The representation of women in senior roles across venture capital firms in India remains strikingly low, reflecting the legacy of male-dominated financial sectors and broader structural imbalances in the professional workforce.

Estimates cited by Sapien Strategic Consulting LLP in a February post suggest that fewer than 10 percent of decision-makers in Indian VC firms are women. Women founding partners with capital control account for only around 2–3 percent in private equity and venture capital firms.

Even when women do reach leadership positions, the path appears significantly longer. According to the estimates, women who rise to senior roles in PE/VC typically bring 15–20 years of experience—almost twice the tenure required for male peers entering comparable positions.

The imbalance is also evident within the investment teams of India’s most active venture capital firms. A 2025 media report analysing investment teams across the country’s 20 most active VC firms found that several had no women investors at all. Among those identified were Z47, Stellaris Venture Partners and Nexus Venture Partners.

Among the firms analysed, Peak XV Partners had the highest number of women investors, with 13 women among 44 investment professionals. In comparison, Blume Ventures had six women investors out of 23, while Accel India had five women among a team of 25. Lightspeed Ventures counted four women among 16 investors, while Elevation Capital had seven women among 33.

The disparity is not unique to India. A 2023 report by Kalaari Capital Advisors noted that the ratio of male to female investors in India stands at roughly 10:1. Globally, the imbalance is similarly stark, with women accounting for only seven percent of partners across the top 100 venture capital firms.

The report also highlighted the role of unconscious bias in shaping investment ecosystems. The report also noted that 70 percent of women founders who have pitched for funding said they were the only woman in the room, highlighting the gender imbalance within investor networks. Around one-fifth of respondents believe that the limited presence of women in senior investment roles reduces women founders’ access to institutional funding, universally agreed by the industry observers.

A reflection of broader workforce patterns

Industry observers argue that the gender gap in venture capital reflects a broader imbalance across India’s professional sectors.

Sunil Lulla, former vice president at Diageo and former CEO of BARC, explains that women’s participation in professional roles has historically been lower than it should be. Interestingly, he notes, more women work in agriculture and informal labour sectors than men. However, when it comes to formal, white-collar professions, the balance becomes significantly skewed.

According to Lulla, the reasons behind this disparity are both structural and societal. In some cases, women may choose not to pursue certain professional paths because they want to prioritise personal or family responsibilities. In other cases, opportunities may simply not have been equally available.

“At the same time, we must recognise that historically India has been a male-dominated society,” Lulla says. “While that is gradually changing—particularly in the white-collar sector—the legacy of that imbalance still influences professional representation today.”

He adds that the issue is visible even beyond venture capital. If one examines the top 100 listed companies in India, the proportion of women in senior management roles remains relatively low, suggesting that the challenge reflects a wider societal and professional imbalance.

Ecosystem evolution

Ninad Karpe, founder of Karpe Diem Ventures, echoes this view and suggests that the underrepresentation of women in venture capital is partly a legacy issue.

“Venture capital in India is still a relatively small and young industry,” Karpe explains. “Historically it drew talent from sectors such as investment banking, consulting and technology leadership where female representation at senior levels was also limited.”

Lulla also points out that investment banking and venture capital are particularly demanding professions, often requiring long working hours, frequent travel and a high level of professional commitment.

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However, the lack of women in venture capital cannot be attributed to capability or qualifications. Karpe notes that the core skills required in venture investing—curiosity, analytical ability, pattern recognition and the instinct to identify emerging opportunities—are entirely gender neutral.

“If anything, diversity of perspectives strengthens investment decisions because venture investing is fundamentally about seeing possibilities that others may miss,” he adds.

Women are now present across the venture capital hierarchy, from analysts and associates to principals and partners. Like any performance-driven industry, advancement depends largely on investment judgement, deal sourcing ability and track record.

Karpe also points to the influence of informal networks within the startup ecosystem. Historically, parts of the ecosystem have functioned through networks sometimes described as a “bro culture”, which can make access to deal flow and professional connections more difficult for women.

“But the industry is becoming far more meritocratic,” he says. “Ultimately, good investors earn credibility through successful investments, and that tends to overcome structural barriers.”

As the Indian startup ecosystem continues to mature and expand, Karpe believes the talent pool entering venture capital will naturally become more diverse. Greater visibility of successful women founders and investors could also inspire more women to enter the field.

Structural career barriers

Jaideep Mehta, managing director at Rzolut, agrees that the gender gap in venture capital largely reflects structural realities within the broader finance industry.

