IVCA chief joins Avigo Capital - report

Swarup, who is also an executive committee member at the IVCA, will join founding partner Achal Ghai and general partner S. Harikrishnan at the firm's Delhi office in May.

"We are lucky to get Mahendra on board, given his corporate and investment experience," Ghai told VCCircle. "He will help create more value, particularly in our consumer-facing portfolio, besides sourcing deals and making new investments."

Swarup has worked in operations, sales and distribution, purchasing and procurement, exports and human resources for more than 30 years, and was previously employed as managing director and CEO of Times Internet and executive director at PepsiCo India.

He began his career in corporate restructuring at ACC and has been an independent director at Micromax Informatics since 2009. He also serves as a director at Smile Multimedia, Quasar Media, Tyroo Media, BBF, S.J. Counselling, Kangaroo Properties, Vis Legis Consult and Bhavya Fashionplex.

News of this hire comes after Avigo put its Indian apparel chain, Spykar Lifestyle, up for sale last month. It apparently hopes to offload the company for an enterprise value of INR3.5-4.5 billion ($71-81 million), and has appointed Lincoln International to find an appropriate suitor.

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