Devesh Garg, managing director at the India office of Bessemer Venture Partners, is on his way out of the venture capital firm.
Devesh Garg, essentially a semiconductor industry professional who made a career shift to investing with BVP in 2003, is moving back to the US to chase opportunities in the industry.
Confirming the development, BVP managing partner Rob Chandra (who heads the India office and is based in the US) told VCCircle, "Yes, Devesh is moving back to the US. He is best at being an executive in a semiconductor company in the US. So, we are actively working with him to help him find suitable opportunities in the US."
The firm had recently announced the elevation of Vishal Gupta (earlier director since 2008) as managing director at its Mumbai office. In India, BVP has nine partners including Garg.
According to a source, familiar with the development, “Devesh Garg is much better at running Valley-based companies. He is relatively new to India and also to the world of investing. He is passionate about running semiconductor companies and is better suited for that role compared to investing.” This case probably shows that the shift from industry to investing may not be a natural transition for many.
Garg has over 20 years of experience and has advised BVP’s investments in Avnera, Berkeley Design Automation, K2 Optronics (acquired by Emcore), and PA Semi (acquired by Apple Computer). Prior to joining BVP, Garg was general manager of the security business unit at Broadcom, a Nasdaq listed firm. He has also worked with Synopsys, LSI Logic, National Semiconductor, Bechtel, and Raychem.
He has also made a number of personal investments in real estate, as well as in retail and internet companies.
He joined the US-based investment group in 2003 in its Menlo Park office as an operating partner advising and managing portfolio companies, and later moved to its India office as managing director. He is currently based out of Mumbai and is on the board of NetAmbit and Sunil Hitech.
BVP has offices in Silicon Valley, Mumbai, Boston, New York, and Tel Aviv. The team comprises over 55 members at different organisational levels and geographies.