Silicon Valley headquartered venture capital firm Fenox Venture Capital has put plans for its India-focused fund on hold after a recently appointed general partner who was hired to lead that fund, Venktesh Shukla, quit the firm just six months after joining the firm, TechCrunch reported.
Shukla told VCCircle in an email, "My association with Fenox was a non starter. I was tempted by the idea of an India Fund but quickly changed my mind. And that was six months ago."
General partners are essentially investment managers. Shukla runs the early stage fund Monta Vista Capital.
Fenox Venture Capital’s CEO Anis Uzzaman told TechCrunch that the firm had begun to raise a new $40 million to $60 million fund to invest in companies based in India.
Uzzaman said his firm had many limited partners who expressed interest in creating this fund, but had not finalised capital commitments.
The VC firm aims to recruit or promote another partner to lead its India fund, and expects that fund to close next year.
Fenox looks at investment opportunities across the globe in emerging technology companies in IT, health IT, artificial intelligence, internet of things, robotics, big data, virtual reality, augmented reality, fin-tech and next generation technologies.
The venture capital firm has offices across seven different countries including Japan, Indonesia and South Korea. It has invested in firms based in the US, Japan, Bangladesh, South Korea and Southeast Asia.
Some of Fenox's portfolio companies in Asia include Terra Motors, an electric motorbike maker; Shohoz, an online travel service provider; Geniee, an online platform which offers real-time bidding for advertisers; and FINC, a digital healthcare company.
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