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Private Market Investing ReporT

The Great Metamorphosis:
Uncover the big, broad picture of the Indian startup ecosystem

Recent Stories

Bharat calling: The next tech revolution lies in rural India

In these Covid-19 saturated days, doom and gloom are not far away from ourminds.

Revenue Based Financing: Everything you need to know

Many signposts track the maturing of a startup ecosystem, but one of the most prominent is the emergence of new classes of capital for startups.

Can SPACs live up to the buzz

I sometimes think that the world of finance and capital markets is the most interesting spectator sport there ever is. Just look at the Game stop saga.

Get ready to surf India’s health tech wave

At the height of the first wave of the pandemic last year, a friend was stuck in her home town far away from the nearest big city and had a complication linked to a chronic health condition.

How To Evaluate a Tech Startup IPO

As India is emerging from a gut-wrenching second wave of the Covid-19 pandemic,the optimistic financial markets point to a hope of growth post-pandemic. Linkedto this is the expected flurry of tech startup IPOs in 2021 in India

How family offices are strengthening the Indian startup ecosystem with investments

Family offices are an idea whose time has come. Several factors have led to their increase, both in terms of absolute numbers and the scope of activities carried on by them, over the last few years.

Bharat calling: The next tech revolution lies in rural India

In these Covid-19 saturated days, doom and gloom are not far away from ourminds.

Revenue Based Financing: Everything you need to know

Many signposts track the maturing of a startup ecosystem, but one of the most prominent is the emergence of new classes of capital for startups.

Can SPACs live up to the buzz

I sometimes think that the world of finance and capital markets is the most interesting spectator sport there ever is. Just look at the Game stop saga.

Get ready to surf India’s health tech wave

At the height of the first wave of the pandemic last year, a friend was stuck in her home town far away from the nearest big city and had a complication linked to a chronic health condition.

How To Evaluate a Tech Startup IPO

As India is emerging from a gut-wrenching second wave of the Covid-19 pandemic,the optimistic financial markets point to a hope of growth post-pandemic. Linkedto this is the expected flurry of tech startup IPOs in 2021 in India

How family offices are strengthening the Indian startup ecosystem with investments

Family offices are an idea whose time has come. Several factors have led to their increase, both in terms of absolute numbers and the scope of activities carried on by them, over the last few years.

These are the factors the Reddy Family Office looks for when investing in a startup

The Reddy Family Office, belonging to the Reddys of GVK, began investing in startups as an asset class through their Reddy Futures Fund in 2015.

We back non-linear growth businesses with really strong entrepreneurs: Sohil Chand

Sohil Chand is the Chief Investment Officer of LC Nueva AIF* and principal at Yukti Securities, the investment office of the Chand Family that was established in 1997.

Find out Sunil Kant Munjal’s one question for startup founders here.

Sunil Kant Munjal is one of the founder promoters of the Hero Group, India’s premier automotive manufacturing group that has evolved from being the world’s largest bicycle-maker to the largest two-wheeler maker. He is now the Chairman ofHero Enterprise, with interests in insurance distribution

Jamshed Jeejeebhoy on why family offices need to invest in new-generation companies

With a family legacy of land ownership and philanthropy, the Jeejeebhoys have helped build Mumbai into what it is today. With India entering a new phase in its history, the family business group is now trying to do their part by contributing long term capital to new age businesses whilst keeping the foundations built on integrity, sustainability and giving back to society intact.

Indian family offices need a concrete plan for private market investments: Sudhir Kapadia

2021 was an exceptional year for the startup space. With people and businesses starting to bounce back after the pandemic, the year opened doors to new avenues of business, and we saw a meteoric rise in investments and the success of startups and tech companies.

SaaS: The sunrise sector creating global companies from India

Once upon a time Software was eating the world, now Software-as-a-Service (SaaS) is eating Software! Are you at the table?

How the Greatest Investors Win in Market and Life: Lessons from William Green

Calling yourself an ‘investor’ is fashionable today. And if you’re a Value Investor, you’re in vogue. There are hundreds of books on investing which give you quite a few strategies to emulate.

