LetsVenture’s Shanti Mohan Sets Up Micro VC Fund ‘Propell’

SUMMARY

Propell will invest in 30 early-stage tech-enabled startups working in sectors such as ecommerce, fintech, SaaS and D2C

It is backed by a cohort of investors including Vikas Choudhury from Reliance Jio and Pivot Ventures, Vivek Khare from Naukri.com, and Sudhi Herle from Google

Its portfolio includes Jar, GoBillion, Zaamo, Aulerth and Seekho.ai

LetsVenture’s cofounder Shanti Mohan has launched a micro venture capital (VC) fund Propell.

The micro VC fund will invest INR 50 Cr in 30 early-stage tech-enabled startups working in sectors such as ecommerce, fintech, SaaS and D2C. So far, it has invested in 15 startups this year.

“In this exponential age, where so many new technologies and behavior changes are getting mainstreamed, India will witness multiple startups create massive value. Even the most active angel will not be able to get access to invest in most. A fund like Propell gets your foot in the door in all such exciting companies,” said Vivek Khare, advisor at Naukri.com.

Launched in 2021 by Mohan, Propell has co-invested in a slew of venture capital companies including Y Combinator, Sequoia, Accel, Tiger Global and 3one4 capital to date. Its founder holds 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 Vikas Choudhury from Reliance Jio and Pivot Ventures, Vivek Khare from Naukri.com, and Sudhi Herle from Google.

“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,” said Shanti Mohan, Cofounder & CEO of LetsVenture.

Propell’s portfolio includes savings and investment app Jar, social commerce app GoBillion, influencer ecommerce player Zaamo, ethical jewellery brand Aulerth, upskilling and career development platform Seekho.ai.

According to the Inc42 report, in H1 of 2022, the startup ecosystem witnessed a launch of 78 funds in aggregate. These funds together raised over $12.8 Bn to back several startups working in diverse sectors.

Recently, Mumbai-based VC fund First Cheque closed its second fund after securing $5 Mn thereby, increasing its AUM to INR 90 Cr.

Prior to 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.