Peak XV Partners Faces Leadership Shakeup as Senior Partners Depart Amid AI Expansion Push

In a dramatic turn of events that has sent ripples through India’s venture capital ecosystem, Peak XV Partners—the erstwhile Sequoia Capital India—is grappling with yet another wave of senior leadership departures that underscores both the challenges and ambitions of one of Asia’s most prominent investment firms.

The latest exodus involves three senior partners who have collectively spent over two decades at the firm, marking a significant transition for the venture capital powerhouse that has been instrumental in shaping India’s startup landscape. The departures come at a critical juncture as Peak XV aggressively pivots toward artificial intelligence investments while simultaneously expanding its global footprint.

The Core of the Departure

Managing Director Shailendra Singh confirmed to TechCrunch that the departures stem from an internal disagreement with senior partner Ashish Agrawal, which led to a mutual decision to part ways. What began as a single point of contention quickly evolved into a broader realignment, with partners Ishaan Mittal and Tejeshwi Sharma choosing to depart alongside Agrawal.

Singh characterized the disagreement as a fundamental divergence in vision for the firm’s future trajectory, though he declined to elaborate on specific details, citing privacy concerns and a desire to maintain professional decorum. “Just out of privacy, and out of, like, trying to be classy about it,” he explained, suggesting that the split, while significant, was handled with mutual respect.

The managing director emphasized that such departures are not uncommon in large, multi-stage venture firms, particularly those managing billions in assets across diverse markets. He stressed that Peak XV was focused on moving forward rather than dwelling on internal disagreements, noting that the firm had enjoyed several productive years working together before reaching this juncture.

The Departing Trio’s Legacy

The three departing partners represent a substantial institutional knowledge base that has been cultivated over years of navigating India’s volatile startup ecosystem. Ashish Agrawal’s 13-year tenure at Peak XV positioned him as one of the firm’s most experienced investors, having witnessed and participated in multiple market cycles, from the euphoria of 2021’s peak valuations to the subsequent correction that reshaped investment strategies across the region.

Ishaan Mittal’s nine-year journey with the firm and Tejeshwi Sharma’s seven-year contribution have been equally significant, with all three partners having collaborated on numerous high-profile investments that have come to define Peak XV’s portfolio. Their collective experience spans multiple investment cycles, market corrections, and the evolution of India’s startup ecosystem from a nascent market to a global powerhouse attracting billions in venture capital.

During their tenure, the trio led investments across fintech, consumer technology, and enterprise software sectors, with Agrawal playing a particularly pivotal role in one of Peak XV’s most celebrated exits—Groww, the investment platform that went public in 2025 and became one of India’s most successful IPOs in recent years.

New Horizons for the Departing Partners

In a LinkedIn post that has since garnered significant attention within India’s startup community, Agrawal announced his decision to “take the entrepreneurial plunge” by teaming up with Mittal and Sharma to establish a new venture capital firm. This move represents a bold bet on their collective ability to build another institution from the ground up, leveraging their extensive networks and deep understanding of India’s startup ecosystem.

Agrawal’s post reflected both gratitude and ambition, describing his time at Peak XV as a “truly wonderful partnership” while expressing excitement about the opportunity to build something new with longtime collaborators. The decision to depart together suggests a shared vision for what they believe is missing in India’s venture capital landscape—a thesis that will likely become clearer as they unveil their new firm’s investment mandate.

Peak XV’s Strategic Response

In response to the departures, Peak XV has moved swiftly to reinforce its leadership bench from within. The firm announced the promotion of Abhishek Mohan to general partner, expanding its investment leadership team at a critical moment. Additionally, Saipriya Sarangan has been elevated to chief operating officer, taking charge of firm-wide operations and ensuring continuity in day-to-day management.

These internal promotions signal Peak XV’s confidence in its existing talent pool and its commitment to maintaining operational stability despite the leadership changes. The firm appears to be betting on its ability to execute its ambitious growth plans without disruption, even as it loses some of its most experienced voices.

A Year of Remarkable Portfolio Performance

The timing of these departures is particularly noteworthy given Peak XV’s exceptional portfolio performance in 2025. The firm has witnessed an unprecedented string of successful IPOs, with five of its portfolio companies going public in November and December alone—Groww, Pine Labs, Meesho, Wakefit, and Capillary Technologies.

These exits have generated approximately ₹300 billion (around $3.33 billion) in unrealized, mark-to-market gains for the firm, in addition to about ₹28 billion (approximately $310.61 million) in realized gains from share sales during the IPOs. This remarkable performance underscores the quality of Peak XV’s investment decisions and the strength of its portfolio companies, even as it navigates leadership transitions.

The success of these IPOs has also validated Peak XV’s investment thesis in consumer technology, fintech, and e-commerce sectors—areas where the departing partners had been particularly active. This raises interesting questions about the firm’s future investment strategy and whether it will double down on these proven sectors or pivot toward emerging opportunities in artificial intelligence and deep tech.

Broader Context of Leadership Churn

The latest departures must be viewed against the backdrop of broader leadership changes at Peak XV over the past year. In 2024, long-time investment leaders Harshjit Sethi and Shailesh Lakhani exited the India team, while Abheek Anand and Pieter Kemps departed from the firm’s Southeast Asia operations. The firm has also seen leadership changes across its marketing, policy, and operations teams in recent months.

