Indian venture capital firm Fundamentum Partnership is entering a new phase as co-founder Nandan Nilekani steps away from his general partner role while the firm prepares its third fund, targeting about $200 million.
According to co-founder Sanjeev Aggarwal, the move is mainly a title change. Nilekani will remain the fund's anchor investor and continue to support the firm through mentoring and strategic guidance for portfolio founders.
Best known as a co-founder of Infosys and a key architect of India's digital public infrastructure, Nilekani has played a major role in shaping systems such as Aadhaar, UPI, and the ONDC initiative. His continued involvement gives Fund III strong continuity as the firm expands its next chapter.
Fundamentum, launched in 2017, backs Indian startups at the Series B stage and beyond. Its portfolio includes companies in consumer tech, fintech, digital media, and health-focused services. The new fund plans to support eight to ten startups, with initial checks of around ₹100 crore each.
The firm says Fund III is already deploying capital and expects fundraising to continue over the next 12 to 18 months. Roughly half of the target is expected from international backers, while the rest may come from Indian institutions, family offices, founders, and partners.
The leadership structure is also widening, with Sanjeev Aggarwal joined by Prateek Jain, Mayank Kachhwaha, and Sanjay Chaturvedi in steering the fund. The shift reflects how India's venture ecosystem has matured, with domestic capital now playing a far larger role than in earlier years.
As Fundamentum looks toward AI-led applications, fintech, and consumer innovation, the firm's next fund could help shape the next wave of India's startup growth.