Sandeep Bapat, partner at Trifecta Capital's late-stage equity investing division, has resigned from the firm. His departure is the latest in a growing number of top-level departures from Indian venture capital (VC) firms. In recent times, numerous senior executives from VC firms such as Nexus Venture Partners, Orios Venture Partners, and Lightbox Ventures, among others, have left to pursue entrepreneurial endeavours of their own.

This churn is happening at a time when funding into India’s startup ecosystem, currently the third-largest in the world, is witnessing a very slow recovery following a two-year slump. In the first quarter of 2024, the overall funding to India’s startup ecosystem rose to Rs 18,321 crore, a 20% jump from a year earlier, according to PrivateCircle Research. However, funding had fallen over 75% in the first quarter of 2023 from a year earlier., the data showed. 

Bapat, who led Trifecta’s investments into companies such as new-age home appliances company Atomberg and education loan company Auxilo Finserve, left the VC firm last month and has now joined Mumbai-based Singularity AMC as its co-chief investment officer and senior partner. People aware of the matter said that prior to this switch, Bapat, an IIT-Bombay graduate, briefly discussed joining forces with veteran public market investor Madhusudhan Kela.