Dhiraj Poddar is leaving his position as a director in the Indian investment team at Standard Chartered Private Equity, a spokesperson for the firm has confirmed.
He will join the Mumbai-based team at US firm TA Associates by mid-August, also in a director’s role, a report in VCCircle stated.
Standard Chartered declined to provide additional information, including who would be replacing Poddar. TA Associates could not be reached by press time.
Poddar joined Standard Chartered Private Equity, which focuses on transactions in China, India, Southeast Asia and Korea, in 2005.
Prior to joining Standard Chartered, Poddar worked as a senior manager at Progeon Limited, a business process management service provider, according to his LinkedIn profile. In addition, Poddar has previously worked at ICICI Securities as assistant vice president, executing mergers and acquisitions, equity offerings and private equity transactions.
Founded in 1968, TA Associates currently has one director and two associates located in Mumbai. With other offices in Boston, Menlo Park and London, the US-based mid-market private equity firm manages more than $16 billion in capital and has invested in over 400 companies worldwide.
Earlier this year, TA Associates has acquired an undisclosed minority stake in Micromax Informatics, an Indian mobile handset provider, for $45 million, marking the firm’s first investment in the country since the opening of its Mumbai office in 2009.
In August 2009, the firm closed TA XI, its 11th growth investment fund, on its $4 billion hard-cap, beating its $3.5 billion target. The firm’s previous fund closed on $3.5 billion in March 2006.
Standard Chartered Private Equity has invested more than $1 billion in mid- to late-stage companies across sectors and geographies, according to the company’s website.