Sameer Brij Verma, a prominent investor in Indian venture firm Nexus, has confirmed to TechCrunch that he will be leaving the fund later this year. Mr. Verma plans to launch his own venture, and his first fund is expected to be worth at least $150 million, according to people familiar with the matter.
The move comes as a surprise to the industry, as Verma is the most prominent face and most active dealmaker at Nexus Venture Partners, one of the country's leading venture firms, according to industry peers. It is said that
He has led or co-led some of Nexus' most successful investments, including unicorns Postman, Hasura, Infra.market and Unacademy, as well as young company Ultrahuman, which announced new funding on Wednesday.
Velma is highly regarded by startup founders in India, including entrepreneurs who ultimately could not get contracts from Nexus, for his willingness to provide strategic guidance and support.
The timing of his departure is also unique, as Nexus just raised $700 million in funding last year, the company's largest ever. Significant changes in leadership within the company are expected prior to any new funding. The sources, speaking on condition of anonymity, said Mr. Verma had been working with startups in his own portfolio for months to hand over board seats to other partners in Nexus.
Verma declined to comment beyond confirming his plans to leave Nexus.
Verma plans to launch his own fund by the end of the year, and plans to adopt a strategy that will set it apart from other investment firms in India. He will take a more hands-on approach to portfolio companies, actively engaging with them rather than focusing solely on optimizing power-law returns, according to people briefed on the matter. He plans to do so.
His new fund will support startups at various stages. Indian daily Economic Times first reported Verma's plans to step down.