Head of Mahindra & Mahindra's venture capital section Parag Shah resigns

30 Aug 2023 , 01:21 PM

After twenty years with the company, Parag Shah, the head of Mahindra & Mahindra’s $1 billion venture capital (VC) arm, resigned from his position. This comes amid a change in priorities at the Anand Mahindra-led group, which has prioritized the consolidation of current businesses and will slow down on investments through the arm in the near future, according to people in the know.

Shah, a graduate of the Illinois Institute of Technology and Harvard University, oversaw the development of several new companies within the group, including MahindraLogistics, which went public a few years ago, Mahindra Susten, an EPC company in the green energy sector, and FirstCry, a well-known children’s clothing line that eventually achieved unicorn status.

As managing partner of Mahindra Partners, he also oversaw investments in companies outside the group, particularly in the healthcare sector where the company backed Medwell Ventures, founded by Vishal Bali, a former CEO of Fortis Hospitals, and Dr. Mahipal Sachdev, a former physician at the All India Institute of Medical Sciences, who founded the Delhi-based ophthalmology chain Centre for Sight.

According to an internal memo distributed to staff members by M&M’s group CEO Anish Shah, Shah is starting his own business.

His departure was announced by Mahindra & Mahindra.

Shah leaves the company after several senior executives, including the head of investments for the company, Raj Kamal Agarwal, and the head of healthcare, Pirojshaw Sarkari, who both left in the last two years to seek other possibilities.

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