India Quotient partner Gagan Goyal to quit as churn at top VC funds in India continues

India Quotient general partner Gagan Goyal is set to leave the early-stage venture capital company just months after it raised its fifth and largest fund and elevated two new partners, people aware of the matter told ET, adding to the churn across the senior ranks of Indian VC firms.

Goyal, who joined India Quotient in 2017 and was elevated to general partner in 2021, informed the firm's partnership of his decision last week, one of the people said.

He is likely to either start a new venture or work with startups as an advisor, the people said.


India Quotient and Goyal did not respond to ET's queries.

The planned exit comes as India Quotient prepares for its next phase of investments. In October last year, the firm closed its fifth fund at $129 million (about Rs 1,132 crore), its largest to date. Around the same time, it elevated Kanika Agarrwal and Sahil Makkar to partner, expanding its leadership team alongside Anand Lunia, Madhukar Sinha and Goyal.

Typically, when venture capital firms add new partners, the carried interest—the share of profits fund managers earn from exits—is divided among a larger group.

Founded by Lunia and Sinha in 2012, India Quotient has built its franchise around seed and early-stage investments in India-focused businesses. Its portfolio includes ShareChat, Sugar Cosmetics, Lendingkart, PagarBook and Propelled.

The firm typically invests between Rs 1 crore and Rs 15 crore in startups and has positioned itself as an early backer of companies serving Indian consumers and small businesses, rather than chasing large late-stage rounds.

An IIT-Bombay alumnus, Goyal cofounded robotics and science learning startup Think Labs, which was acquired in 2015. Before joining India Quotient, he was an angel investor and had backed more than 20 startups.

Initially active in Mumbai's startup ecosystem, Goyal moved to Bengaluru in 2022 as India Quotient also shifted its base to the city. At the firm, he led investments in IPO-bound Kuku FM parent Kuku Technologies, accounting and inventory management platform Vyapar and fleet management startup FleetX, among others.

His departure adds India Quotient to a growing list of venture capital firms that have seen senior-level changes over the past year. On Monday, ET reported that Tarun Davda, managing director at Z47 (formerly Matrix Partners India), was set to leave the firm later this year.

Z47 has also seen Pranay Desai and Sudipto Sannigrahi depart in recent months, while principal Chandrasekhar Venugopal left in May. The churn comes as the firm is in discussions with limited partners to raise a new $350–400 million vehicle, its first independent fund since splitting from Matrix Partners.

Peak XV Partners (formerly Sequoia Capital India) has seen a similar wave of exits. Ashish Agrawal, Ishaan Mittal and Tejeshwi Sharma left earlier this year to launch Mettle Capital. Last year, Shailesh Lakhani, Abheek Anand and Harshjit Sethi also stepped down from the firm. Lakhani and Sethi have since teamed up with former Peak XV executive Mayank Porwal to start Ambition Capital.