Battery Ven’s plans on ice as key men exit

Battery Ventures has shelved plans to develop an investment team in India. The US-headquartered investment firm, with $3 billion under management in eight funds, was to house its office in Mumbai.

General partner Mark Sherman, who oversaw investments in Asia-Pacific, has decided to exit BV.

Responding to an email query, a Battery Ventures spokesperson confirmed Sherman’s exit. “We have come to the mutual conclusion that Mark Sherman, the US-based GP who has been heading up our India initiative, will not be a GP in our upcoming ninth fund,” the spokesperson said.

“Silicon Valley-based Ramneek Gupta will now lead investments in India. Not wanting to operate as a lone employee in Mumbai, our partner currently on the ground there, Gautam Patel, has chosen to seek other opportunities,” the spokesperson added. Gupta and Patel were originally scheduled to lead the India team under Sherman.

Both Sherman and Patel have agreed to continue with BV through the new investment phase of its current fund, which is expected to end in Q1 next year.

BV currently has three companies in its India portfolio — Tech Process, Tejas Networks and Highmark. A fourth holding, Travelguru, was recently sold to Travelocity in a distress sale.

The spokesperson did not provide details on the Travelguru deal. Last week, India Industrial Growth Fund announced it had picked up a stake in Tejas Networks, but did not disclose the seller or the pricing.