Ashish Dave to step down as CEO of startup backer Mirae Asset Venture Investments

Ashish Dave, chief executive officer (India), of Mirae Asset Venture Investments, is set to step down from his position in the coming months, ending a tenure that lasted over seven years, sources told Moneycontrol.

“Dave has discussed his exit internally and will likely move on from the company in about two-three months from now,” one of the persons cited above said.

His next move was not immediately known.

Dave joined Mirae in 2018, after ending a three-year stint at Kalaari Capital, when the Korean fund was setting up its venture capital operations here in India, the world’s third-largest startup ecosystem.

Since then, Mirae has invested in several new-age companies such as Ola Cabs, BigBasket, Zomato, Shadowfax, KreditBee, Dhan, Koo, Unacademy, Sharechat, Jupiter and other startups as part of a growing portfolio.

Under his leadership, Mirae has deployed around $350 million in India across companies in the last seven years, with a current valuation of over half a billion dollars, as per sources.

During his tenure, Dave built a wide-ranging portfolio that spans consumer internet, fintech and logistics.

Mirae’s India team will continue to look after its investments in the country once CEO Dave moves on.

Mirae Asset Venture Investments did not immediately respond to a request for comment, and attempts to contact Dave directly were unsuccessful.

His departure comes at a critical juncture when some of his portfolio companies, like Ola Cabs, Shadowfax and more, are looking to go public and the others like, Dhan (Raise Financial Services) and others, are stitching together new funding rounds, as reported first by Moneycontrol.

The timing of his exit also ties in with a wider churn seen in India’s venture capital ecosystem. While the top fund managers are branching out and setting up their own funds, the mid-management employees are jumping ship in search of better pay, fancier titles and more risk taking abilities.