Report: Renuka Ramnath builds team

The former chief executive officer of Mumbai-based ICICI Venture is raising an India-focused fund and has reportedly teamed up with ICICI colleague Sudhir Variyar.

Renuka Ramnath, who quit her role as the managing director and chief executive officer of ICICI Venture in April, has reportedly teamed up with Sudhir Variyar, formerly a senior director on ICICI Venture’s private equity team, to launch her own fund.

A source confirmed Variyar’s move from ICICI Venture, where he had worked for about three years.

Sources also confirmed that Ramnath is setting up her own fund, something that had been speculated in Indian media reports even before her departure from ICICI Venture.

“We are planning a general purpose private equity fund. It will invest across sectors,” Variyar told Financial Chronicle, an Indian business daily. Fundraising has not officially started, though a large industrial house is expected to seed the fund with an anchor investment, a source told the daily.

Ramnath joined ICICI Bank in 1986 and assumed various roles before being appointed managing director and chief executive officer of ICICI Venture in 2001. Following her departure, she was replaced by Vishakha Mulye, who was until then the executive director of ICICI Lombard General Insurance Company.