Nandan Nilekani, the renowned co-founder of Infosys and a key figure behind India’s Aadhaar biometric identity system, has stepped down from his general partner role at Fundamentum Partnership, the venture capital firm he co-founded in 2017. This change coincides with the firm’s launch of its third fund, targeting around $200 million. Nilekani will remain Fundamentum’s anchor investor and continue providing strategic advice and mentoring to portfolio startups.

Fundamentum Partnership’s new $200 million fund aims to invest in around eight to ten early-stage companies specializing in consumer technology, fintech, and AI within India. The fund plans to write initial checks of about 100 crore rupees (approximately $10.5 million) per startup. While the first close has not been announced, the firm has begun deploying capital and expects to complete fundraising within the next 12 to 18 months.

The firm’s leadership will now be strengthened by co-founder Sanjeev Aggarwal, longtime team member Prateek Jain, fintech specialist Mayank Kachhwaha, and CFO Sanjay Chaturvedi. This expanded management team will oversee Fund III operations, as Nilekani transitions to a more advisory and mentorship-focused role. Fundamentum has a strong track record, having backed notable Indian startups such as Spinny and PharmEasy since its inception.

Fundamentum’s investment strategy highlights India's growing AI opportunity, particularly focusing on AI applications built atop global models in sectors like financial services and vernacular consumer solutions. The firm also notes the increasing participation of Indian investors in domestic venture funding, reflecting a maturing capital ecosystem. Nilekani’s move marks a significant yet strategic evolution in Fundamentum’s journey as it targets new technology frontiers.