Praveen Akkiraju, managing partner at Softbank’s Vision Fund is stepping down from his position. While a more definite future career path is unknown, Akkiraju wishes to explore his opportunities with early stage startups.
Before joining the $100 billion investment vehicle last year, Akkiraju was the chief executive officer of Viptela, a cloud computing company that was acquired by Cisco System Inc.
The news was announced internally through an email. The mail read that Akkiraju was “leaving to explore his passion for working with early-stage startups (operating or investing role),”. Later, this news was confirmed by a spokeswoman for the company.
Akkiraju worked with SoftBank Vision Fund for an year. During his time with the company, he became an essential part of the team and he leaves the company with nothing but good wishes.
“I want to thank Praveen for everything he’s done for the Vision Fund. His deep technical expertise, thoughtfulness and passion for entrepreneurs will be missed. We wish him all the best on his next adventure,” a statement from Vision Fund CEO Rajeev Misra said.
He was one of the 12 managing partners of the fund and managed investments in both Asia and America.
Akkiraju’s deal with Automation Anywhere was a a big step for the fund and a milestone deal for him during his time. Around $300 million were poured in that deal, with Akkiraju getting a seat on the board for Automation Anywhere.
As of yet, no replacement has been announced for Akkiraju. According to a report from Axios, senior managing partner Deep Nishar will be taking up a lot of Akkiraju’s responsibilities. He will also be taking up his seat on the board of Automation Anywhere.
Vision Fund has declined to comment on how Akkiraju’s departure will affect the fund.