Venture capital giant Peak XV Partners has announced the departure of three managing directors: Ashish Agrawal, Ishaan Mittal, and Tejeshwi Sharma. The long-tenured partners are set to launch their own investment firm, marking a significant leadership evolution for the former Sequoia Capital India & Southeast Asia. This move contributes to a series of high-profile exits and reflects a broader industry trend of senior investors spinning out to create new funds.
A Mutual Decision Amid Disagreement
The exits reportedly stemmed from an internal disagreement with Ashish Agrawal, which led to a mutual decision to part ways in the best interests of the firm and its limited partners. In a statement, Peak XV emphasized a focus on moving forward professionally and ensuring a seamless transition for all board seats held by the departing partners. The firm has assured its portfolio companies of continuity, highlighting that multiple partners were already involved across these investments to maintain stability.
New Venture with a Proven Track Record
Ashish Agrawal confirmed he is taking an “entrepreneurial plunge” with his longtime colleagues to build a new institution from the ground up. The trio brings a wealth of experience, having collectively spent over three decades at Peak XV and its predecessor, leading investments in some of the region's most successful startups. Their combined portfolio includes notable companies such as Groww, Razorpay, Mamaearth, and Cred, giving their new venture immediate credibility in the market.
A Pattern of Leadership Evolution
These departures are not an isolated event but part of a wider pattern of leadership changes at Peak XV over the past year. Several other senior figures, including former managing directors Shailesh Lakhani and Harshjit Sethi, have also recently left to establish their own funds. This ongoing churn comes as the firm recalibrates its organization and investment strategy following its 2023 separation from the global Sequoia Capital brand.
Peak XV's Strategic Realignment
In response to the changes, Peak XV has moved to reinforce its leadership from within, promoting Abhishek Mohan to General Partner and Saipriya Sarangan to Chief Operating Officer. The firm maintains a strong financial position, with over $9 billion in assets under management and a reported $2.5 billion in uninvested capital ready for deployment. This stability allows it to pursue its strategic goals without significant interruption from the recent leadership reshuffle.
Focus on AI and Global Expansion
Looking ahead, Peak XV is sharpening its focus on artificial intelligence, viewing it as a transformative technology that requires deep technical expertise from its investment team. The firm has already made around 80 AI-related investments and is actively recruiting talent with backgrounds in machine learning and large-scale model development. Furthermore, Peak XV is preparing to open a U.S. office, signaling its ambition to expand its global footprint while maintaining India as its core market.
The departure of Agrawal, Mittal, and Sharma represents a significant transition for Peak XV Partners, yet the firm appears well-prepared with internal promotions and a clear strategic vision. While the broader venture ecosystem gains a new fund led by seasoned investors, Peak XV continues to adapt by focusing on AI and global growth. This moment underscores the dynamic and competitive nature of the venture capital landscape in India and Southeast Asia.