LetsVenture’s co-founder Shanti Mohan has launched a micro venture capital (VC) fund Propell.
Propell will invest INR 50 Cr in 30 early-stage tech-enabled startups working in e-commerce, fintech, SaaS and D2C. So far, it has invested in 15 startups this year.
Launched in 2021 by Shanti Mohan, Propell has co-invested in a slew of venture capital companies including Y Combinator, Sequoia, Accel, Tiger Global and 3one4 capital. Its founder has over 25 years of experience and has invested in several startups such as Trell, Siply, Giva, Spottabl, Goat brands, and Bimaplan.
Propell is backed by a cohort of investors including Sudhi Herle from Google, Vikas Choudhury from Reliance Jio and Pivot Ventures, and Vivek Khare from Naukri.com.
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Mohan said “With the current slowdown, I do believe this is a great time for early-stage investors to work with some of the best founders to build sustainable business models. Personally, I am energised by the resilience I see among founders and grateful to be in the space that gives me the opportunity to contribute actively,” said Shanti Mohan, Co-founder & CEO of LetsVenture.
Before this, a slew of venture companies have closed their funds including Gujarat Venture Finance Ltd announcing the first closure of its fund, Sequoia India and Sequoia Southeast Asia together sealing its $2.85 Bn fund, and 9Unicorns marking the closure of its $100 Mn fund.
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Recently, Chennai-based Fintech startup Backspace Tech has secured $450K from Mohan K, and Jai Kumar with among other Angel Investors.