LetsVenture says the startups backed through its platform are now worth more than $10.5 billion, spread across 900-plus companies and a network of over 14,000 investors. The company that runs that platform earned ₹13.7 crore (about $1.4 million) in the year to March 2025, grew that top line by just 2.1% over the year before, and lost ₹6.3 crore doing it, according to filings compiled by Inc42 from the Ministry of Corporate Affairs.
That is the puzzle at the centre of one of India’s oldest angel-investing platforms: it moves enormous amounts of other people’s money into private companies, yet the fee it keeps is thin, and it has stayed thin for more than a decade. In 2025 the company rebranded from LetsVenture to LVX, sold the cap-table software business it had spent years building, and told the market it was now chasing growth-stage and pre-IPO deals rather than only angel cheques. This is how a marketplace that helped normalise angel investing in India still struggles to turn that role into a durable profit.
Quick facts
| Company | LetsVenture (platform rebranded to LVX in July 2025) |
| Founded | 2013 (platform); financial-reporting entity LetsVenture Technologies Private Limited incorporated 6 March 2018 (MCA / Tofler) |
| Founders | Shanti Mohan (Founder & CEO) and Sanjay Jha |
| Businesses | Angel-investing marketplace, syndicates and the SEBI-registered LV Angel Fund; growth-stage / pre-IPO deals; previously the trica cap-table and ESOP software arm (sold to Vestd, March 2025) |
| Latest FY revenue | ₹13.7 crore in FY25, up 2.1% from ₹13.4 crore in FY24 (Inc42, MCA filings) |
| Latest FY profit / loss | Net loss of ₹6.3 crore in FY25; EBITDA of about ₹-5.8 crore (Inc42, MCA filings) |
| Listed | Private |
| Funding raised / last round | About $3.37 million across 8 rounds; last disclosed equity round was the October 2015 Series A led by Accel (Tracxn / Crunchbase; MediaNama) |
| Founder & CEO | Shanti Mohan, ex-NetApp, nominated member of SEBI’s Alternative Investment Policy Advisory Committee |
What LetsVenture does
LetsVenture is an online platform that connects Indian startups with individual and institutional investors and structures the paperwork, syndication and compliance around each deal. Instead of a founder chasing 20 angels one at a time, the platform pools accredited investors into vetted syndicates and funds, handles the term sheet and share allotment, and runs a SEBI-registered angel fund (the LV Angel Fund) through which members can commit capital. After a July 2025 rebrand to LVX, the same firm splits its work into three lines: LVX Start for early-stage angel investing through its angel AIF, LVX Grow for growth-stage cheques from venture funds, family offices and high-net-worth individuals, and LVX School, an open learning platform for founders and investors, per Entrackr and YourStory reporting from July 2025.
The founding insight
Shanti Mohan spent close to two decades in technology, including a long stint at NetApp, before starting LetsVenture in 2013 with Sanjay Jha, as recorded by Inc42’s company profile and YourStory. The insight was simple and, at the time, unmet: angel investing in India was informal, relationship-bound and opaque. A founder in Bengaluru could not easily reach an angel in Mumbai, and an angel had no structured way to see, vet and co-invest in early deals. LetsVenture set out to be the marketplace layer for that market, standardising how startups listed themselves, how investors ran due diligence, and how a group of angels came together on a single cap table. Mohan later became a nominated member of SEBI’s Alternative Investment Policy Advisory Committee, a sign of how close the platform sits to the rule-making around Indian private capital. By October 2015, as MediaNama reported at the platform’s Series A, LetsVenture had already helped fund about 50 startups for roughly $17 million and had signed up more than 1,200 angels from over 20 countries, running on a team of 22.
The struggle years
The hard part was never signing up investors. It was turning a marketplace for illiquid, hard-to-monetise private deals into a business that keeps money. LetsVenture raised its Series A from Accel in October 2015 and then did not disclose another equity round; trackers such as Tracxn and Crunchbase still put its total capital raised at only about $3.37 million across eight rounds. For a platform that talks in billions of portfolio value, that is a striking gap, and it meant the company had to fund its growth largely from its own thin fees rather than from repeated venture rounds.
The financials show the strain. Revenue in the reporting entity barely moved between FY24 and FY25, rising just 2.1% from ₹13.4 crore to ₹13.7 crore, and the company was loss-making in FY25 with a net loss of ₹6.3 crore, per Inc42’s compilation of MCA filings. Building an adjacent software business, trica, absorbed money and management attention for years before it was ultimately sold rather than scaled inside the group. Across the whole run, the central tension held: the value of what LetsVenture helped create sat on other people’s cap tables, while the fee it retained stayed small.
The turning point
Two events in 2025, months apart, reset the company. First, in March 2025, LetsVenture’s equity-management arm, trica equity, was acquired by the UK’s Vestd, which used the deal to enter India, as reported by Vestd and Crunchbase. trica had been founded in 2019 by Mohan and Jha under the LetsVenture umbrella and, by the time of the sale, carried close to a thousand startups on its cap-table and ESOP software, including 11 companies described as unicorns and around 150 post-Series A businesses. Selling it meant LetsVenture exited the SaaS business it had built and refocused on being a capital marketplace.
