TLDR:
Abhishek Nag and Vaibhav Agrawal have resigned from Lightspeed Venture Partners in India. Nag has joined 360 One to oversee early-stage investments, while Agrawal is starting his own venture firm. Their departures coincide with other notable venture capital partners leaving their firms.
Article Summary:
Abhishek Nag and Vaibhav Agrawal, partners at Lightspeed Venture Partners in India, have recently resigned from the firm. Nag left Lightspeed India to join Mumbai-based 360 One, where he will be overseeing early-stage investments. Agrawal, on the other hand, is set to launch his own venture firm after leaving Lightspeed’s US fund last year.
The departures of Nag and Agrawal come at a time when other prominent venture capital partners are also leaving their firms amidst a financing winter. Nexus Venture Partners’ Sameer Brij Verma, Sandeep Bapat of Trifecta Capital, and partners at Lightbox Ventures and Orios Venture Partners have also made high-level exits in the past year.
Lightspeed Venture Partners, founded in 2008, has been a key supporter of Indian startups like BYJU’S, Udaan, and Oyo. The firm has made significant investments in companies in India and Southeast Asia and raised USD 500 million for its fourth fund in 2022. However, the valuation of some of its portfolio companies, such as ShareChat and Udaan, has seen a decline recently.
