Bapat will undertake management duties for funding actions at Singularity Progress and also will function a member of the funding committee, the Mumbai-based firm stated in an announcement on Tuesday.
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“I’m excited to affix Yash (Kela) and Mithun (Sancheti) in constructing Singularity’s place as a top-tier development fairness agency. Our strategic focus will heart on key sectors together with client manufacturers, monetary providers, software program, vitality transition, and specialised manufacturing,” Bapat stated.
Previous to becoming a member of Singularity, Bapat, an alumnus of Harvard Enterprise Faculty and IIT Bombay, held positions as a accomplice at Trifecta Capital’s late-stage fairness division and as an government director at Hillhouse Capital. He additionally has prior expertise at funding administration firm Blackstone and has been concerned as an investor and advisor for notable investments like Swiggy, Cred, Atomberg, and Auxilo Finserve.
This appointment comes amidst a wave of senior-level departures from Indian enterprise capital (VC) corporations. For example, on March 21, ET reported that Sameer Brij Verma, managing director at Nexus Enterprise Companions, is reportedly leaving to begin his personal multi-stage funding fund. Equally, Orios Enterprise Companions lately noticed its managing companions Anup Jain and Rajeev Suri stepping right down to launch an impartial fund.
Different VC corporations corresponding to Lightbox Ventures, Rebright Companions, and the SaaS-focused Collectively Fund have additionally skilled comparable exits from top-level executives, reflecting a broader pattern.
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Regardless of India being the third largest startup ecosystem, the nation has been dealing with a funding slowdown, with enterprise capital investments dropping to $11 billion in 2023 from $42 billion in 2021. Solely two startups achieved unicorn standing in 2023.“Sandeep’s intensive expertise and confirmed monitor file within the funding business make him a useful addition to our workforce. We’re thrilled to welcome him aboard and are assured that his management will contribute considerably to our continued success in delivering distinctive shopper outcomes,” stated Yash Kela, founder, and chief funding officer of Singularity.
Just lately, Singularity concluded the primary shut of its Rs 1,500-crore fund targeted on growth-stage startups at Rs 500 crore, with a inexperienced shoe possibility of Rs 500 crore.
Singularity has to date invested in corporations like caffeine-based merchandise maker Mcaffeine, buyer engagement platform WebEngage, digital telecom agency Exotel, and battery supplies maker Lohum.
