Lightspeed partners Abhishek Nag, Vaibhav Agrawal quit; Know the reason

Lightspeed Venture Partners, a venture capital firm known for its investments in startups like Oyo, Udaan, and ShareChat, is experiencing significant changes in its team composition.

Partners Vaibhav Agrawal and Abhishek Nag have both decided to leave the firm. Agrawal is preparing to launch his own venture firm, while Nag has taken up a new role at 360 One in Mumbai, where he will lead early-stage investments.

What led to these departures?

Agrawal and Nag's departures are part of a broader trend within the venture capital industry, where several high-profile exits have occurred. These include Sameer Brij Verma from Nexus Venture Partners and others from Trifecta Capital, Lightbox, and Orios.

These moves coincide with a global reset in tech investing, indicating a shift in career goals and investment strategies among top executives.

What has been Lightspeed’s response?

In response to the departures, a spokesperson from Lightspeed said, "Abhishek Nag has returned to his original passion for seed and angel investing, and we fully support his decision." 

The firm said that it is committed to maintaining its leading position in the region and highlighted its recent team expansions, including the addition of executives such as Vivek Gambhir and Kevin Aluwi. Lightspeed remains focused on enhancing its team and capabilities going into 2024.

How has Lightspeed performed recently?

Lightspeed has been active in the venture capital space, leading significant funding rounds, including a $103-million investment in Pocket FM and a $41-million round in Sarvam AI.

Despite these investments, some of Lightspeed's major bets have faced challenges. Notably, Udaan’s valuation dropped significantly in a recent financing round, and ShareChat saw a decrease in its valuation during discussions for raising capital. Byju’s, another portfolio company, also saw a drastic reduction in valuation.