suggests

Daily Crunch: Google will unplug its IoT Core service in August 2023

Growing and acquiring with Benchling and Benchmark on TechCrunch Live

Motion capture becomes more accessible as Rokoko raises at $80M valuation

Funding Circle co-founder unveils new Super Payments fintech venture with $27M investment

There’s a reason why US Midwest startups had fewer layoffs, Chicago VC says

OTHER NEWS