India’s venture capital (VC) landscape went through a turbulent phase in 2023, characterized by uncertainty and volatility. This period of disarray was marked by a series of partner exits, fund splits, and the exit of significant global investors such as Omidyar Network from the Indian market. Additionally, there was a noticeable decline in the trust that venture capital (VC) and private equity (PE) firms placed in Indian startups. Many startups faced the dual challenge of dwindling investment and a difficult path toward profitability. As the funding environment became increasingly tight, investors and founders alike grappled with the consequences of a prolonged capital drought.
However, 2024 is turning out to be a year of revival and optimism for India’s startup ecosystem. While challenges persist, the Indian startup market is showing signs of resurgence, with an increasing number of IPOs on the horizon and secondary market transactions gaining momentum. Despite the volatility that continued well into 2024, lucrative returns have provided a buffer against the uncertainties that characterized the previous year.
This resurgence is being driven, in part, by an influx of new fund managers who are capitalizing on the evolving market conditions. Many investors who were previously part of prominent VC firms have opted for exits, not just to wind down their involvement, but to launch their own funds focused on the secondary market, an area that is witnessing growing demand for liquidity. As these new fund managers take the plunge into entrepreneurship, they are poised to reshape the VC landscape in India, introducing fresh approaches and strategies to an ecosystem in transition.
In this article, we take a detailed look at the significant exits and transitions among some of the top venture capitalists in India, who are now embarking on their new journeys. Their exits represent not just a personal shift but a larger trend of transformation within the Indian VC space.
1. Abhishek Nag Leaves Lightspeed to Join 360 One Asset
Abhishek Nag’s departure from Lightspeed India in March 2024 to join 360 One Asset was a significant event in the Indian venture capital space. Having joined Lightspeed just two years earlier as a partner, Nag had previously worked with major global players like Netflix, Meta, Uber, and Facebook. With over 15 years of experience in tech and media, Nag’s shift into venture capital was marked by his role as an angel investor, where he backed successful startups like Mobile Premier League, MyGate, slice, and Blue Tokai Roasters.
In 2021, Nag co-founded Atrium Angels, a micro VC fund that aimed at backing early-stage startups. His decision to move from Lightspeed to 360 One Asset, a wealth management firm, reflects a broader trend of VCs seeking to leverage their networks and expertise in new ways. Nag’s new focus at 360 One Asset will be on early-stage investments, an area in which he has built a reputation over the past few years.
At 360 One Asset, Nag has already started making his mark by leading investments in startups like Funstop Games, Aero, and Airbound, which signal a strong shift toward building early-stage businesses. By leveraging his extensive corporate experience and deep understanding of the Indian market, Nag aims to bring a new approach to wealth management, one that is firmly rooted in the startup ecosystem. His move is indicative of the growing appetite for early-stage investment opportunities in a market that is slowly recovering from the effects of the capital drought of the previous years.
2. Anandamoy Roychowdhary Exits Peak XV After 11 Years
In a poetic LinkedIn post, Anandamoy Roychowdhary announced his exit from Peak XV Partners in November 2024 after over a decade with the firm. Roychowdhary’s career in venture capital began when he joined Sequoia India as Director of Technology, where he advised the VC’s portfolio companies, including BYJU’s. He played an instrumental role in Sequoia’s investment strategy, particularly in scaling tech startups across India.
After the split between Peak XV Partners (previously Sequoia India) and Sequoia Capital in 2023, Roychowdhary stayed on with Peak XV as a Surge Partner. His decision to step down was surprising given his long tenure and significant role in managing investments. However, as he alluded to in his social media post, he is now looking for new avenues to explore.
Although Roychowdhary did not reveal his next steps, his extensive experience in managing high-growth technology startups means that he will likely remain deeply involved in the startup ecosystem. Even after his exit, Roychowdhary continues to invest in a range of startups, including Atlan, Mobile Premier League, and SquareX. His move is part of a broader trend in the Indian VC space, where seasoned investors are increasingly transitioning away from large institutional roles to become independent players, either by launching their own funds or investing more actively in startups.
