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IDGVI News: Media Coverage 2014

IDG Ventures, LetsVenture Join Hands to Fund Seed-stage Deals

The Economic Times – November 4, 2014

by Krithika Krishnamurthy

Bengaluru: A seedcamp planned in Bengaluru and Delhi, an employability assessment venture looking to raise over `100 cr and a co that has already raised funds before posting its first revenue indicate exuberance.

India-focused technology venture capital fund IDG Ventures India Advisors has joined hands with Bengaluru-based dealmaking platform LetsVenture to discover and fund early-stage startups to the tune of `3 crore, signalling increasing interest among venture funds for seed stage deals in the country.

As part of a seedcamp, which will run in Bangalore and Delhi this week, the fund will have a one-onone session with each of the 15 start-ups curated by LetsVenture.

“We kept getting deals from incu bators, accelerators and platforms.

However LetsVenture’s deal flow and the quality of crowdfunded deals have been exceptional,” said Karthik Prabhakar, senior associate at IDG Ventures, which will be looking to tie up with other platforms over the next 12-18 months.

“So we decided the best way to accelerate the relationship is through focused effort with the LetsVenture platform.” The startup ecosystem in India, though nowhere near Silicon Valley or Tel Aviv, is heating up for sure.

According to IT industry lobby Nasscom, over $1.1 billion venture capital has already been invested so far this year, a big jump from $13 million in the entire 2010. It signifies a four-fold increase in entrepreneurs’ access to capital in India.

This is the first of its kind partnership for LetsVenture as well.

Founded in 2013, the platform has a network of 1,900 start-ups, with 725 investors from 19 countries, and has closed 17 rounds of funding in amounts ranging from `50 lakh to `5 crore.

“We are also starting to see many institutional funds now active in the early stage and an emerging trend of hybrid deals beginning to happen,” said LetsVenture CEO Shanti Mohan, referring to the ph enomenon of an institutional fund co-investing with a strategic group of angel investors. IDG, which recently invested in mobile re-targeting start-up SilverEdge and recruitment portal MyNoticePeriod, said that it will look to make investments in companies in sectors such as enterprise software, consumer and healthcare.