IvyCap Ventures’ managing partner Tej Kapoor resigns

Early-stage VC fund IvyCap Ventures’ managing partner Tej Kapoor has exited from the firm and joined ICICI Venture as a director/partner.

In his two year tenure Kapoor held positions in Celcius Logistics Solutions, Agraga, and GradRight has been associated with multiple VC firms over his career spanning more than two decades.

However, he has been in the VC circle for nearly 15 years. He will be overlooking investing in Series A+ and series B companies.

He has also worked with VC firm Fosun RZ Capital in 2016. During his six-year stint at the VC, he served as a board member for startups like Kissht, ixigo and Delhivery.

• Also read: IvyCap Ventures announces final close of third fund at ₹2,100 crore

His move from the VC comes days after it announced the final close of its third fund at Rs 2,100 crore.

With this new fund, Ivy Ventures plans to invest in about 25 companies at Series-A with an average starting investment amount of ₹30- ₹50 crore .While, nearly 20 per cent of the fund will be invested in the existing portfolio companies of IvyCap Ventures, where IvyCap Ventures will act as a co-investor when those companies are raising their next rounds and will not provide secondary funding to their previous funds.

With the closure of ‘IvyCap Ventures Trust Fund 3’, the firm’s total assets under management surged to around $600 Mn. Founded in 2011, the firm has backed Eggoz, ZestIot, Snitch, Flexifyme, Beatoven.ai, Dhruva Space, among others.

Meanwhile, ICICI Ventures, last led a $35 Mn Series E funding round for lending tech-startup Indifi back in June 2023.

• Also read:Chronic pain management FlexifyMe raises Rs 10 cr from IvyCap and Flipkart Ventures

The ICICI bank-backed firm has made over 100 investments since 2002. Till date, the firm has rolled out 5 PE funds under the title India Advantage Fund and holds startups like Zopper, Team Lease, India1 Payments limited, among other companies.

This comes at a time when top-level exits at VC firms in India are increasing. Yesterday (April 2), Venture Highway’s Aviral Bhatnagar announced his departure from the firm, while Peak XV Partners’ managing director Piyush Gupta also announced his time with the firm culminating by the end of the month.

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