India's Zodius hires executive from Providence
Varun Laul (pictured), the sole remaining India-based representative of Providence Equity Partners, has left the GP to join technology-focused venture capital firm Zodius Capital.
Laul will serve as managing director for Zodius' future funds, joining a team led by co-founder and managing director Shilpa Kulkarni, according to a statement. Co-founder and CEO Neeraj Bhargava will continue to manage the firm's current funds until they are fully exited, and will serve as an advisor on new funds and on the firm's investment committee.
Laul has been with Providence since 2007 and helped to found its New Delhi office, which was shut down last year. Following the departure of country head Biswajit Subramanian, Laul remained with the firm to manage its remaining investments in South Asia.
Zodius was acquired last year by Avendus Capital, an Indian financial services firm owned by KKR. The firm currently has three funds under management.
Zodius Capital I, launched in 2011, focuses on early-stage investments, while Zodius Capital II, a 2014-vintage vehicle, provides late-stage and pre-IPO investments to technology companies. Zodius Technology Opportunities Fund, a side vehicle to the second fund, targets niche e-commerce, education, financial technology, media and business services opportunities.
Recent deals by Zodius include a $30 million commitment to biopharmaceutical and genetic testing start-up MedGenome alongside Sequoia Capital and Sofina and a $56 million round for industry research and consulting company MarketsandMarkets led by FTV Capital.
"Zodius represents a great opportunity to identify and grow market leaders in digital consumption and enterprise technology space in India," said Laul. "I am excited to embark on the ambitious journey to further scale Zodius as a leading platform for new economy businesses, leveraging Avendus' deep integration in the ecosystem and KKR's global connect and knowledge."
Providence's remaining India portfolio includes broadband service provider Hathway Cable & Datacom, digital cinema distribution platform UFO Moviez India and telecom tower network Indus Towers, which recently agreed to merge with rival Bharti Infratel. The firm also has a stake in ShopCJ, a home shopping TV channel that merged with industry peer HomeShop18 last year.
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