Nandan Nilekani leaves GP role at Fundamentum as it launches $200M third fund

Nandan Nilekali, co-founder of an Indian IT services company, is stepping down as a general partner at Fundamentum Partnership, a venture capital firm he co-founded nearly a decade ago, as the firm launches its third fund targeting $200 million. He will remain as an anchor investor and continue advising the firm and mentoring portfolio companies, with co-founder Sanjeev Aggarwal describing the shift as primarily a change in title. The fund aims to back eight to ten early-stage startups building consumer technology, fintech, and AI products, with initial checks of about $10.5 million each, expecting to raise roughly half its target from international investors and the remainder from Indian institutions and other domestic sources. This reflects how India's venture capital ecosystem has evolved, with Indian investors now playing a much larger role in domestic funds compared to a decade ago when capital primarily came from the United States.