The Great Resignation & The Rise in HR Tech

If there is one thing that the Coronavirus pandemic has established among the global workforce, it is a gigantic change in priorities.

The Human in the Process

When one starts a business, a founder’s first thoughts are: how do I acquire customers, how do I service them and scale, how do I get the right business and tech team together, how do I start generating revenues.

Sky is not the limit : The Space-tech sector story writes itself in India

In April 2001, Dennis Tito, an American engineer, became the first ‘Space Tourist’ when he flew to the International Space Station (ISS) aboard Russia’s Soyuz spaceship.

Blockchain is the present. It is also the future.

It was only in 2018 that Warren Buffet – probably the most veteran investor today – called Bitcoin (the first cryptocurrency) “rat poison” on a television chat. At the time, his statement created a storm in the Blockchain world and even caused a dip in the value of Bitcoin.

My job is asking all the right questions, not having all the answers: Umang Bedi

They say that we are what we repeatedly do; excellence is a habit, not an act. I see that dedication for excellence in very few people – those who have conviction in their ambition and are ready to give it their 100%. Such individuals almost can’t help but be on the go

The importance of being earnest

You may have heard of the Rubber Band Effect, which refers to market volatility. Just like how a rubber band stretched and then released comes back to its original form, markets can also stretch and shrink. The funding dry-up in the private market over the last few weeks is an instance of this theory

Sitashwa Srivastava on the secrets of building a startup (and knowing when to kill a startup)

Welcome to the second edition of The Bellwether Club – trica’s interview series with India’s most prominent entrepreneurs and investors, to uncover the real stories behind their success. Our guest in this chapter is Sitashwa Srivastava, co-founder and Co-CEO of global investment platform Stockal.

Logistics-tech marches ahead, despite bumps and hurdles

One of the biggest news to come from the Indian startup ecosystem so far this year is the IPO of Delhivery, the Delhi-based logistics-tech startup founded in 2011.

Anything that grows too fast is in danger: Sid Talwar

For the third edition of The Bellwether Club – trica’s interview series with India’s most prominent startup founders and investors – I’m delighted to introduce our guest: Sid Talwar, Co-founder and Partner at VC firm Lightbox Ventures.

Investing in startups is the right CSR: Ullas Kamath

Ullas Kamath, former Joint Managing Director of Jyothy Labs, is one of the few Indian private market investors who have seen the evolution of the country’s startup ecosystem since its inception.

Are we green ‘shooting’?

In the popular American sitcom Parks and Recreation (2009-2015), Ron Swanson – a government employee and staunch capitalist, portrayed by Nick Offerman – opposes his colleague Leslie Knope’s effort to bail out the ‘Pawnee Video Dome’ which was going out of business.

You need Capital, or Connections, or Competence to be an Entrepreneur : Suchita Salwan

For the fourth edition of The Bellwether Club – trica’s interview series with India’s most prominent startup founders and investors – our guest is Suchita Salwan, founder and CEO of discovery-led-commerce startup Little Black Book (LBB).

What do investors want from private markets? Find out here.

What do investors want from private markets? Honestly, it is not rocket science – returns! But the definition of “returns” varies from investor to investor, especially family offices and VCs.

You need Capital, or Connections, or Competence to be an Entrepreneur : Suchita Salwan

Why Indian Startups Need Family Offices as Investors

An Economist with a PhD in “Borrowing and Lending Behavior of Households: Impact of Loan Waiver Program in India” and a post-graduate diploma in business studies from Harvard University, Aarti “accidentally” found herself in the investment space. She is also an active angel investor now. Speaking to trica’s Syna Dehnugara over a Zoom call recently, she shared her thoughts on investing in Indian private markets.

SaaS Growing: In Good Times & Bad

The global SaaS market is estimated to reach $381.21 billion at a CAGR of 17.3% by 2030 as per a report by Market Research Future (MRFR) in October 2022. The Indian SaaS market is expected to account for 7-10% of the global SaaS market, from 2-4% at present, according to a recent EY-CII Research Report.

