Raj Dugar, the Managing Partner for Asia at Eight Roads Ventures, has resigned after a remarkable 17-year tenure with the investment firm. Eight Roads Ventures, a global investment firm backed by Fidelity, focuses on consumer, enterprise, and health-tech startups.
Dugar’s journey with Eight Roads began in 2007, where he initially established the firm’s operations in India. In 2018, he moved to Singapore to expand the company’s reach in other Asian markets. His prior experience includes roles as Director at The Carlyle Group, positions at Goldman Sachs, Merlion India Fund, and co-founding WestBridge in 2000, where he served until 2003. WestBridge has since become one of India’s most prolific investors.
Though his future plans are not finalized, Dugar has been in discussions with investors and may launch his own secondaries fund to capitalize on the growing market. He has recently relocated back to Mumbai.
Dugar’s departure coincides with a trend of several partners at various venture capital funds leaving to start their own ventures. Eight Roads Ventures, which supports companies like Shadowfax, PharmEasy, and Whatfix in India, has temporarily divided Dugar’s responsibilities between Shweta Bhatia, Partner and Head of Tech Investments, and Prem Pavoor, Senior Partner and Head of Healthcare Investments. The firm plans to promote an internal partner to ensure a smooth transition, rather than bringing in an external executive.
Eight Roads Ventures, a significant player in India’s startup ecosystem, has invested over $1.6 billion in more than 70 companies over the past 15 years. Globally, the firm manages over $11 billion in assets and has a portfolio of more than 300 companies, with over 60 having gone public.
Originally part of Fidelity International Limited (FIL), Eight Roads Ventures was demerged in September 2019, allowing greater investment flexibility while still being sponsored by Fidelity. The firm does not accept funds from third parties.
Eight Roads Ventures has yet to respond to requests for further details.
