Underrepresentation of Women in India's VC Industry

Despite ongoing discussions about diversity and inclusion, women remain significantly underrepresented in India's venture capital (VC) industry, particularly in decision-making roles. An analysis of the investment teams at India’s most active VC firms from 2023 to 2025 highlights the stark gender disparity.

Several firms, including Z47, Stellaris Venture Partners, and Nexus Venture Partners, have no women in their investment teams. Peak XV Partners leads with 13 women out of 44 investors, while Blume Ventures and Accel India show relatively better representation. However, the broader industry challenge is evident in firms like Lightspeed Ventures and Elevation Capital, where women are significantly outnumbered.

Impact on the Startup Ecosystem

This lack of diversity has implications beyond representation. Ankita Vashistha, founder and managing partner at Arise Ventures, points out the role of peer networks in hiring and decision-making within VC firms. She emphasizes that male-dominated investment committees and general partners, influenced by unconscious biases, are less likely to support women-led startups, directly affecting the startup ecosystem.

Call for Intentional Hiring and Retention

Kanika Mayar, partner at Vertex Ventures, stresses the importance of increasing women's participation at all levels in the investment space to build a strong pipeline for leadership roles. She advocates for intentional hiring and retention strategies to foster an ecosystem that supports diverse perspectives.

According to PitchBook, the situation is slightly better in the US, with women making up 18.4% of investment decision-makers at VC firms in 2023. However, in Europe, only 16% of investment partners are women, highlighting the global nature of this challenge.