Two senior partners are departing from Peak XV, one of the largest venture capital firms globally, according to four sources who spoke with TechCrunch.
Shailesh Lakhani, who has been with the firm for 17 years, and Abheek Anand, co-lead for Southeast Asian investments, are leaving, as per the anonymous sources.
Peak XV has not yet responded to inquiries for comments. Both partners confirmed their exits following the publication of this article.
Their departures come on the heels of Peak XV’s recent decision in October to reduce its fund size by over $400 million, adjusting it to $2.40 billion, while also decreasing management fees. This move reflects growing caution in India’s venture capital landscape after years of inflated valuations.
At that time, Peak XV stated it was making these adjustments to align more closely with its limited partners.
Lakhani, (depicted above on the left) has played a pivotal role in several successful investments for Peak XV. Noteworthy among these is the beauty brand Minimalist, which was sold to Hindustan Unilever last month for $350 million, as well as Ixigo and Truecaller, both of which have gone public. Additionally, at least three companies he invested in—Zetwerk, Capillary, and Porter—are gearing up for IPOs within the next 12-15 months. Other firms he has brought into Peak XV’s portfolio include OneCard, Polygon, CoinSwitch, HealthKart, and CarDekho.
“As I approach the conclusion of my 17.5 years at Peak XV/Sequoia India, I feel it’s the right time to step away from the firm. This journey has been remarkable—beginning in August 2007, when India’s startup ecosystem was just taking shape, to now, when it thrives as one of the world’s most dynamic environments. I wouldn’t have traded this front-row experience for anything,” Lakhani shared in a tweet.
Anand has overseen investments in various companies, including the edtech startup Cuemath, payments company Sunrate, travel fintech Slice, trading platform Openborder, Indonesian e-commerce entity Ula, and the online grocery service Grofers (which has been acquired by Zomato and rebranded as Blinkit, now a leader in quick commerce in India). Anand joined the firm 12 years ago.
Sources indicate that both individuals will maintain some of their current board positions.
These recent exits—the first wave of senior departures—add to a series of changes at Peak XV, which separated from Sequoia in mid-2023. This division was attributed to the need to manage conflicts arising from escalating U.S.-China tensions. Peak XV, formerly known as Sequoia Capital India, rebranded and became independent while retaining the largest venture capital operations in India and Southeast Asia.
Despite these changes, the firm continues to employ 10 managing directors who oversee over 400 companies in its portfolio, including more than 50 unicorns.
These transitions occur as India’s venture capital sector undergoes a cooling period after years of robust expansion. Investors are now becoming more discerning, prioritizing profitability over the growth-at-any-cost philosophy that prevailed in the booming post-COVID-19 market.
Compiled by Techarena.au.
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