Working 24/7 is not the healthiest; but it’s important to know what it looks like: Ashray Malhotra

I had not met Ashray before this interview. I was expecting a typical IIT-ian startup founder – smart, ambitious, and determined. Ashray is all this, and comes with a bonus trait; he is more down to earth than you would expect a 27-year-old, who is already at his second entrepreneurial venture, to be. He has been part of multiple startup accelerator programs and Rephrase.ai has raised about $10.6 million in Series A funding.

India’s Midas touch in online jewelry

The COVID-19 impact on businesses had not been kind to the sector. But the bad phase has passed, it seems. In fact, reports suggest that India’s gold demand surpassed pre-pandemic levels. According to a report by Maximize Market Research, India’s gem and jewellery market, pegged at $25.30 Billion in 2020, is expected to grow at a CAGR of 21.35% to reach $98.04 billion by 2027.

Edtech is not just about learning

Edtech unicorn BYJU’s has been in the news for a lot of unpleasant developments lately. Despite its reported fundraise at a flat valuation of $22 billion, the 12-year-old company had suffered a loss of Rs.4564.38 crore in their last reported numbers. But let’s not assume this as a blow to the edtech sector at large.

To AI or not to AI?

In the offline world, ‘group owners’ of such funds get a group of people together, collect a specific amount of money from all of them, conduct an auction, and disperse the money among them. Coming from a tech background, Manuraj was curious to bring this system online.

What’s for lunch?

Did you know that Delhi’s iconic food joint Karim’s which is most popular for its Mughal delicacies was established in the mid-19th century by Haji Karimuddin, son of Mohammed Aziz, a cook in the royal court of the Mughal Emperor Bahadur Shah Zafar. This dine-in and takeaway continues to thrive in Delhi’s Khan Market – one of the most expensive real estate parcels in the world.

Where are the world’s rich investing?

While family offices in the past have been inclined towards the private markets and low-risk assets, the trends seem to be changing. The wealth making opportunities along with the technological disruption could be one of the reasons behind the shift.

Mirror, Mirror on the wall, who’s the fairest of them all?

BPC such as skin and hair treatments have traditionally involved a trip to salons or parlours which is not only time-consuming but also expensive to be done on a regular basis. Moreover, COVID-19 led restrictions further pushed beauty and personal care to reach inside our homes.

Earth is our only home

There is no better time than now to take immediate action towards mending the damage. Perhaps this explains the increasing focus from private market investors on climate-focused innovations.

Charging it up

In India too, Gurugram-based electric vehicle ride-hailing startup BluSmart has taken a similar full-stack approach where it focuses on building their entire ecosystem, including the charging infrastructure for their electric taxis.

Investment trends under strategic shift

LP’s across the world believe that 2024 will prove to be a strong year for Asian private equity, according to Coller Capital’s latest Global Private Equity Barometer, Summer 2023. The report studied responses from 110 private equity investors based in North America, Europe, and the Asia-Pacific region (including the Middle East).

What’s in your shopping cart today?

Digital commerce or e-commerce has made its way into our daily lives. While the segment has been around for a long time, it was a ‘good-to-have’ option. However, COVID-19 led restrictions made it an essential for all of us. From getting groceries, medicines, apparel, food, electronics, to booking tickets, everything got enabled through e-commerce.

Journey or destination: What do you prefer?

For growth-stage investors, there could be a similar dilemma. While making the next investment, many must have struggled over deciding whether to invest in an existing market leader or a growing brand that is looking to disrupt the existing market with its innovative solutions.

Where patience meets prosperity

India has been working relentlessly towards achieving the 2030 sustainable development goals (SDGs) however, data from Impact Investment Council (IIC) reveals that the country needs to spend approximately $170 billion annually to support the SDGs by 2030.

India’s petcare industry is a market to chew on

Around the world, couples are happily choosing to parent dogs, cats, and other pets – to an extent that prompted Pope Francis to publicly call “having dogs and cats that take the place of (human) children” a form of selfishness.

Your package has arrived!

Remember the smile, the Amul girl brought on our faces while opening a new block of butter? Or the reassuring sense of safety when pouring milk from a secure tetra pack? Packaging doesn’t just showcase a product but also reflects care and quality. It shows the brand’s commitment to preserving products and ensuring they reach us intact.