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“In finance, the number of women entering the field tends to be lower compared with some other industries,” Mehta says. “As a result, the pool of candidates who could eventually move into senior investment roles is already smaller at the entry level.”

Career interruptions also play a role. Many women take breaks for family-related responsibilities and, although they often return to work later, they may not re-enter at the same level or trajectory they might have maintained otherwise.

“These are well-established realities across corporate sectors,” Mehta explains. “So the issue is less about intentional exclusion and more about structural and systemic factors that lead to fewer women progressing into senior investment roles.”

At the same time, he acknowledges that several women investors have built strong reputations within India’s venture ecosystem. Figures such as Padmaja Ruparel of Indian Angel Network, Priyanka Gill, Vani Kola of Kalaari Capital and Renuka Ramnath of Multiples Alternate Asset Management are often cited. Other prominent names include Anisha Singh, Ankita Vashishtha, Surabhi Washishth, Swapna Gupta, Tarana Lalwani, Sunitha Viswanathan, Varsha Tagare and Aishwarya Malhi.

“But the fact remains that these women are exceptional individuals rather than representatives of a broadly balanced industry,” Mehta says. “That highlights how persistent the imbalance has been. The venture capital industry needs to recognise this and take steps to make the profession more attractive and accessible to women.”

Mehta believes that firms must create supportive processes and infrastructure to retain talent. For instance, structured return pathways after maternity leave could allow women to gradually transition back to full-time roles through flexible or part-time arrangements while balancing family responsibilities.

“This requires investing in robust HR processes, flexible work structures and perhaps even additional staffing support,” he says. “These are practical steps that can help retain and support talented women in the industry.”

Hiring structures and referral networks

Lloyd Mathias, seasoned investor and independent director, agrees that women remain significantly underrepresented in the venture capital ecosystem in India. The imbalance becomes even more pronounced at senior levels such as general partners and members of investment committees.

According to Mathias, one key reason lies in the origins of India’s venture capital industry, much of which evolved from private equity and investment banking—two sectors that historically had low female representation.

Venture capital is also a referral-heavy industry where senior hiring often happens through personal networks that have traditionally been male dominated. While more women are entering the corporate sector today, fewer choose the relatively high-risk venture capital path where the expectation is to remain constantly engaged with deals and founders.

Mathias also points out that many VC firms lack formal diversity, equity and inclusion targets. Without explicit mandates, hiring decisions often lean toward candidates with similar backgrounds.

In addition, venture firms typically prioritise candidates with strong track records—such as individuals who have founded and exited startups or held senior roles in high-growth companies—along with deep expertise in sectors such as deep technology, artificial intelligence and climate technology. Because historically fewer women have founded startups or held such roles, the sourcing pool becomes limited.

Women are also sometimes perceived as more risk-averse, where prudence may be misinterpreted as a lack of aggression. As a result, they are occasionally steered toward operating partner roles rather than investment partner positions.

However, Mathias believes the industry is beginning to recognise the strategic value of diversity.

“There is a growing realization that gender-diverse investment teams make better choices,” he says. “Diversity is increasingly seen as a competitive advantage rather than a box to tick.”

Regulators, limited partners and institutional investors are also becoming more conscious of the need for diverse investment teams and portfolios.

Rebuilding the pipeline

Jeet Chandan, co-founder of BizDateUp and an angel investor, notes that venture capital hiring still relies heavily on legacy networks that remain male dominated.

The pipeline often weakens at mid-level roles, he explains, where women may receive fewer sponsors, encounter biases and experience faster burnout under the intense demands of the industry.

Senior venture capital roles require a proven deal track record, strong founder networks, sound investment judgement and comfort with making high-risk decisions. Yet women are sometimes unfairly perceived as less aggressive or less networked, even when they possess comparable capabilities.

Chandan also points out that women leaders often face greater scrutiny, stronger pushback and slower recognition for similar results.

Addressing the disparity will require deliberate structural reforms. Venture firms may need clearer promotion criteria, mixed-gender investment committees, stronger sponsorship from senior partners and stricter accountability mechanisms to counter bias.

He also suggests that firms should set explicit targets for women in investment roles rather than limiting diversity to support functions. Publishing diversity data, creating structured returnship programmes and building clear pathways for women to enter investment decision-making roles early in their careers could gradually help rebalance the industry.

As India’s startup ecosystem continues to evolve, industry leaders say the question is no longer whether women belong in venture capital, but how quickly the ecosystem can build a pipeline that allows more of them to lead it.

First Published on March 9, 2026, 14:07:54 IST