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Fenox Venture Capital, a US-based VC firm with $1.5 billion assets under management, has put its plan to launch a India fund on hold as general partner Venktesh Shukla has called it quits. Five months ago, he was brought in to lead this new ‘India-focused’ fund.

Venktesh Shukla, who joined the firm in April 2016 as General Partner, was earlier a TiE Global Chairman and the founder of TiE Angels. Commenting about his departure from the US-based VC firm, he said to TechCrunch:

I was initially tempted by the opportunity to work with the fund in India but changed my mind. [I’ve] decided to build my own early-stage fund focused on Silicon Valley innovation.

After leaving Fenox Venture Capital, Mr. Shukla has founded his own early-stage investment firm named Monta Vista Capital. It focuses on early stage B2B companies that possess strong industry transforming IP, as well as founding teams who are subject matter experts.

Now, Fenox Venture Capital is aiming to recruit or promote another partner to lead its India fund, and is expecting this new India fund to close next year. In India, the firm is expected to primarily invest in e-commerce, and consumer web and mobile app companies.

Fenox VC is currently running eleven funds, each focused on specific industries or technologies including artificial intelligence, robotics and health. Out of those 11 funds, three are now closed as all the capital has been deployed. However, the other eight funds are still active and putting capital into new deals and follow-on rounds.

Anis Uzzama, CEO and General Partner of Fenox Venture Capital has said that the firm had begun to raise a new, $40 million to $60 million fund to invest in companies based in India. The reason behind the move was the burgeoning market in the region, and an opportunity to have a portion of funds invested being matched by the Indian government.

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