In the latest interview, Anil Ravipudi clearly revealed that F3 will not be a sequel to the hit film F2. He said that this new film will have a new story completely.
The latest we hear is that Anil will not leave at F3 but will go making F4, F5 and so on like a franchise. The characters from the film will continue but the setting and backdrops will change.
This is really something really interesting and we need to see how Anil makes use of both the characters of Venky and Arun.