Three senior partners at Helion Venture Partners, one of India’s oldest Venture Capital firms, have quit. Rahul Chowdhri, Ritesh Banglani and Alok Goyal will leave the firm to pursue other opportunities.
Founded in 2006, Helion Venture Capital had become India’s largest domestic VC firm by 2012. It has invested a total of $580 million into companies such as MakeMyTrip, RedBus and TaxiForSure.
“The departing executives will separate from the firm over the next few weeks and will cease to provide any ongoing assistance to the portfolio companies,” Helion said in a statement.
Chowdhri, Banglani and Goyal have more than a dozen investee companies between them, including Big Basket, Livspace, Shopclues, Truly Madly, Housing and Toppr, among others, which they are likely to continue serving.
Nine months ago, co-founder and senior managing director at Helion Kanwaljit Singh had quit to pursue his interests in the consumer space. The fund had at that time announced elevation of two of its directors, Banglani and Chowdhri, as partners.
Sources familiar with the development told TOI three partners may launch their own fund which will focus on making technology investments. A founder whose company is backed by Helion said on condition of anonymity that over the past few months there had been a palpable disquiet and uncertainty in the fund as well as among the partners.