Amit Yadav, manager of the India-based phone operator Bharti Airtel’s Innovation Fund, has left to join Indian industrial group Religare as a vice-president of group mergers and acquisitions.
The departure follows press speculation the Airtel fund was being closed over the summer, as first reported by news provider Pluggd.in, which described it as "heartbreaking news for mobile (app) developers".
The Airtel fund had been set up two years earlier with R200 crore ($42m) to invest in early-stage entrepreneurs providing content, value-added services and other services.