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Co-working space The Hive, LetsVenture join forces to set up incubators

(L-R) Chaitanya Ramalingegowda, VP-investor relations at LetsVenture, Shanti Mohan, co-founder & CEO, LetsVenture and Ankit Samdariya of The Hive

(L-R) Chaitanya Ramalingegowda, VP-investor relations
at LetsVenture, Shanti Mohan, co-founder & CEO,
LetsVenture and Ankit Samdariya of The Hive

Virtuous Retail Services Pvt. Ltd, which operates collaborative workspace The Hive, has joined hands with online fundraising platform LetsVenture to set up and manage incubator spaces for startups.

While LetsVenture-affiliated companies will have special access to The Hive’s network of collaborative workspaces across the country, startups affiliated with The Hive will receive fundraising support on LetsVenture.

Shanti Mohan, co-founder & CEO, LetsVenture, said: “This partnership with The Hive is strategic and well-aligned with our vision of making the fundraising process efficient and transparent for startups.”

LetsVenture, which was founded in 2013 by Mohan and Sanjay Jha, claims to have more than 12,000 startups and over 2,000 investors on its platform. It says it has helped more than 105 startups raise over $40 million so far, including the likes of dating app Aisle, co-working space Innov8 and crowdfunding platform Wishberry.

The Hive provides plug-and-play workspaces for entrepreneurs, freelancers, emerging enterprises and small businesses. Located in Whitefield, Bangalore, it is spread over 60,000 sq. ft on three levels, and offers private offices, concierge services, conference rooms, fitness centres and dedicated bars and restaurants, apart from other amenities.

In January 2017, The Nudge Foundation, backed by Infosys co-founder Nandan Nilekani, Tata Trusts and other industry heavyweights, launched N/Core, an incubator for non-profit startups working towards poverty alleviation. N/Core had said it will invest more than Rs 50 crore ($7.3 million then) over the next five years to incubate and support over 100 non-profit startups.

In the same month, early-stage venture capital fund advantEdge Partners appointed Ridhish Talwar—who earlier co-founded gaming brand The Shark and legal services startup EasyLaw—to head its newly-formed incubator programme. The programme will have rolling admissions and will invest up to Rs 15 lakh upfront in startups in exchange for 5-8% equity.

Last year, public sector lender State Bank of India announced opening an incubation centre for fintech startups.