Mark Sherman and Gautam Patel are quitting Battery Ventures' three-strong India investment team, leaving Silicon Valley-based partner Ramneek Gupta on his own.
Sherman and Patel will stay on through Fund VIII’s investment phase, which is expected to end in the first quarter of 2010. The fund closed on $750 million in 2008.
Sherman, a Silicon Valley-based general partner who joined Battery in 2000 and led its push into India, came to the “mutual conclusion” with Battery that he would not be a GP in its upcoming Fund IX, according to a spokeswoman. Sherman did not immediately return a request for comment as to future professional plans.
Meanwhile Patel, a managing director, no longer wanted “to operate as the lone employee in Mumbai” and after just over a year with the firm will leave to “seek other opportunities”, the spokeswoman added.
Sherman and Gupta have been investing in India via a commuter model since 2004. Gupta had originally planned to relocate to Mumbai, though Battery has now said the departures of Sherman and Patel will delay the building of its Mumbai team. Gupta will continue to lead India investments, but will remain based in Silicon Valley.
Battery's investments in India have included payment processing company Tech Process; optical networking developer Tejas Networks; travel website Travelguru; and Indian credit bureau High Mark.
The firm has offices in Menlo Park, California, Waltham, Massachusetts and Tel Aviv.