Two partners depart India's Kalaari

Speaking to The Economic Times, Kalaari co-founder Vani Kola confirmed the departures but said they would not affect the firm's operations as neither executive was covered under a key-person clause. According to the same report, Srinivasa plans to join Unitary Helion, the VC firm launched this year by Helion Venture Partners co-founder Sanjeev Aggarwal, while Aluru has not chosen his next role yet.

Srinivasa joined Kalaari in March 2015 and mainly focused on financial technology, media, and software-as-a-service. He contributed to the $8.5 million Series A round for online grocery marketplace Jumbotail, in which Nexus Venture Partners also participated. Aluru came to the firm last May, and was chiefly involved with investments in consumer internet and software start-ups.

The departures come as Kalaari and a number of its peers seek options for their investments in struggling online marketplace Snapdeal, which earlier this year cancelled a planned merger with rival Flipkart after months of negotiation that included protracted disputes over the company's valuation. SoftBank Group, one of Snapdeal's biggest investors, had pushed to sell the company for about $1 billion, while Kalaari and other investors believed the value was much higher.

Kalaari is currently investing its third fund, Kalaari Capital Partners III, which closed in 2015 at $290 million. The firm is currently preparing to raise its fourth fund, which will target a similar size to the last vehicle.

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