Lightspeed, the venture capital (VC) firm that backs startups such as Udaan and Oyo, has expanded its leadership team in India and Southeast Asia by appointing Vivek Gambhir and Kevin Aluwi as venture partners as it looks to go deeper into the regions.
The appointments come at a time when large VCs are looking to penetrate deeper into the Indian startup ecosystem. General Catalyst, one of the largest VC firms in the US, is in talks to acquire Venture Highway, an early-stage VC firm in India to double down on its bets in the world’s third-largest startup ecosystem.
Gambhir, who was most recently the CEO of wearables company Boat, has held several executive-level roles over the past 30 years across sectors in companies such as Godrej, Bain & Company, and others. Gambir is no longer CEO of Boat and is now a board member at the Delhi-based company. Apart from that, he also serves on the boards of Metropolis Healthcare, Honasa Consumer (Mamaearth), and Magicpin.
Kevin Aluwi, on the other hand, was most recently co-founder and CEO at Gojek, a ride-hailing, food-delivery, and payments app in Indonesia. Gojek went public in 2022 after merging with local e-commerce company Tokopedia.
Expansion plans
The appointments are made keeping in mind Lightspeed’s focus over the coming years. While it will continue to focus on industries such as Enterprise Software, FinTech, Consumer, and Commerce, the VC firm said it will also back startups dabbling in areas like AI, Climate, and space-tech.
"At Lightspeed, the strength of our team and partnerships acts as a force multiplier for the founders we serve. We are thrilled to welcome Vivek and Kevin into our growing teams in India and SEA,” said Bejul Somaia, Partner, Lightspeed.
The appointments are crucial because Lightspeed is sitting on a lot of dry powder that is waiting to be deployed. In 2020, it raised $275 million for its third India fund and in 2022 it raised another $500 million to back new-age companies in India and SEA.
“In their roles as venture partners, they will be collaborating with founders, shaping their journeys, and contributing to the growth and development of our portfolio companies in the region.”
Lightspeed said its global team currently manages $25 billion in assets under management (AUM) across its platform, with investment professionals and advisors operating out of the U.S., Europe, India, Israel, and Southeast Asia.
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