Equity management platform, Trica has bagged USD 3 million in seed funding from LC Nueva AIF, Accel, Secocha Ventures, along with a number of angel investors that includes Anupam Mittal- the founder of Shaadi.com, BharatPe cofounder- Ashneer Grover, and Kunal Shah- founder of Cred.
With the raised funds, the company aims at expanding its team, enhancing the technology infrastructure to boost equity management for startups and investors, along with scaling its product.
For the record, Trica offers software products to support equity management and transactions and is headed by co-founder and CEO- Nimesh Kampani and Shanti Mohan and Sanjay Jha- the co-founders of LetsVenture as the head of strategy and head of product.
The company has improved its leadership team by roping in ex- Expedia executive- Mr. Siddhartha Sharma to lead Trica equity’s global SaaS business and Mr. Pranav Mahajani, former ITI Capital executive to head its relations at Trica capital.
Presently, Trica’s product line include Trica equity, which is a new version of LetsVenture's employee stock ownership program management and MyStartupEquity – its cap table SaaS product that was introduced in January 2020 and Trica Capital which will drive investments in growth stage and pre-IPO entities from family offices, Indian and global funds, and ultra high-net-worth individuals (UHNIs).
To drive its investment platform, the Canada-headquartered company has onboarded over 200 family offices, more than 100 funds, and 500+ UHNIs.
As per a statement by Nimesh Kampani, Trica has signed up more than 400 customers across India, Singapore, and the United States for its ESOP management in the last 15 months, out of which 30% to 40% of them are Series B startups.
Trica offers a free platform for startups that have close to 100 employees, after which the company charges USD 13.37 per user each month.
Some of the notable customers include Pharmeasy, Khatabook, Delhivery, Mobikwik, Scripbox, and Zetwerk, among various others.
Source Credit: https://www.moneycontrol.com/news/business/companies/letsventure-subsidiary-trica-secures-3-million-from-accel-others-7552911.html