Then, on 10 July 2025, LetsVenture rebranded to LVX and repositioned from a pure early-stage angel platform to a full-lifecycle investment firm spanning early, growth and pre-IPO deals, per Entrackr, YourStory and Inc42. On the far side of that pivot the company was describing itself in different numbers: 900-plus portfolio companies and a network of more than 14,000 investors, organised under the three LVX verticals, versus a 2015-era platform that had funded 50 startups with 1,200 angels. The rebrand did not change the core economics overnight, but it did change the pitch, from “we do angel rounds” to “we handle a startup’s private-capital journey end to end.”
The money behind it
LetsVenture has raised very little for its own balance sheet relative to its profile. The shape of its funding, per Tracxn, Crunchbase, Inc42 and MediaNama:
- Total raised: about $3.37 million across 8 rounds (Tracxn / Crunchbase, as of 2026) — small for a platform of its age and reach, and a figure to treat as a tracker estimate rather than an audited number.
- Series A, October 2015: led by Accel with an undisclosed amount, co-led by Anupam Mittal of Shaadi.com (MediaNama, October 2015).
- Named backers in that round: Nandan Nilekani, Rishad Premji, Kunal Bahl, Rohit Bansal, Girish Mathrubootham, Amit Ranjan and Singapore Angels (MediaNama, October 2015).
- Other listed investors: Chiratae Ventures, alongside industry figures including Ratan Tata and T V Mohandas Pai, per LetsVenture’s investor listing surfaced in search (company-associated, treat as company-stated).
- Separate subsidiary raise: trica raised a $3 million seed round announced on 7 October 2021 from Accel, Kunal Shah of CRED, Ashneer Grover of BharatPe, Anupam Mittal, LC Nueva AIF, Secocha Ventures and the family offices of Apurva Parekh (Pidilite) and Rahul Talwar (DLF), per Business Today. That money went into trica, the arm later sold to Vestd.
No current valuation for LetsVenture / LVX is publicly disclosed, and none is asserted here.
How it makes money
The platform earns a slice of the capital it helps move, plus fees on the funds it manages. The clearest published look at the model came at the 2015 Series A, and the shape has broadened since:
- Deal / syndication fee: in 2015 the platform was free for investors and charged startups 2% of the funds they raised on it, per MediaNama — a classic take-rate on capital facilitated.
- Fund management fees: the LV Angel Fund is a SEBI-registered angel AIF with assets under management stated at over $115 million (about ₹1,100 crore at $1 ≈ ₹96.0), per platform statistics surfaced in search — management fees on committed capital are a recurring revenue line.
- Growth and pre-IPO transactions: under LVX Grow, fees on larger secondary and growth rounds from family offices and HNWIs (Entrackr, July 2025).
- The part people get wrong: the headline “$10.5 billion-plus portfolio value” is the combined mark of the startups backed through the platform, not LetsVenture’s own revenue or assets. The company’s own reported top line was ₹13.7 crore in FY25 (Inc42, MCA filings). A platform can sit next to billions in value and still keep only a small fee on the flow.
The numbers
Publicly filed financials for the reporting entity, LetsVenture Technologies Private Limited, are available in detail only for the most recent years in sources opened for this piece. All figures are in ₹ crore, from Inc42’s compilation of MCA filings.
| Fiscal year | Revenue (₹ crore) | Net profit / loss (₹ crore) |
| FY24 (to March 2024) | 13.4 | Not cleanly disclosed in sources opened |
| FY25 (to March 2025) | 13.7 | -6.3 |
Two things stand out. First, growth has stalled: revenue rose only 2.1% year on year into FY25 (Inc42). Second, the business is loss-making at this scale, with FY25 EBITDA of about ₹-5.8 crore (Inc42). Earlier-year rupee figures were not consistently verifiable in the sources opened for this piece — a widely repeated FY24 figure of ₹6.5 crore revenue with a ₹9.3 crore loss circulated in search summaries but conflicted with the ₹13.4 crore FY24 revenue shown on the Inc42 pages actually opened, so it has been left out rather than reconciled by guesswork.
Where the money comes from
The platform’s own revenue is small, but the activity it sits on top of is large. The split of what LetsVenture / LVX handles, drawn from company-stated platform metrics and reporting, with the distinction between capital facilitated and its own income kept explicit:
- Startups backed: 900-plus portfolio companies as of the July 2025 rebrand (Entrackr, YourStory, Inc42).
- Investor network: more than 14,000 investors across 50-plus countries, including hundreds of family offices and funds (company-stated, July 2025).
- Portfolio value: the startups backed through the platform are valued at over $10.5 billion in aggregate (company-stated) — a mark on other companies’ cap tables, not LetsVenture’s revenue.
- Capital facilitated: from about $17 million across 50 startups in 2015 (MediaNama) to figures in the hundreds of millions of dollars stated by the platform since — the flow the take-rate is charged on.
- Managed capital: LV Angel Fund AUM stated at over $115 million (company-stated) — the base for recurring management fees.
