Nandan Nilekani Steps Down as GP at Fundamentum, Which Launches $200M Fund III
Original: Nandan Nilekani leaves GP role at Fundamentum as it launches $200M third fund
Why This Matters
Signals maturing of India's VC ecosystem as prominent tech founders institutionalize their investment platforms.
Infosys co-founder Nandan Nilekani is stepping down as general partner at Fundamentum Partnership, the Indian VC firm he co-founded in 2017, as it launches a $200M third fund targeting 8-10 startups in consumer tech, fintech, and AI.
Nandan Nilekani, 71, co-founder of Infosys and architect of India's Aadhaar biometric identity system, will no longer serve as a general partner at Fundamentum Partnership, the VC firm he co-founded with Sanjeev Aggarwal in 2017. The change coincides with the launch of Fundamentum's third fund, targeting $200 million. Nilekani will remain the fund's anchor investor — making his largest-ever commitment to a VC fund — and will continue mentoring portfolio companies and advising the firm. Aggarwal described the shift as 'just a title thing,' adding, 'He is an integral part of our firm.' Fund III will be led by Aggarwal alongside GPs Prateek Jain, Mayank Kachhwaha, and finance chief Sanjay Chaturvedi. The fund plans to back 8 to 10 startups at the Series B stage, writing initial checks of approximately ₹100 crore (~$10.5M) each, focusing on consumer technology, fintech, and AI. Fundraising is expected to close over 12 to 18 months, with roughly half from international investors and the rest from Indian institutions, family offices, and founders. Fundamentum's existing portfolio includes used-car marketplace Spinny, online pharmacy PharmEasy, and audio platform Kuku FM.