A market for that which is Instagrammable

India has the world’s third-highest online shopping population and D2C (or digital-first) players are delivering on the market promise by leveraging the strong internet infrastructure to directly reach customers, without traditional intermediaries.

Where healthcare and wealthcare meet!

In India, healthtech segment saw an influx of investments and growth during the COVID-19 period, however the funding plummeted 55% year-on-year to $1.4 billion in 2022, according to Tracxn data. The dip in the funding was mainly due to 75% decline in late-stage investments and 52% decline in seed investments.

Be ready when everybody is sitting on the sidelines: Jai Rupani

‍At LetsIgnite 2023, India’s largest conclave for startup investors, Mr. Rupani was part of a panel discussion on the young titans of family offices in India. Here’s an excerpt from a panel discussion.

VCs on raising from Indian LPs

What does a VC fundraising strategy look like? Hear from fund founders and managers as they take us through the journey of pooling capital from family offices, pension and endowment funds, institutional investors, and other LPs.

Rishabh Mariwala on Sharrp Ventures’ road to become the best consumer investor in the country

With a passion for innovative product formulations and deep consumer insight, he founded the luxury consumer brand Soap Opera in 2010 and went on to introduce a range of luxury skincare product PureSense in 2016. While working on PureSense, Rishabh founded Sharrp Ventures, the Mariwala Family Office.

Diversification a key aspect of investing in private markets: Adrija Agarwal

She holds a bachelor’s in bioengineering from Cornell University, a master’s in management from London Business School, and an MBA from Kellogg Business School.

Ankit Kedia on building the Rs 200 Cr fund Capital-A

He holds a bachelor’s degree in food marketing from Western Michigan University and completed a post-graduation degree from SP Jain Institute of Management and Research in Mumbai.

Hope is not a strategy, businesses need to make tough decisions and move on

The decline in startup funding in 2023 to a five-year low figure of $7 Bn as compared to $25 Bn in 2022 (Source: Tracxn) has been the cause of frantic calibration in the startup ecosystem. We spoke to Rajeev Kalambi, General Partner, Cactus Venture Partners, to catch the pulse of the startup ecosystem in India and what to expect in 2024.

Not fair to write off 2024

As startup founders and investors settle in a realistic market condition, all stakeholders in the ecosystem seem to be waiting in the wings to understand what the future holds. We spoke to Siddarth Pai, Founding Partner, 3One4 Capital, to catch the pulse of the startup ecosystem in India and what to expect in 2024.

Exits are more real and predictable than ever before

Founders have settled in the reality of building businesses. Sanjay Swamy, Managing Partner, Prime Venture Partners, believes all startups in the ecosystem today fit in four distinct categories and that there’s a promising path to liquidity in India.

Blogs Serious business in secondary market

Experts forecast 2024 as a record year, with secondary transactions touching $150 B. Last year, global secondary transactions reached $112B, the second highest figure after $132 B in 2021, according to Jefferies report on the global secondary market.

Fintech: The evergreen sector on every investor’s mind

Fintech’s first identity is the QR code – at least for the common Indian who finds it everyday in their local kirana store, on roadside carts stacked with socks and dreamcatchers on display, or even stuck on the chest of their idol in temples to make daily offerings or donations. In fact, the natural reflex now is to scan and pay, not to take out the wallet, pay with cash, and wait for the change.

The sound of India’s entertainment market

India consumed 17.4 EB of mobile internet data in 2023. That is 174 trillion GB or more than 17 million TB worth of content transmitted throughout the year as we scrolled through social media reels, binge-watched the latest shows, or perhaps played a couple rounds of World of Warcraft to unwind after a long week.

Why SpaceTech Is no Longer “Too Early” for Angel Investing

India's space economy is projected to reach USD 13 billion by 2025, driven by increasing private sector involvement and favorable governmental policies.

