Meghna Rao, country director for non-profit venture capital investor Acumen Fund India, has stepped down from the firm within a year of being appointed to the post. The India portfolio is now being overseen by Ankur Shah, who has been designated interim India country director, according to the firm’s website. Shah also leads the firm’s education investments here.
Responding to emailed queries from StartupCentral on the development, an Acumen spokesperson said, “Meghna Rao decided to resign from Acumen Fund and step out of her role as India country director, effective December 21, 2011, to focus on family matters… Meghna supported the transition to interim leadership at Acumen India office in early 2012…” On whether Shah would formally take over as country director in due course, the spokesperson said, “Ankur Shah is now the acting India country leader, effective January 1, 2012. At this time there are no further updates on the India country director transition at Acumen Fund.”
Rao, a former Goldman Sachs and Microsoft executive, signed up to lead Acumen’s investments here last February. Following her appointment, the firm also relocated its India headquarters to Mumbai from Bangalore. Her mandate was to expand the portfolio of investments in areas such as health, water, energy and agriculture to $50 million (in investments) by 2015.
This is the second time within two years that Acumen’s India leadership team has undergone a transition. In July 2010, former country director Varun Sahni quit the firm to start his own firm Impact Investment Partners, which is slated to launch a $100 million fund that will invest in the healthcare sector here. Sahni stepped down after a five-year stint at the firm. Jay Barrymore, who was interim director of Acumen’s energy portfolio in India, also quit at the time to team up with Sahni.
The current acting country director, Shah, first worked with Acumen briefly in 2005 to helped launch WaterHealth International in India and rejoined the firm in 2009. Shah earlier worked at McKinsey & Co where he advised large companies and worked with private investors and entrepreneurs in low-income markets in India on areas such as financial access and clean water and energy investments.
The New York-based Acumen Fund has been investing here since 2001. Its portfolio includes solar power solutions startup D.Light Design, ambulance services provider Ziqitza Healthcare and affordable drinking water solutions maker WaterHealth International. The firm has invested 21.6 million in 14 companies that address the needs of consumers at the bottom of the pyramid.
