Nandan Nilekani steps back at Fundamentum as $200M fund launches

Nandan Nilekani, the Infosys co-founder and architect of India’s Aadhaar and UPI systems, is stepping down as general partner at Fundamentum Partnership, the venture firm he co-founded in 2017. He’ll remain an anchor investor and continue mentoring portfolio companies, while the firm targets a $200 million third fund to back 8-10 Indian startups in consumer tech, fintech, and AI. The move is mostly a title change, according to co-founder Sanjeev Aggarwal, with Nilekani still deeply involved in guiding founders. Fundamentum’s new fund plans $10.5 million initial checks and expects half the capital from international investors, reflecting India’s maturing venture scene. Why it matters: This shift signals how India’s most influential tech figures are transitioning from hands-on investing to strategic advisory roles, even as their legacy projects like digital public infrastructure continue reshaping the country’s economy.