Bangalore based angel deal making platform Let'sVenture seemed to have hit the founder trouble just one year into its launch. One of the three founders, Manish Singhal, has quit the organization citing personal reasons. Shanti Mohan and Sanjay Jha, the other two founders continue to be associated with the platform which is backed by Accel Partners and a number of other high-profile angels.
According to some sources, the split in the founder team is amicable. "Shanti and Manish figured out in the last few months that they had very different styles and personalities. Rather than have that become a problem, they parted ways gracefully" said Sharad Sharma to Economic Times. Sharma is an advisor to Let’sVenture and co-founder of iSpirit foundation.
Mohan will now manage business development and strategy, following Manish’s resignation, while Jha will continue to handle product development. “Manish decided to leave for personal reasons. The departure has not affected Let’sVenture, as we are three co-founders. We are also aggressively hiring and don’t see any impact on business” said Shanti Mohan in an email response to the Economic Times.
San Francisco based Let’sVenture helps startups in setting their feet in the market by connecting them to accredited investors and getting them seed capital. The platform which is often compared to AngelList received validation in May this year when it was successful in raising Rs. 4 Crore from a group of 21 investors. The investors list also included Bangalore based Accel Partners. Top run angels such as Indus Net Technologies founder Abhishek Rungta, InMobi founder Naveen Tewari, Google India head Rajan Anandan etc. were active participants in the round.
Let’sVenture went live in mid 2013 with an aim of making the process of fund raising easier for non-profit organisations. Mohan had earlier worked with non-profits for a while and realized that they had an equally tough time in raising angel capital. This realization of hers lead to the creation of Let’sVenture and Jha and Singhal joined her in the process. Singhal had a prior experience in working in the startup ecosystem after he sold his own startup, Sling Media, while Jha had earlier worked in the sphere of product development in companies like CDC Software and Aptean.
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