Shanti Mohan, Co-founder and CEO of LetsVenture, has launched a micro venture capital fund Propell with plans to invest ₹50 crore in 30 Indian startups.
In addition to co-founding LetsVenture, an online platform enabling angel investments, Mohan has more than 25 years of professional experience. She is also the founding venture partner for RBF Fund N+1 Capital and has personally invested in over 40 startups, including Trell, Siply, Giva, Spottabl, Goat brands, and Bimaplan.
Propell will focus on investing in early-stage startups. Propell Fund is anchored by angels and professionals such as Vikas Choudhury (President, Reliance Jio, and Partner, Pivot Ventures), and supported by Vivek Khare (Advisor, Corporate Development and Early Stage Investments, Naukri.com), and Sudhi Herle (Engineering, Android Platform at Google).
The micro VC fund has already invested in 15 startups and will support at least 15 more startups across sectors like ecommerce, fintech, software-as-a-service (SaaS), direct-to-consumer (D2C) services, and tech-enabled businesses.
Its portfolio of companies include saving and investment app Jar, social commerce app GoBillion, influencer ecommerce player Zaamo, ethical jewellery brand Aulerth, upskilling and career development platform Seekho.ai. The fund has co-invested with Y Combinator, Sequoia, Accel, Tiger Global, 3one4 capital, and several prominent angels.
On the fund’s launch, Mohan said, “Having been in the early-stage ecosystem for a decade and having scaled LetsVenture, I believe this is a great time for me to invest and work closely with founders who are building for the next billion-dollar opportunity in India. With the current slowdown, I do believe this is a great time for early-stage investors to work with some of the best founders building 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.”
Choudhury, from Jio, said, “The next 10 years of India’s growth will be significantly accelerated by the digital entrepreneurs in our country.”
Khare added, “In this exponential age, where so many new technologies and behaviour changes are getting mainstreamed, India will witness multiple startups create massive value. Even the most active angel will not be able to get accessto evaluate/invest in most. A fund like Propell gets your foot in the door in all such exciting companies.”
The Propell fund is a dedicated vehicle hosted on LetsVenture Angel Fund, which is a ‘category 1 angel alternative investment fund’.