Mahindra & Mahindra’s VC Parag Shah steps down; to set up own venture

31 Aug 2023 , 10:30 AM

After nearly two decades with the company, Parag Shah has stepped down as CEO of Mahindra & Mahindra’s $1 billion venture capital (VC) arm, Mahindra Partners. His departure comes amid a shift in focus at the Anand Mahindra-led group, which has prioritized consolidation of existing businesses and will go slow on investments through the arm in the foreseeable future.

Shah headed the group’s new business incubation and growth, including Mahindra Logistics, which went public a few years ago, Mahindra Susten, an EPC business in the green energy space, and FirstCry, a renowned kidswear brand that eventually became a unicorn. 

As managing partner of Mahindra Partners, he was also in charge of outside investments, most notably in healthcare, where the firm backed Medwell Ventures, founded by former Fortis Hospitals CEO Vishal Bali. He also supervised and Delhi-based ophthalmology chain Centre for Sight, founded by Dr Mahipal Sachdev, a former practitioner at All India Institute of Medical Sciences.

According to an internal memo distributed to staff by M&M’s group chief executive officer Anish Shah, Shah is launching his own business. 

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