Manish Singhal, co-founder of Bangalore-based Lets Venture Online Pte Ltd, which runs the online deal making platform LetsVenture, has quit the company. According to his LinkedIn profile, Singhal left the company last month. Details on his next move are not available as of now.
The development was first reported by The Economic Times. According to the report, Singhal left the firm following differences with the other co-founders. He had co-founded LetsVenture, along with Shanti Mohan and Snjay Jha, in May last year.
We have contacted Singhal for more details and will update the story as and when we hear from him.
An entrepreneur and angel investor, Singhal has over 22 years of operating and advisory experience across different sectors. He has invested in companies including Ecosense, India College Search, GoCoop, AdSparx, Bluegape, Frrole, FlipClass and AdPushUp. An IIT Kanpur alumnus, he had earlier worked at firms like Sling Media, Ittiam Systems, Motorola India and Tata Elxsi.
Set up with a seed capital of Rs 30 lakh, LetsVenture brings investors and startups on a single domain. Apart from helping startups raise investment, LetsVenture also allows them to get their business plans reviewed by experts as well as connect with mentors. The firm's legal partner is Bangalore-based K-Law, which helps startups and investors in drafting term sheets and shareholder agreements while they are closing funding.
The platform charges 2-3 per cent of the entire funding as a commission from entrepreneurs, once they receive the money. It also plans to charge investors about Rs 20,000 as an annual registration fee going forward.
In May this year, LetsVenture had raised Rs 4 crore (over $650,000) from a syndicate of more than 20 angel investors and institutional VCs led by Eka Software co-founder Manav Garg; InMobi co-founder Naveen Tewari; angel investor Rajan Anandan; and Sharad Sharma, co-founder of software product industry think tank iSpirt.