VT Bharadwaj, a managing director at the India unit of Silicon Valley's top venture capital fund, Sequoia Capital, has quit the firm. Bharadwaj's departure comes less than a year after another MD, Gautam Mago, resigned from the firm.On microblogging site, Twitter, Bharadwaj said, "After 11 years with @Sequoia_India, I have decided to pursue my entrepreneurial aspirations. It has been a wonderful ride and I have enjoyed every minute of it. A special part of this role has been the privilege to partner with incredible founders in consumer and healthcare. I will continue to serve on Sequoia boards. Stay tuned for what's next.."
While at Sequoia, he invested in healthcare and consumer companies like Celon Labs, Cloud Nine, and Hector Beverages, the makers of Paper Boat juices.
Sequoia is in the middle of raising its India Fund VI, which is likely to be trimmed by 25% to about $650-700 million compared to the size of its 2015 vintage fund. There has been a chatter since last year, about a possible split in the team at Sequoia India for tech and non-tech investments, however, that is unlikely to go through now, we have learnt.
The churn at Sequoia, rated among the most influential venture funds globally, is taking place while limited partners, sponsors of funds, have not seen any substantial returns from India creating a sense of uncertainty around the potential for early-stage investments.
Mago, who quit last year in June after a ten-year stint at Sequoia, is on the road to raise an independent $150-200 million fund. Bharadwaj did not disclose what he plans to do next.