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Raj Dugar Exits Eight Roads Ventures After 17 Years

• ByStartupStory     |    July 24, 2024

Raj Dugar, managing partner for Asia at Eight Roads Ventures, has resigned, ending a remarkable 17-year tenure with the global investment firm backed by Fidelity, sources familiar with the matter informed Moneycontrol.

Dugar joined Eight Roads in 2007, setting up the fund’s operations in India and later expanding its reach into other Asian markets from Singapore. Prior to Eight Roads, he was the director at The Carlyle Group for three years and had earlier roles at Goldman Sachs and Merlion India Fund. Notably, Dugar co-founded WestBridge in 2000 and left in 2003; today, WestBridge stands as one of the most prolific investors in the country.

Sources indicate that while Dugar’s future plans are not yet finalized, he has been actively engaging with investors within the ecosystem and may potentially start his own secondaries fund to capitalize on the growing market. It has been learned that he has relocated back to Mumbai.

Dugar’s departure coincides with a broader trend of partners at various venture capital firms leaving to pursue independent ventures. Eight Roads Ventures, which counts companies like Shadowfax, PharmEasy, and Whatfix among its Indian portfolio, has not yet appointed a successor. In the interim, Shweta Bhatia, partner and head of tech investments, and Prem Pavoor, senior partner and head of healthcare investments, will share Dugar’s responsibilities.

The company intends to promote an internal partner to Dugar’s role, rather than hiring an external executive, to ensure a smooth transition. Eight Roads Ventures did not respond to Moneycontrol’s requests for comments.

India, as the world’s third-largest startup ecosystem following the US and China, remains a critical market for Eight Roads Ventures. Since its inception in India 15 years ago, the firm has allocated over $1.6 billion in capital across more than 70 companies. The firm also has a significant presence in China, Europe, and Japan, managing over $11 billion in assets globally, with a portfolio exceeding 300 companies, including more than 60 that have gone public.

Eight Roads Ventures, originally part of Fidelity International Limited (FIL), was demerged in September 2019, which provided it with greater flexibility in its investment decisions. Fidelity remains its limited partner (LP) and fund sponsor, and Eight Roads does not accept funds from third parties.

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