Gaurav Burman, the Managing Partner at Elephant Capital, has resigned from the investment fund. Elephant Capital plc is a public limited company, listed on the Alternative Investment Market of the London Stock Exchange. Burman, a member of the family that owns Dabur India, had co-founded Elephant Capital as Promethean Investments.
Elephant Capital was previously called Promethean India, and had raised GBP 57.5m (Rs 500 crore) for investment purposes, of which GBP 7.5 million were from the Burman family, according to Business Standard.
According to the Elephant Capital annual report (read it here), Burman has “retired from the Board on 26 February 2014, as part of a cost reduction exercise”, though the fund will have access to him through his role as a part of the “Investment Manager’s team.” Elephant Capital has also said that with effect from 1 March 2014 the remaining three Non-Executive Directors will have their annual remuneration reduced by 20%.
All the funds’ digital investments have failed: Global Cricket Ventures, a joint venture between Live Current Media (which went bankrupt) and Netlink Blue holdings, which used to have the digital rights of the Indian Premier League; Nokia backed mobile payments company Obopay, and Indian content creator ACK Media, which was acquired by the Future Group after a significant write-down.
Burman recently invested, in his personal capacity, an undisclosed amount in Singapore-based Bitcoin exchange itBit, that trades in Bitcoins with US dollars, Singapore dollars and the euro with technology support from Nasdaq. itBit had raised $5.5 million at that point in time from investors such as Canaan Partners and RRE Ventures with participation from Liberty City Ventures. The plan was to bring itBit to India.