wordpress blog stats
Connect with us

Hi, what are you looking for?

Gaurav Burman Resigns From Elephant Capital Board

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.

You May Also Like

News

Truecaller has appointed a new chief financial officer, Odd Bolin, to prepare the company for an initial public offering (IPO). The Sweden-headquartered caller identification...

News

Google Cloud has elevated Karan Bajwa — who currently heads its business in India — to lead operations in the Asia Pacific region, the...

News

Zoom has hired Iravati Damle as director of government affairs in India. Damle announced the move on LinkedIn. She was previously with Uber in...

News

In a major internal shake-up, Netflix’s Vice President of Content Acquisition and Original Series Cindy Holland has departed the company, the Hollywood Reporter reported...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to Daily Newsletter

    © 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