New appointees will report to chief commercial officer Kari Krishnamurthy.
Setlur's career spans over two decades with stints at leading media houses and agencies.
Venkatraman previously served as CEO of Network18-owned CNN-IBN & IBN7.
He was earlier with Oxford University Press as communications & public affairs lead, India.
Indigo Consulting is the digital business transformation arm of Publicis Groupe.
