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Business News/ Companies / News/  Former Dhanlaxmi Bank CEO joins 35 North Ventures as operating partner

Former CEO and managing director of Dhanlaxmi Bank Sunil Gurbaxani has joined 35 North Ventures, a sponsor to India Discovery Fund, India’s largest Sebi-approved angel fund with a fund size of $100 million - as an operating partner on its board.

Gurbaxani is a banker with three decades of experience across geographies. He started his journey with SBBJ (now SBI) and moved to Axis Bank where he held various leadership roles.

35 North Ventures is able to leverage the expertise of its key board members to provide immense value to its portfolio companies. It had also onboarded Avtar Monga, former CEO of IDFC First Bank and former executive at Bank of America to its board this year.

Commenting on the new addition to the team Milan Sharma, partner, 35 North Venture said “We are delighted to welcome Sunil into the 35 North Venture family. His leadership appointments are strategically aligned with our aim to fortify human capital within the company and have people with the right skills and experiences who will help us reach the next level of growth."

Ashwani Singh, managing partner, 35 North Venture added “Sunil’s rich experience will be extremely valuable for our partners, and we are looking forward to having him identify the next set of pathbreaking investment opportunities."

Founded in 2021, India Discovery Fund invests in asset-light business models that are tech-enabled and have a high potential to rapidly scale up. The fund seeks to provide growth capital to aid the creation of solutions that will revolutionize the Indian market with bold and disruptive ideas.

The current investment portfolio has companies from several industries such as EdTech, Fashion FinTech, Military Tech, Food & Beverages amongst others.

Speaking on the new role, Gurbaxani, said, “The goal will be to align with the vision that Ashwani and the team have set and identify the right set of companies that will blend creativity, technology, data and culture to create truly unique solutions for Young India and unlocking value for our partners."

The fund has also recently invested in emerging startups such as CloudTailor, SpeEdLabs, Dhybrid, Stupa Analytics & more. CloudTailor is a D2C platform that is organizing the personalized fashion and tailoring industry through its digital platform.

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Updated: 14 Oct 2022, 06:04 PM IST
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