3. Aviral Bhatnagar Quits Venture Highway to Focus on A Junior VC
Aviral Bhatnagar’s departure from Venture Highway in April 2024 was followed by a shift in focus toward his own investment fund, A Junior VC (AJVC). Bhatnagar had spent more than three years at Venture Highway, where he played a crucial role in leading investments across sectors like SaaS, AI, and consumer tech. He also helped build the firm’s student venture program, a notable initiative aimed at encouraging young entrepreneurs.
Bhatnagar had founded AJVC in 2018, but it was only in August 2024 that he took on the role of Managing Partner to give the fund his full attention. AJVC, a 100 Cr SEBI-regulated Category II Fund, is focused on backing pre-seed startups in India, a segment that is often underserved but holds immense potential.
Bhatnagar’s transition reflects a growing trend of VCs moving toward smaller, more niche investment vehicles, rather than remaining within larger firms. Given his track record of successful investments and his deep understanding of the Indian startup ecosystem, Bhatnagar is well-positioned to lead AJVC into a new era of early-stage venture funding.
4. Gaurav Bindal Quits Orios Amid Top-Level Exits
In a highly strategic move, Gaurav Bindal, the Chief Financial Officer (CFO) and Chief Operating Officer (COO) at Orios Venture Partners, exited the firm in October 2024. Bindal had joined Orios in 2021 and was responsible for overseeing the firm’s fund operations, legal and compliance functions, and transaction closures. During his time at Orios, Bindal played a key role in ensuring the smooth execution of investments, especially in the firm’s later-stage deals.
His departure was part of a broader trend of senior exits from Orios, which has seen several high-level professionals leave the firm in 2024. While Bindal did not publicly disclose the reasons for his exit, it comes at a time when the VC firm is undergoing significant changes. Bindal’s exit may signal the firm’s efforts to restructure its internal operations or refocus on new market strategies. His exit is another example of the shifting dynamics within the Indian venture capital landscape, where seasoned professionals are increasingly seeking to strike out on their own.
Bindal’s background in finance, with previous roles at EY, ITC, and XSEED Education, means that he brings significant experience to whatever his next venture will be. Whether it involves launching his own fund or contributing to other VC initiatives, Bindal’s expertise in managing fund operations and strategic investments will continue to be an asset to the startup ecosystem.
5. Piyush Gupta Exits Peak XV to Float His Own Venture
Piyush Gupta’s decision to step down from his role as Managing Director at Peak XV Partners in April 2024 was a significant moment in India’s VC industry. Gupta had been with Peak XV since 2017, where he led the firm’s strategic development and played a key role in major secondary deals, including Peak XV’s stake sale in Zomato and Mastercard’s investment in Pine Labs. His decision to leave was driven by a desire to launch his own secondaries-focused VC firm, Kenro Capital.
Kenro Capital, which Gupta co-founded with Norbert Fernandes (former director at TR Capital Group), is focused on making secondary investments in growth-stage startups. These are businesses that are profitable or close to profitability and may be looking to list on the stock exchanges in the next two to three years. Gupta’s extensive experience in secondary market transactions makes him uniquely qualified to lead this new venture, and his move is in line with the growing demand for secondary deals in India’s startup ecosystem.
Kenro Capital marked its first investment in December 2024, in edtech startup K-12 Techno Services, signaling the beginning of a new chapter for Gupta and his team. His transition from Peak XV to launch his own firm speaks to a broader trend in the venture capital space, where seasoned investors are increasingly looking to capitalize on the demand for liquidity options and exit opportunities for startups that have reached maturity.
6. Rahul Chaudhary Exits Z47 to Launch His Own Venture
Rahul Chaudhary’s exit from Z47 (formerly Matrix Partners India) in May 2024 was a notable event in the VC ecosystem. Chaudhary, the co-founder of Treebo Hotels, joined Z47 in February 2023 and quickly established himself as a leader in early-stage investments, focusing particularly on seed to Series A rounds. Under his leadership, Z47 launched a $525 million fund and made investments in several high-potential startups.
