Sameer Brij Verma, a high-profile investor in venture capital firm Nexus, will exit the fund later this year, he confirmed to TechCrunch, in a move that has shocked the Indian VC industry. Verma plans to open his own venture capital firm in India, with the initial fund expected to total at least $150 million, a source familiar with the matter said.
The move comes as a surprise to the industry as Verma has been the most prominent face for Nexus Venture Partners, one of the country’s top venture firms, as well as its most active dealmaker, industry peers said.
He has led or co-led some of Nexus’ most successful investments, including unicorns Postman, Hasura, Infra.market, Unacademy and the newest company Ultrahuman, which announced new funding on Wednesday.
Verma has won high praise from India’s startup founders, including entrepreneurs who didn’t land a deal from Nexus, for his willingness to provide strategic guidance and support.
The timing of his departure is also curious, as Nexus raised a $700 million fund, its largest ever, just last year. Any major leadership changes within a company are expected before new fund raisings. Verma has been working with his portfolio startups to hand over board positions to other Nexus partners for several months, the source said, requesting anonymity.
Verma declined to comment beyond confirming his plans to leave Nexus.
Verma plans to launch his own fund by the end of the year, when he plans to adopt a strategy that sets him apart from other investment firms in India. It plans to take a more hands-on approach with its portfolio companies, actively participating in their operations rather than focusing solely on optimizing for power-law returns, according to a person briefed on the matter.
Its new fund will support startups at various stages. Indian daily Economic Times reported for the first time on Verma’s withdrawal plans.
