Ashish Fafadia, formerly Chief Financial Officer of Blume Ventures, an early stage Venture Capital firm, has now been promoted to the position of a partner in the organisation.
Before joining Blume Ventures in 2012, Ashish had worked with Times Internet (BCCL) for 5 years under several high profile managerial designations.
With the education of a CA and significant experience in managing financial aspects of a company, Fafadia will look after overall financial operations including managing investment portfolio, fundraising, and risk management.
Earlier, he played a key role in structuring growth stage investments. He had played a major part in the VC’s exit from Zipdial, TaxiForSure, Promptec, and, the most recent one, Mettl. He also played the lead role in establishment of advisory platform and support service branch Constellation Blu by the VC in 2013.
Fafadia represents the VC on several portfolio companies’ boards including NowFloats, Purplle, Slicepay, and Turtlemint.
In a statement with Business Standard, Fafadia revealed that his immediate goal is to figure out exits in Fund I and aid the growth of Fund II portfolio companies.
In a larger picture, Blume had recently made the first close on Fund III with $40 million and is looking to raise about $20 million more, while the corpus is double the first close amount. The first fund of the VC was closed at $20 million, and the second at $60 million.
The VC had also launched an accelerator and incubator Arka Venture Labs in July this year to support B2B startups with a corpus of Rs 40 crore fund.
This development was first reported by Business Standard.