VC firm Blume Ventures promotes two senior executives to investment partners

Homegrown early-stage venture capital (VC) firm Blume Ventures has promoted two of its senior members. Arpit Agarwal and Sajith Pai have been elevated to investment partners at the firm, Blume Ventures announced today.

This comes just after three months when Blume Ventures closed its Fund IV in December last year. The VC firm raised $290 million from high-quality institutional investors. Blume Ventures is currently making investments from its fourth fund and aims to back 30-35 startups in total. It has already invested in a dozen of startups from the latest fund Fund IV.  

Arpit and Sajith’s elevation to investment partners is an acknowledgment of their valuable contribution to Blume’s founder journeys and strong underlying portfolio performance, the VC firm said in a statement. Besides Agarwal and Pai, Sanjay Nath, Ashish Fafadia, and Karthik Reddy are the members of the company's investment team.

With his initial Blume Ventures investment in Cashify in 2015, Agarwal, who joined the company in 2014, has played a significant role in shaping portfolio creation. He has also led the formation and growth of MetaMorph (previously Passion Connect), one of Blume’s key partners in talent management at its portfolio companies. He has made a name for himself as a thought- and community leader in developing industries like DeepTech, Health Tech, and EVs/Clean Tech, and he has been instrumental in developing Blume Ventures' thriving B2B/enterprise practice.

Pai transitioned from The Times Group, where he worked in strategy and corporate development for almost a couple of decades, to Blume Ventures in 2018. At Blume Ventures, he has invested in companies across edtech, HRtech, B2B marketplaces, workforce enablement, and other consumer internet business models. Blume Ventures' contribution to the Indus Valley Annual Report has solidified his status as a thought leader within the Indian startup community.

Blume Ventures was started in 2010 by Reddy and Nath. The VC firm raised $20 million in Fund I and invested in over 60 startups like Purplle, Grey Orange, Turtlemint, Carbon Clean, Exotel, Cashify, Zopper, Webengage, and IDfy. Blume Ventures raised successor Funds in 2015-16 and 2018-19, growing to a $60 million Fund II and a $102 million Fund III.