Chaudhary’s departure is indicative of a broader trend of successful entrepreneurs transitioning into the VC world. His decision to leave Z47 and focus on his own venture reflects a desire to continue building value in the Indian startup ecosystem, but in a more hands-on, entrepreneurial capacity. Chaudhary’s expertise in scaling businesses, particularly in the hospitality sector, will likely play a significant role in his next venture, which will likely focus on areas where he has hands-on experience and a strong understanding of market dynamics.
7. Raj Dugar Exits Eight Roads Ventures to Launch a Secondary Fund
After 17 years at Eight Roads Ventures, Raj Dugar made the decision to step down in 2024 and launch his own secondary market fund. Dugar played a key role in building Eight Roads’ presence in India and Southeast Asia, investing in high-growth startups like Chai Point, Pharmeasy, and Shadowfax. His departure marks a key moment in the VC firm’s evolution, as the firm faces a wave of exits and leadership changes.
Dugar’s new fund will focus on secondary market deals, capitalizing on the growing interest in liquidity options for startups that are nearing exit. His vast experience in both private equity and venture capital positions him well to lead a fund that will likely be one of the key players in the secondary market space in India. Dugar’s move reflects a broader shift within the venture capital ecosystem, as more investors look to exploit opportunities in secondary transactions.
8. Saharsh Sharma Exits Orios Venture Partners After 5 Years
In December 2024, Saharsh Sharma announced his exit from Orios Venture Partners after serving the firm for five years. Sharma, who led investments in startups across various sectors, including electric vehicles, edtech, and healthtech, had been a key player in Orios’ growth strategy. During his tenure, he made investments in startups like Battery Smart, Nxtwave, and Kenko Health, which went on to become some of the firm’s most successful portfolio companies.
While Sharma did not reveal his future plans, his decision to leave Orios signals a transition to new ventures, either in venture capital or entrepreneurship. His background in healthcare, logistics, and business analytics positions him well to take on new challenges, whether through launching his own fund or playing an advisory role in the startup ecosystem.
9. Sameer Brij Verma Exits Nexus Venture Partners to Float a Secondary Fund
After a remarkable 13-year journey at Nexus Venture Partners, Sameer Brij Verma decided to step down in September 2024 and launch his own secondary-focused investment firm, Northpoint Capital Management. Verma’s deep expertise in private equity and venture capital has allowed him to build a reputation as one of the leading investors in India. At Nexus, he was involved in some of the firm’s most successful investments, including those in the pre-IPO space.
Verma’s move to launch Northpoint Capital marks a significant turning point for the firm, as he focuses on secondary market deals and pre-IPO investments. His new firm will likely target profitable companies that are close to listing or already in the growth-stage phase, capitalizing on the growing trend of liquidity-driven deals in India’s startup ecosystem.
The Winds of Change in India’s Venture Capital Ecosystem
The departures of these key investors in 2024 signal a transformation in India’s venture capital ecosystem. A growing focus on secondary transactions, early-stage investments, and liquidity solutions is changing the way that funds and investors approach the startup ecosystem. Many of these new ventures are carving out a niche for themselves, focusing on specific sectors or investment strategies that align with the current market dynamics.
As these new fund managers begin to influence the Indian startup landscape, the coming years will likely see an increase in strategic exits, secondary market deals, and a renewed focus on building sustainable, profitable businesses. The investors who have left established VC firms to start their own journeys are poised to play a pivotal role in this evolution, bringing fresh perspectives and strategies that could lead to a renaissance in India’s startup ecosystem.
The challenges of the past few years have led to a more nuanced understanding of the Indian market. With increased liquidity options and a growing number of opportunities for secondary market investments, 2024 could indeed be the year of resurgence for India’s venture capital industry.
