Nandan Nilekani, co‑founder of Infosys and a leading Indian technology figure, is stepping down as a general partner at Fundamentum Partnership as the firm launches its third $200 million venture fund.

Nilekani, 71, co‑founded Fundamentum in 2017 with Sanjeev Aggarwal. The new fund targets consumer technology, fintech and AI startups at the early‑stage level and plans initial checks of about ₹100 crore ($10.5 million) each.

Aggarwal said the leadership change is a title adjustment and that Nilekani will remain an anchor investor, continue advising the firm and mentor portfolio founders. He described Nilekani as integral to the firm’s mentoring focus.

Fundamentum’s third fund aims to back eight to ten startups and will be led by Aggarwal, Prateek Jain, Mayank Kachhwaha and finance chief Sanjay Chaturvedi. The fundraising is expected to conclude in 12 to 18 months, with roughly half of the capital coming from international investors and the remainder from Indian institutions, family offices, founders and partners.

The shift follows the departure of general partner Ashish Kumar, who launched a separate AI‑focused vehicle, Fundamentum Frontier Advisors, which has Nilekani as an anchor investor but is operationally independent.

Fundamentum has made 17 investments across its first two funds and has returned about half of the capital from its first fund, while the second fund concentrates on follow‑on investments. The new fund’s focus on application‑layer AI reflects a growing emphasis on building AI tools for financial services, content and vernacular consumer markets in India.