Two senior companions are leaving Peak XV, one of many world’s largest enterprise capital corporations, 4 sources conversant in the matter informed TechCrunch.
Shailesh Lakhani, a 17-year veteran of the agency, and Abheek Anand, who co-led Southeast Asian investments, are departing, stated the sources requesting anonymity.
Peak XV didn’t instantly reply to requests for remark.
The exits observe Peak XV’s choice in October to chop its fund measurement by greater than $400 million to $2.40 billion and scale back administration charges, strikes that mirrored rising warning in India’s enterprise market after years of hovering valuations.
On the time, Peak XV stated it was trimming the fund to develop into extra “deeply aligned” with its restricted companions.
Lakhani (pictured above, on the left) has been behind a number of profitable investments for Peak XV, together with magnificence model Minimalist, which final month offered to Hindustan Unilever for $350 million, in addition to Ixigo and Truecaller, each of which went public. At the very least three of the businesses he led investments in — Zetwerk, Capillary and Porter — are making ready for IPOs inside 12-15 months. Different corporations he introduced into Peak XV’s fold embrace OneCard, Polygon, CoinSwitch, HealthKart and CarDekho.
“As my time at Peak XV/Sequoia India reaches 17.5 years, I’ve determined it’s the fitting second to step again from the agency. It has been an unimaginable journey—one which started in August 2007, when India’s startup ecosystem was in its infancy, to right now, the place it stands as one of the vital vibrant on the planet. I wouldn’t have traded this courtside seat for something,” Lakhani wrote in a tweet after the publication of this story.
Anand has led investments in edtech startup Cuemath, funds agency Sunrate, journey fintech Slice, commerce platform Openborder, Indonesian e-commerce firm Ula, and on-line grocer Grofers (acquired by Zomato and rebranded to Blinkit, now the highest quick-commerce enterprise in India). Anand joined the agency 12 years in the past.
The 2 will proceed to carry a few of their present board representations, different individuals conversant in the matter stated.
The 2 exits are the newest in a collection of exits at Peak XV, which cut up from Sequoia in mid-2023. That cut up, the corporations stated, was pushed by the necessity to keep away from conflicts amid rising U.S.-China tensions. Peak XV, previously Sequoia Capital India, rebranded and have become unbiased whereas retaining the most important enterprise capital operation in India and Southeast Asia.
The agency nonetheless has 10 managing administrators overseeing greater than 400 portfolio corporations, which embrace over 50 unicorns.
The adjustments come as India’s enterprise business faces a cooldown after years of aggressive development. Buyers have grown extra selective, emphasizing profitability over the growth-at-all-costs mannequin that dominated in the course of the bull years following the COVID-19 pandemic.