Dealmaking platform LetsVenture on Thursday announced the launch of an open-ended angel fund.
The fund, named LV Angel Fund, is registered with the Securities and Exchange Board of India (SEBI) as a Category-I alternative investment fund (AIF).
With effect from October 1, all investments made via the LetsVenture platform are being routed through this angel fund.
Angel fund is a sub-category of venture capital fund under a Category-I AIF.
Potential investors in the fund could be individuals, corporate bodies or an AIF registered with the markets regulator.
Owned and operated by Bengaluru-based IndiePitch Solutions, LetsVenture claims to have facilitated more than 170 funding rounds. It said that 34 startups have raised new funding rounds, and seven have got acquired.
Testbook, DailyNinja, Wishberry, Engrave, MyUpchar, Amigobulls, Ketto, and PosterGully are some of the companies that have raised investment through the platform.
LetsVenture also allows startups to get their business plans reviewed by experts and helps them connect with mentors.
LetsVenture has the backing of a few marquee individual investors. In March last year, former Snapdeal chief product officer Anand Chandrasekaran had invested in the platform.
In October 2015, LetsVenture raised an undisclosed amount in a Series A round from Accel Partners, People Group’s Anupam Mittal and others.