The Fund Manager’s Playbook: Building & Managing an Early-Stage Fund

leading fund managers shared their insights and some hard-hitting truths on the art and science of building an early-stage fund

How AI is Transforming Industries and Redefining Success

How RevFin Electrified Its Growth: A Debt Funding Success Story with LetsVenture

October 23, 2024

Key Milestones Investors Want at Every Stage of Startup Fundraising

October 17, 2024

Revenue-Based Financing: LetsVenture's Role in Transforming Indian Startup Growth

October 17, 2024

Understanding Non-Dilutive Funding: A Smart Approach to Debt Funding for Startups

Dive into the world of non-dilutive funding, a smart financing option that helps startups secure capital without giving up equity. Learn how maintaining ownership can benefit your startup through real-world examples like Doqfy's success story. Understand the advantages of debt financing, the strategic considerations involved, and how it compares to equity financing.

August 30, 2024

The Future of Debt Funding: Trends and Innovations in Startup Investment 2024

August 30, 2024

New ways to track your portfolio startups and invest strategically on LetsVenture

The revamped dashboard provides transparent portfolio details at both holistic and granular levels.

The game of entrepreneurship is changing in India: Sharad Sharma

FoundersFirst third edition: Sharad Sharma calls on the need for a robust research and development ecosystem to empower deeply innovative startups in India.

When the space is your oyster

Agnikul Cosmos Founding Advisor Satyanarayanan Chakravarthy has also founded The ePlane Company, a LetsVenture portfolio startup that is making flying taxis a reality.

Funding Fridays: Decoding debt funding for startups and emerging businesses

A closer look at the power of debt to efficiently leverage debt funding as a tool.

[Portfolio Watch] Surging fundraising activity, strategic AI acquisitions, eyeing the public market, and more

In Portfolio Watch, LetsVenture takes a closer look at the winning activities and milestones in our portfolio.

How to prepare for debt funding: The definitive checklist for startups

Everything you need to know when seeking debt funding.

Insights on LV Debt and our commitment to make fundraising easy and transparent

Founders must understand these nuances of debt before taking one.

What is the difference between equity and debt funding for startups and emerging businesses?

Raising capital is a big decision for any business. Make sure you know the ins and outs of funding options, including debt and equity, before starting your fundraising process.

LetsVenture AIF Information

LetsVenture today has a Cat-1 Angel AIF license, approved in 2018. We have close to 4.5k investors who have invested across 900 schemes. As we were the early pioneers of the AIF, we had created the PPM with certain cost structures in mind.

February 21, 2024

The importance of debt in a changing startup funding environment

Alternative forms of funding like debt as well as a combination of debt and equity are likely to become a strong funding instrument in the coming years for emerging businesses.

February 8, 2024

Perks of running LetsVenture is front-seat view of the ecosystem

Our vision remains intact: To ensure that investors (angels, UHNIs and family offices) have access to the best entrepreneurs and to make fundraising and liquidity easy and transparent for founders.

January 23, 2024

The Great Metamorphosis: LetsVenture’s Private Market Investing Outlook, Insights & Projections 2023-24

From our qualitative research and interviews with leading VCs and investors, the report outlines 10 key trends that point to a maturing startup ecosystem.

January 23, 2024

Dive deep into the Angel Tax and its crippling impact on Indian startups

How does the angel tax and the valuation methods prescribed under it affect startups operating in a highly unpredictable market? Find out more.

December 8, 2023

Rise of founders as angels and what they do better

November 27, 2023

A deep dive into building and scaling a company with equidebt at LetsIgnite 2023

November 27, 2023

Power law's ability to make investors lazy and other insights on building a successful portfolio at LetsIgnite 2023

November 27, 2023

Building a foundation of trust, the board’s fiduciary responsibility, and other top takeaways on navigating startup governance

Delve into the many facets of startup governance with Quotient Partner Kanika Agarrwal, Tracxn Co-founder and CEO Neha Singh, Aulerth Founder and CEO Vivek Ramabhadran, Aeka Advisors Partner Abhishek Goenka.

November 22, 2023

Inside the minds of young titans of family offices and their approach to startup investment

Take a closer look at how and why family offices are allocating capital to private markets in a candid conversation with leaders from four family offices at LetsIgnite 2023.

November 9, 2023

Four reasons why you should attend LetsIgnite 2023

We are pleased to announce the ninth edition of our flagship event LetsIgnite, India’s largest conclave for startup investors. Here are four reasons why you should not miss LetsIgnite 2023.

