Why Managing Partners Anup Jain, Rajeev Suri Exited Orios Venture Partners According to media reports, post this exit, the partners are likely to start a new venture
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Anup Jain and Rajeev Suri, the Managing Partners of Orios Venture Partners, have resigned from the venture capital (VC) firm.
"I move on to do something new and exciting soon. I believe India's golden years have begun and the recently concluded #G20 Summit has inspired me immensely of the true potential we have as a country and our place in the world," said Jain in a LinkedIn post. In a separate post, Rajeev Suri said he is also "moving on to create something exciting."
Both the partners did not share any further details on the reasons behind this decision. However, according to media reports, post this exit, the partners are likely to start a new venture. "They would likely launch an investment vehicle and it takes four to five months to register a fund with Sebi," stated The Arc, quoting sources aware of the development. The news website's sources also linked them to a dispute over the firm's direction and individual compensation or payouts.
Jain joined Orios Venture Partners in 2017 as a venture partner and was promoted to the role of managing partner in 2018, whereas, Suri had led investments, fundraising, and investor relations at Orios, which he joined in January 2019. With these two high-profile exits, Orios is now left with a single managing partner Rehan Yar Khan.
Coincidentally, earlier this year, the VC firm was in the news for the financial irregularities at its portfolio startup GoMechanic, as the founders admitted to inflating their revenue, which was later acquired by auto component maker LifeLong Group.
Founded in 2013, Orios Venture Partners, known for its focus on early and growth-stage investments, has invested in more than 80 companies, the majority of which are based in India. They invest in startups that are B2B, B2C and in the software space. The firm's portfolio includes Vedantu, Pharmeasy, Ola, and Druva Software.
As per earlier reports available, the VC's portfolio startup PharmEasy has been struggling with financial irregularities due to the cash flow issues occurring due to its lending-driven approach to growth, which has also put the Orios in a tough spot of troubles.
Confirming their resignation, Orios said in an official statement, "Rajeev Suri, who was heading investor relations and Anup Jain, who was part of the investing team have departed. Rehan Yar Khan continues to head fund investments along with a 9-member team, including Sukhmani Bedi, Partner. Gaurav Bindal, COO & CFO continues to head fund operations. Ashish Mishra, President, will now head investor relations. Orios will continue to look to make 8 to 10 investments a year."
"More on this in the coming weeks and months as the new conversations begin now. But, this is to take a moment to thank and offer my best wishes to folio founders, co-investors and indeed, the past and present team at Orios Venture Partners and many others from around the world who continue to influence my growth one-way or another," Jain added in his post.
Interestingly, over a period of time, many VCs have also joined the high-profile exits list of the startup ecosystem. On Monday, Bob van Dijk, CEO of Naspers and Prosus, stepped down from his position. Earlier this month, Brij Bhasin, a senior executive at Rebright Partners, left to start his own artificial intelligence startup. In 2022, Karthik Prabhakar resigned from Chiratae Ventures to launch his fund, Peer Capital. In 2016, Alok Goyal, Rahul Chowdhri and Ritesh Bangalani quit Helion Venture Partners to create Stellaris. Bala Srinivasa left Kalaari Capital to start Arkam Ventures.