He will officially step down on December 31, 2023.
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Agrawal told ET that he will continue to work with the fund in a “non-executive capacity for some time.” His departure means only three partners will be left at the firm – Saleem Asaria, Vaidhehi Ravindran and Kartik Srivatsa.
The exit comes at a time of back-to-back changes including rebranding and high-profile exits at venture capital firms in a year that has been marked by funding challenges and portfolio concerns surrounding growth and cash flows.
The development was first reported by online news website MoneyControl, which said Lightrock had been facing “internal differences over how the fund should operate.” Agrawal denied the same to ET, saying that the transition was planned “carefully for a few quarters.”
The report further said that Asaria has also stepped back from daily operations but continues to remain a Lightrock employee. However, Lightrock denied the same to ET.
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As part of the broader trend, Orios Venture Partners in September had two of its managing partners step down from the early-stage venture capital firm in back-to-back announcements. Managing partners Anup Jain and Rajeev Suri have set out to start a new tech venture fund of their own, sources in the know had told ET.In August, three partners at early-stage venture capital firm Lightbox Ventures — Siddharth Talwar, Jeremy Wenokur and Prashant Mehta — were set to leave, ET had reported.
Lightrock focuses on making growth stage impact investments in India with ticket sizes ranging from $10 million to $50 million. In 2021, Lightrock was rebranded from LGT Lightstone Aspada, which was formed after the acquisition of India-focused impact investment fund Aspada by LGT in 2019.