Bapat will undertake leadership responsibilities for investment activities at Singularity Growth and will also serve as a member of the investment committee, the Mumbai-based company said in a statement on Tuesday.
“I am excited to join Yash (Kela) and Mithun (Sancheti) in building Singularity’s position as a top-tier growth equity firm. Our strategic focus will center on key sectors including consumer brands, financial services, software, energy transition, and specialised manufacturing,” Bapat said.
Prior to joining Singularity, Bapat, an alumnus of Harvard Business School and IIT Bombay, held positions as a partner at Trifecta Capital’s late-stage equity division and as an executive director at Hillhouse Capital. He also has prior experience at investment management company Blackstone and has been involved as an investor and advisor for notable investments like Swiggy, Cred, Atomberg, and Auxilo Finserve.
This appointment comes amidst a wave of senior-level departures from Indian venture capital (VC) firms. For instance, on March 21, ET reported that Sameer Brij Verma, managing director at Nexus Venture Partners, is reportedly leaving to start his own multi-stage investment fund. Similarly, Orios Venture Partners recently saw its managing partners Anup Jain and Rajeev Suri stepping down to launch an independent fund.
Other VC firms such as Lightbox Ventures, Rebright Partners, and the SaaS-focused Together Fund have also experienced similar exits from top-level executives, reflecting a broader trend.
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Despite India being the third largest startup ecosystem, the country has been facing a funding slowdown, with venture capital investments dropping to $11 billion in 2023 from $42 billion in 2021. Only two startups achieved unicorn status in 2023.“Sandeep’s extensive experience and proven track record in the investment industry make him an invaluable addition to our team. We are thrilled to welcome him aboard and are confident that his leadership will contribute significantly to our continued success in delivering exceptional client results,” said Yash Kela, founder, and chief investment officer of Singularity.
Recently, Singularity concluded the first close of its Rs 1,500-crore fund focused on growth-stage startups at Rs 500 crore, with a green shoe option of Rs 500 crore.
Singularity has so far invested in companies like caffeine-based products maker Mcaffeine, customer engagement platform WebEngage, virtual telecom firm Exotel, and battery materials maker Lohum.