- The surprise: the equity-management arm, trica, had grown to nearly a thousand startups on its software (including 11 unicorns and about 150 post-Series A firms) before being sold to Vestd in March 2025 — an adjacent business that arguably became more valuable as a standalone asset than as a line inside the marketplace.
The risks
The concrete risks facing LetsVenture / LVX, each with a mechanism rather than a label:
- Thin, stalling monetisation: FY25 revenue of ₹13.7 crore grew only 2.1% and the company lost ₹6.3 crore (Inc42). A take-rate business on illiquid private deals keeps a small share of the value it moves, and if deal flow and fund fees do not scale, losses persist.
- Dependence on the startup funding cycle: the platform earns on new deals and fund commitments. When Indian startup funding contracts, as it did through the 2022-2023 funding winter, the fee base shrinks with it.
- Illiquidity of the headline metric: a “$10.5 billion portfolio” is a valuation mark, not cash. Angel and pre-IPO stakes are hard to exit, and paper marks can fall; the platform’s brand rests on returns it does not control.
- Regulatory exposure: the business runs on SEBI’s alternative-investment and angel-fund framework and on accredited-investor rules. Changes to angel-fund norms, taxation of angel investments or accreditation thresholds directly affect who can invest and how deals are structured.
- Loss of an adjacent engine: selling trica to Vestd in March 2025 removed a recurring-revenue SaaS line and narrowed LVX back toward the harder-to-monetise marketplace, raising the pressure on LVX Grow and the angel fund to carry the economics.
The takeaway
The transferable lesson is about the difference between the money a marketplace moves and the money it keeps. LetsVenture helped bring structure to angel investing in India and can point to a portfolio marked at more than $10.5 billion, yet its own reported revenue was ₹13.7 crore in FY25 and it lost money that year. Facilitating capital is not the same as capturing it, and a thin take-rate on illiquid private assets is a hard base on which to build a large, profitable company. The 2025 moves, selling trica to Vestd and rebranding to LVX to chase the full lifecycle from angel to pre-IPO, are an admission of that arithmetic: the company is reaching for larger deals and richer fees because the original angel-marketplace fee was never going to be enough on its own. For anyone building a platform, the question is not how much value flows across it, but how much of that value it can defensibly keep.
Frequently asked questions
Is LetsVenture the same as LVX?
Yes. LetsVenture rebranded to LVX on 10 July 2025, organising its work into LVX Start (early-stage angel investing), LVX Grow (growth-stage and pre-IPO deals) and LVX School (learning), per Entrackr and YourStory. The underlying company and founders are the same.
How much money does LetsVenture actually make?
The reporting entity, LetsVenture Technologies Private Limited, posted revenue of ₹13.7 crore in FY25, up 2.1% from ₹13.4 crore in FY24, with a net loss of ₹6.3 crore, according to Inc42’s compilation of MCA filings. That is the company’s own income, separate from the far larger value of the startups it has backed.
What is the difference between the platform’s portfolio value and its revenue?
Portfolio value (stated by the company at over $10.5 billion) is the combined valuation of the 900-plus startups backed through the platform. Revenue (₹13.7 crore in FY25) is the fee income LetsVenture keeps for facilitating and managing that investing. They are very different numbers.
What happened to trica?
trica, the cap-table and ESOP software arm founded under LetsVenture in 2019, was acquired by the UK’s Vestd in March 2025, giving Vestd its entry into India, per Vestd and Crunchbase. LetsVenture exited the software business as part of its 2025 refocus.
Who founded LetsVenture and who backs it?
It was founded in 2013 by Shanti Mohan (Founder and CEO, formerly at NetApp) and Sanjay Jha. Its October 2015 Series A was led by Accel and co-led by Anupam Mittal, with backers including Nandan Nilekani, Rishad Premji, Kunal Bahl, Rohit Bansal and Girish Mathrubootham, per MediaNama.
Sources
Figures are as of September 2026. Currency converted at $1 ≈ ₹96.0 as of 18 September 2026 (Trading Economics).
- Inc42 — LetsVenture financials (profit & loss, balance sheet, company profile), accessed September 2026
- Tofler / MCA — Letsventure Technologies Private Limited, CIN U72900KA2018PTC110746 (incorporation, directors, capital), accessed September 2026
- MediaNama — “LetsVenture raises Series A funding from Accel Partners & others,” October 2015
- Entrackr — “LetsVenture rebrands as LVX and expands into growth-stage investment,” July 2025
- YourStory — “LetsVenture rebrands to LVX to integrate private market offerings,” July 2025; and Shanti Mohan interview, October 2020
- Business Today — “LetsVenture subsidiary [trica] raises seed funding from CRED, BharatPe, Shaadi.com founders,” October 2021
- Vestd — “trica equity joins Vestd” / acquisition notes, 2025; Crunchbase — Vestd acquires trica, March 2025
- Tracxn and Crunchbase — LetsVenture / LVX funding and company profiles, accessed September 2026
- Trading Economics — USD/INR reference rate, 18 September 2026
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