This pattern of departures has fueled speculation about potential cultural or strategic misalignments within the organization. Some market observers have suggested that the exits reflect growing tensions between different factions within the firm regarding its strategic direction, particularly as Peak XV attempts to position itself as a leader in AI investing while maintaining its stronghold in traditional sectors.

Singh pushed back against narratives suggesting that Peak XV’s success was dependent on any single individual or group of partners. “That narrative is not statistically true,” he asserted, arguing that several of the firm’s most significant outcomes had been led by long-tenured partners who remained at Peak XV. He emphasized that the firm’s exit track record was the result of collective effort rather than individual brilliance.

The AI Imperative

The leadership changes coincide with Peak XV’s aggressive push into artificial intelligence investing, which Singh described as a fundamental reshaping of venture capital itself. The firm has made approximately 80 AI-related investments to date, reflecting its conviction that AI represents not just another technological trend but a paradigm shift that will redefine how value is created and captured in the startup ecosystem.

Singh articulated a compelling vision for AI investing that goes beyond surface-level applications. He argued that successful AI investing requires investors with deep technical understanding—researchers and engineers with backgrounds in machine learning and large-scale model development—rather than traditional “generalist” venture capitalists. This perspective suggests that Peak XV is actively seeking to augment its team with AI-native talent who can evaluate opportunities with the sophistication required in this complex domain.

The firm’s emphasis on technical expertise reflects the growing recognition that AI investments require different evaluation criteria than traditional software or consumer businesses. Questions about data moats, model architecture, computational efficiency, and regulatory compliance have become central to investment decisions in this space, requiring a level of technical sophistication that many traditional venture firms lack.

Global Expansion and the U.S. Market

Peak XV’s strategic ambitions extend far beyond India’s borders. The firm is preparing to open a U.S. office within the next 90 days, marking a significant expansion of its global footprint. This move represents a bet on the increasing interconnectedness of global startup ecosystems and the opportunities that arise from bridging Indian innovation with American capital and markets.

The decision to establish a U.S. presence comes at a time when many Indian startups are looking to expand internationally, and American investors are increasingly interested in opportunities in emerging markets. Peak XV’s deep understanding of both ecosystems positions it uniquely to facilitate these cross-border connections, potentially creating a competitive advantage as it competes for the best deals globally.

Despite this global expansion, Singh emphasized that India would remain Peak XV’s largest and most important market. This balanced approach—expanding internationally while maintaining focus on its home market—reflects the firm’s understanding of where its competitive advantages lie while acknowledging the need to evolve in an increasingly globalized venture capital landscape.

The Sequoia Legacy and Independence

The leadership changes and strategic shifts must also be understood in the context of Peak XV’s separation from Sequoia Capital in 2023. The rebranding represented both an opportunity for greater autonomy and the challenge of establishing a distinct identity separate from one of venture capital’s most prestigious brands.

The separation raised questions about whether Peak XV could maintain the same level of access to deals, talent, and capital without the backing of Sequoia’s global platform. The firm’s performance in 2025, particularly its successful IPO streak, suggests that it has successfully navigated this transition, building its own reputation and relationships independent of its former parent.

However, the leadership churn and strategic pivots also reflect the challenges of establishing independence and charting a new course after years of operating within Sequoia’s framework. The firm appears to be using this period of transition to redefine its identity and investment philosophy for the next phase of its evolution.

Market Implications and Industry Dynamics

The developments at Peak XV have broader implications for India’s venture capital ecosystem and the competitive dynamics among the country’s top investment firms. The departures of experienced partners create opportunities for other firms to poach talent and potentially capture market share in sectors where Peak XV has been particularly strong.

Moreover, the creation of a new venture firm by the departing partners could inject fresh competition into the market, potentially driving innovation in investment approaches and terms. This dynamic is particularly relevant in a market that has seen consolidation among larger firms while smaller, specialized investors have struggled to compete for the best deals.

The timing is also significant given the maturation of India’s startup ecosystem. With multiple successful IPOs in 2025 and a growing number of unicorns, the market is at a critical inflection point where the quality of capital and strategic guidance becomes increasingly important for the next generation of winners. The leadership changes at Peak XV could influence how capital is deployed and which sectors receive priority attention in the coming years.

Looking Ahead: Peak XV’s Path Forward

As Peak XV navigates this period of transition, several key questions will determine its trajectory in the coming years. Can the firm successfully execute its AI investment strategy and establish itself as a leader in this critical domain? Will its expansion into the U.S. market create new opportunities or stretch its resources too thin? How will it maintain its competitive edge in India while pursuing global ambitions?

The answers to these questions will likely emerge over the next 12-24 months as Peak XV’s new leadership team takes shape and its investment strategy evolves. The firm’s strong track record, deep market understanding, and substantial assets under management provide a solid foundation for continued success, even as it faces the challenges of leadership transitions and strategic pivots.

What is clear is that Peak XV remains committed to playing a central role in shaping India’s startup ecosystem and expanding its influence globally. The leadership changes, while significant, appear to be part of a broader strategy to position the firm for the next phase of growth in an increasingly complex and competitive venture capital landscape.

As the dust settles on this latest chapter of leadership changes, the Indian startup ecosystem will be watching closely to see how Peak XV reinvents itself and whether it can maintain its position as one of Asia’s most influential venture capital firms in an era defined by artificial intelligence and global competition.

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