Tej Kapoor Departs IvyCap Ventures for New Role at ICICI Venture

Tej Kapoor, the managing partner at IvyCap Ventures, has resigned from his position to join ICICI Venture as a director/partner. This transition marks a pivotal step in Kapoor’s long-standing career in venture capital, spanning over two decades.

During his tenure at IvyCap Ventures, which lasted for two years, Kapoor played a crucial role in steering the firm through its investment phases, particularly in startups like Celcius Logistics Solutions, Agraga, and GradRight. His experience has been enriched by a 15-year presence in the VC community and various associations with multiple VC firms.

Kapoor’s new role at ICICI Venture will focus on investing in Series A+ and Series B companies, leveraging his extensive expertise to guide growth-phase investments. This move comes just days after IvyCap Ventures announced the final close of its third fund at ₹2,100 crore. Kapoor’s departure aligns with a period of robust activity and growth for IvyCap Ventures, which plans to deploy funds in approximately 25 Series-A companies with an average investment ranging between ₹30 crore to ₹50 crore. Additionally, about 20 percent of the fund is earmarked for investments in existing portfolio companies in subsequent funding rounds.

IvyCap Ventures, with the closure of the ‘IvyCap Ventures Trust Fund 3’, has seen its total assets under management surge to around $600 million. Since its inception in 2011, the firm has made significant investments in startups like Eggoz, ZestIot, Snitch, Flexifyme, Beatoven.ai, and Dhruva Space.

Meanwhile, ICICI Venture, the firm Kapoor is joining, has a notable track record with over 100 investments since 2002 and recently led a $35 million Series E funding round for lending tech-startup Indifi in June 2023. The firm’s India Advantage Fund series has been instrumental in fostering growth across various sectors, supporting startups like Zopper, Team Lease, and India1 Payments Limited.

This move is part of a broader trend of top-level changes within VC firms in India, as evidenced by recent announcements of departures at other leading firms like Venture Highway and Peak XV Partners.