BENGALURU: Women remain significantly under-represented in India’s venture capital (VC) industry, especially in decision-making roles, despite growing conversations about diversity and inclusion. An analysis of the investment teams at India’s most active VC firms, in terms of volume across years 2023 to 2025 so far, reveals how stark the gender gap remains.
Among the 20 most active VC investors that TOI analysed, several firms have no women at all in their investment teams, including Z47, Stellaris Venture Partners, and Nexus Venture Partners. Peak XV Partners has the highest absolute number of women investors, with 13 out of 44, while firms such as Blume Ventures (6 out of 23) and Accel India (5 out of 25) have relatively better representation. However, firms like Lightspeed Ventures (4 out of 16) and Elevation Capital (7 out of 33) still reflect the broader industry-wide challenge — women are outnumbered at nearly every major firm.
This lack of diversity in VC teams has consequences beyond representation. “Peer networks play a huge role in hiring and decision-making in VC,” said Ankita Vashistha, founder and managing partner at Arise Ventures. “Most senior hiring is based on referral. Investment committees and general partners are predominantly male, and unconscious biases can shape whom they hire and fund. This has a direct impact on the startup ecosystem, as male-dominated VC firms are often less likely to back women-led startups.”
Kanika Mayar, partner at Vertex Ventures, echoed this sentiment. “The problem isn’t just at the top. We need more women entering the investment space at all levels, so there is a strong pipeline for leadership roles. Firms need to be intentional about hiring and retaining women in VC. It’s not just about numbers — it’s about building an ecosystem that actively supports diverse perspectives.”
According to PitchBook, in the US, women made up 18.4% of investment decision-makers at VC firms in 2023. In Europe, the situation is starker, with only 16% of investment partners being women.
