Two senior companions are leaving Peak XV, one of many world’s largest enterprise capital corporations, 4 sources accustomed to the matter advised TechCrunch.
Shailesh Lakhani, a 17-year veteran of the agency, and Abheek Anand, who co-led Southeast Asian investments, are departing, mentioned the sources requesting anonymity.
Peak XV didn’t instantly reply to requests for remark.
The exits comply with Peak XV’s determination in October to chop its fund measurement by greater than $400 million to $2.40 billion and cut back administration charges, strikes that mirrored rising warning in India’s enterprise market after years of hovering valuations.
At the time, Peak XV mentioned it was trimming the fund to turn 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 bought to Hindustan Unilever for $350 million, in addition to Ixigo and Truecaller, each of which went public. At least three of the businesses he led investments in — Zetwerk, Capillary and Porter — are making ready for IPOs inside 12-15 months. Other firms he introduced into Peak XV’s fold embody OneCard, Polygon, CoinSwitch, HealthKart and CarDekho.
“As my time at Peak XV/Sequoia India reaches 17.5 years, I’ve determined it’s the correct second to step again from the agency. It has been an unbelievable journey—one which started in August 2007, when India’s startup ecosystem was in its infancy, to at this time, the place it stands as probably the most vibrant on the earth. 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 two will proceed to carry a few of their present board representations, different individuals accustomed to the matter mentioned.
The two exits are the most recent in a collection of exits at Peak XV, which cut up from Sequoia in mid-2023. That cut up, the corporations mentioned, 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 biggest enterprise capital operation in India and Southeast Asia.
The agency nonetheless has 10 managing administrators overseeing greater than 400 portfolio firms, which embody over 50 unicorns.
The modifications come as India’s enterprise trade faces a cooldown after years of aggressive development. Investors 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.
