Lightspeed loses Indian venture director

Srini Vudayagiri was promoted to his current role from managing director less than three months ago. He will depart the firm at the end of May and ‘will continue to be part of the venture capital industry”.

Srini Vudayagiri, the Banalore-based venture director of venture capital firm Lightspeed Venture Partners, has resigned. He will leave the firm at the end of the month.

Vudayagiri declined to comment on the reason for his departure and his future plans, although he will continue to be “part of the venture capital industry”, he said in an interview. 

In February 2009, Vudayagiri was promoted from a managing director to his current role while Bejul Somaia was appointed to his previous position.

At Lightspeed, Vudayagiri advised the firm’s investment efforts in India. Previously, he was a director at financial services firm Thomas Weisel International where he was responsible for asset management operations in the country. Before that, he was an associate director of South Asia at Intel Capital, the semiconductor giant’s venture capital arm.

Lightspeed closed its eighth fund Lightspeed VIII on $800 million in May 2008. The fund makes early and growth stage investments in the US, Israel, China and India. It invests up to $25 million per deal in sectors such as technology businesses, advertising and media, business and financial services, healthcare, education and retail.

The firm’s previous investments in India include 4Interactive, an information services provider and TutorVista, and online tutoring services provider.