Kabir Narang, former managing director of Eight Roads Ventures India (formerly Fidelity Growth Partners), has joined B Capital Group, a global tech fund, as partner.
Narang will join the firm's Singapore office and will focus on global technology investments in consumer enablement and financial technology.
B Capital Group—which was co-founded in 2015 by Facebook co-founder Eduardo Saverin and Silicon Valley-based Indian-origin investor Raj Ganguly—has also hired four other executives at senior management positions.
The firm now employs nearly 20 experienced investment professionals, in three global offices, led by four partners—Saverin, Ganguly, Gavin Teo and Narang.
The fund made a first close of $143.6 million (around Rs 965 crore) to invest in the US and Asia with a focus on emerging markets such as China, Japan, South Korea, Indonesia and Vietnam.
When contacted, Narang confirmed the move without elaborating further.
Narang has over 15 years of experience in management consulting and private equity. At Eight Roads Ventures, he was leading investments in technology, consumer and financial services
Narang has led investments/sits on the board of several companies including IFMR Capital, BankBazaar, Icertis, ShadowFax, Toppr, AbsolutData, Milk Mantra, Cygnus, Greenlight Planet and Chai Point.
Prior to joining Eight Roads, Narang was with Warburg Pincus where he focused on healthcare delivery, financial services and IT services/business process outsourcing.
Before that, he worked with consulting firms McKinsey & Co in India and Boston Consulting Group in the US. He holds a BA (Hons) in Mathematics from St. Stephen's College, Delhi and an MBA from University of Oxford.
B Capital focuses on business to business (B2B) and business to business to consumer (B2B2C) startups that are ready to scale across the globe. Its limited partners include Boston Consulting Group and BCG Digital Ventures.
The fund looks for investment opportunities in Series B and C stages with a $10-40 million sweet spot for a minority stake. Its investments are targeted at growth stage companies in consumer enablement, financial services and health & wellness.
B Capital’s recent hires also include Virginia Schmitt as chief financial officer and chief administration officer, Chip Welsh as vice president of capital formation, Dave Gallon as vice president of business development and Hailey Hu as senior associate. It has also promoted Adam Seabrook as principal.
The fund made its first investment in Asian logistics provider Ninja Van in April 2016. Later, it made four other investments, including evidence-based medicine provider Evidation Health, Asian benefits and wellness platform CXA Group, online mental health platform SilverCloud Health and SaaS-based transportation and logistics provider Lanetix.
Like this report? Sign up for our daily newsletter to get our top reports.