Nandan Nilekani steps down as Fundamentum GP during $200M third fund launch
Nandan Nilekani, co-founder of Indian IT giant Infosys, will leave his general partner role at venture capital firm Fundamentum as it launches its third fund targeting $200 million.
Nandan Nilekani, a co-founder of Indian IT services giant Infosys, is stepping down from his role as a general partner at Fundamentum Partnership, the venture capital firm he helped establish nearly a decade ago. The departure coincides with the launch of Fundamentum's third fund, which aims to raise approximately $200 million.
While moving away from the general partner title, Nilekani will remain the fund's anchor investor and continue to provide strategic guidance and mentorship to portfolio companies, according to co-founder Sanjeev Aggarwal. Aggarwal characterized the change as primarily a "title thing," emphasizing Nilekani's ongoing integral role in advising the firm and supporting its invested companies.
Nilekani, 71, is a prominent figure in India's technology sector. He was instrumental in co-founding Infosys, led the development of Aadhaar, India's biometric identity system, and has been a key advocate for the country's digital public infrastructure, including the Unified Payments Interface (UPI). He has also championed initiatives like the Open Network for Digital Commerce (ONDC).
Fundamentum was founded in 2017 by Nilekani and Aggarwal, focusing on investing in Indian startups at the Series B stage and later. The venture capital firm's portfolio includes companies such as used-car marketplace Spinny, online pharmacy PharmEasy, and audio storytelling platform Kuku FM.