September 12, 2023

[Portfolio Watch] GIVA closes Rs 200 Cr in Series B, actor Parineeti Chopra invests in Clensta, and more

An investor is no longer just a suit-clad professional. They could very well be your next-door neighbor, or as we’ve seen, your landlord or a celebrity customer.

August 14, 2023

LetsVenture partners with HSBC to enable startups build sustainable businesses

Shanti Mohan, Co-founder and CEO, LetsVenture, advised founders on the need to be self-aware about how one is building their company and the intent behind their actions.

Three reasons to invest in an early-stage startup

One in every three deals in the Indian startup ecosystem takes place on LetsVenture. Join our investor community to discover the most promising early-stage startups.

Pushing for sustainable mobility: Are electric vehicles the future of India?

India is charging towards achieving its goal of sustainable mobility. Amid a strong push from the government and new innovations from the private sector, the electric vehicle market in India is growing at its own pace. In this edition of Compass, we explore the current electric vehicle market, its opportunities, and challenges.

Why should investors look at impact investing today

Impact investments are often confused with philanthropy. But like any other investor, impact investors also invest to achieve financial gains and make an impact in society.

LetsVenture partners with XLRI to encourage the spirit of entrepreneurship

The partnership aims to encourage entrepreneurship and mentoring the next generation of entrepreneurs.

Women Investor Network (WIN) Alumni Invest Rs 7.5 Cr in 200 Startups So Far

WIN also continues to thrive as a community of women angel investors with access to exclusive deals as well as online sessions with industry practitioners.

The secret sauce of sourcing good startup deals

What is the secret sauce of sourcing good startup deals that will make an angel investor’s private market investing journey rewarding?

A decade of democratizing the Indian private market

Though hard, it has been gratifying and humbling. If I were to use words to express our journey, it would be fun, joy, passion, gratitude, hard work, love, disappointment, and anguish.

Five things all lead investors should know about running a syndicate

A lead investor must inevitably be an influencer. Here are five things to note before starting your syndicate.

[Portfolio Watch] Doqfy gets a funding boost to simplify legal ancillary, Zypp Electric and The Energy Company’s drive towards sustainable mobility and more

In Portfolio Watch, LetsVenture takes a closer look at the winning activities and milestones in our portfolio.

How to ensure investor-founder fit while raising funds

Finding the right investor takes a lot of time and effort but it is a crucial step to complete before raising funds. The right investor and their partnership with the founder can be a major contributor to the success of the business.

LetsVenture investors offer 6 LOIs to iStart startups at Rajasthan IT Day

LetsVenture joined hands with iStart Rajasthan, a state-backed initiative, to promote entrepreneurship in the state. Six promising iStart startups received letters of intent from LetsVenture leading investors.

Five ways angel investors can support startups in their portfolio

As the funding winter drags on and the collapse of banks in the US signals a tough economic environment, it is time for angel investors to stay alert on their mentoring duty.

How to achieve product-market fit by understanding your customer

A great product is one which can solve the consumer’s problems and add value to their lives.

February 27, 2023

LetsVenture signs MoU with iDEX-DIO to accelerate investment in deeptech startups with defence and civil use cases

As a part of the partnership, LetsVenture will commit Rs 100 Cr co-investment into iDEX startups and will collaborate to support the current and future initiatives of iDEX programs.

February 20, 2023

Startup Funding

Limited Partners (LPs)

Digital lending

Mobile entertainment

LetsIgnite 2025

Fintech startup

Fundraising strategy

Venture capital

Startup fundraising

Alternative financing

Revenue-based financing

FoundersFirst 2024

LetsVenture Debt

Startup governance

Startup Investors

LetsIgnite 2023

LEARN by LetsVenture

Women Investor Network (WIN)

Women Investor Network (WIN) LEARN by LetsVenture

Syndicate Investing

Union Budget 2023

U-30 Founders Challenge

Shark Tank India

New Year Greetings

Startup valuation

LetsVenture portfolio

Alternative Investment Fund (AIF)

I-Venture @ ISB

Startup updates

Artificial Intelligence

FoundersFirst 2022

Private Market Investment

LetsIgnite 2022

Jewellery Industry

Electric vehicle

Entrepreneurship

Angel Investors