MUMBAI: MUMBAI: VT Bharadwaj, a managing director at the India unit of Silicon Valley’s top venture capital fund, Sequoia Capital, has quit the firm. Bharadwaj’s departure comes less than a year after another MD, Gautam Mago, resigned from Sequoia.
He is likely to launch an independent fund which will be focused on investing in consumer, pharma, healthcare and financial services companies.
Bharadwaj was on the board of 14 companies including Prataap Snacks, which went public last year, Hector Beverages, the makers of drinks brand Paper Boat, Healthkart.com, Suburban Diagnostics, Raw Pressery juices.
On the microblogging site, Twitter, Bharadwaj said, “After 11 years with @Sequoia_India, I have decided to pursue my entrepreneurial aspirations. It has been a wonderful ride and I have enjoyed every minute of it. A special part of this role has been the privilege to partner with incredible founders in consumer and healthcare. I will continue to serve on Sequoia boards. Stay tuned for what’s next..”
Sequoia is in the middle of raising its India Fund VI, which is likely to be trimmed by 25% to about $650-700 million compared to the size of its 2015 vintage fund. There have been talks since last year, about a possible split in the team at Sequoia India wherein tech and non-tech investments, however, that is unlikely to go through now, TOI has learnt. The churn at Sequoia, rated among the most influential venture funds globally, is taking place while limited partners, who are sponsors in funds, have not registered any substantial returns from India creating a sense of uncertainty around the potential for early-stage investments locally.
Mago, who quit after a ten year stint at Sequoia, had backed startups like Oyo Room and Ola, and is on the road to raise an independent $150-200 million fund.