Secondary share sales by India-based startups have seen an uptick in the last few months, even as global markets have been volatile and primary fundraises have slowed down. In a secondary deal, existing investors sell their shares in a startup to new investors. This can be done for a variety of reasons, such as to cash out some of their investment, to diversify their portfolio, or to bring in new investors who can help the startup grow. According to data from Venture Intelligence, there were 15 secondary deals worth $690 million in the first half of 2023, compared to 10 deals worth $270 million in the same period last year. Some of the most notable secondary deals in recent months include the sale of shares in FirstCry by SoftBank to TPG, the sale of shares in Ola by Tiger Global to Temasek, and the sale of shares in Swiggy by Naspers to Prosus. The rise in secondary deals is a sign that there is still strong demand for Indian startups, even in the current market environment. It also suggests that investors are increasingly willing to buy shares in startups from existing investors, rather than waiting for them to go public. In other news, Nexus Venture Partners Managing Director Naren Gupta has stepped down from his role. Gupta, who has been with Nexus for 14 years, will be replaced by Abhishek Mohan, who was previously a Principal at the firm. Gupta's departure comes at a time when Nexus is facing some challenges. The firm's flagship fund, Nexus Venture Partners VII, has not yet raised its target of $500 million, and it has been over a year since the firm made its last investment. It is unclear what Gupta's plans are after leaving Nexus. He is expected to stay in the venture capital industry, but it is not known if he will join another firm or start his own.