Kumar joining Nexus Venture Partners adds to a long list of top personnel changes at venture firms in India over the last 8-10 months. He was previously at startup accelerator Y Combinator and had also founded Supr Daily along with Shreyas Nagdawane and Rohit Jain.
Startups and ecommerce companies are focusing on profitability and cost conservation, with some holding back pay raises for senior staff during appraisals. Some founders are forgoing hikes on their own, while others are forgoing them. Sandeep Murthy, partner at VC fund Lightbox Ventures, suggests that the main goal is to create a stakeholder advantage.
Vaibhav Agrawal is set to launch his own venture firm. Abhishek Nag has joined Mumbai-based 360 One (formerly IIFL Wealth & Asset Management) to lead early-stage investments. has joined Mumbai-based 360 One (formerly IIFL Wealth & Asset Management) to lead early-stage investments.
Sandeep Bapat appointed as co-chief investment officer at Singularity Growth, focusing on key sectors. His experience at Trifecta Capital, Harvard, and involvement in various investments adds value to the team amidst VC departures in India.
Existing investor Lightbox is a significant participant in the round. The Mumbai-based investor had first invested in the company in 2019. So far, it has deployed $25 million into the company and holds 30% equity in the firm, Lightbox Ventures founding partner Sandeep Murthy told ET in an interaction.