Two senior partners leaving Peak XV in a strategic shift

The two senior partners are leaving Peak XV, the largest venture capital firm in India. Four sources familiar with the issue told TechCrunch.

The company’s 17-year veteran Shailesh Lakhani and Abheek Anand, who co-led Southeast Asian investment, are leaving, said the sources asked not to identify any discussion of private issues. .

The exit continues on to the October step of Peak XV Fund size reduced to $2.4 billion From $2.85 billion, there is a movement reflecting the growing attention in the Indian venture market after years of valuation, with reduced management fees.

Peak XV said at the time that it was trimming the size of its funds to make it more “deeply aligned” with its limited partners. Peak XV did not respond to requests for comment.

Lakhani is behind several successful investments in Peak XV, including the Beauty Brand Minimalist, which sold to Hindustan Unilever for $350 million last month, and the public list of Ixigo and Truecaller. At least three of his portfolio companies – Zetwerk, Capillary and Porter are preparing for their first public release within 12-15 months, TechCrunch Previously reported. His other linings include Onecard, Polygon, Coinswitch, Healthkart and Cardekho.

Anand’s portfolio includes Edtech Startup Cuemath, Trade Platform Openborder, Indonesian E-Commerce Company ULA and online grocery stores (sold to Zomato and currently the top quick commerce company in India). Anand joined the company 12 years ago.

The two will continue to hold some of the existing board statements, said someone familiar with the matter.

The two exits will be added to a series of departures at Peak XV, split from Sequoia in mid-2023. He said the split was driven by the need to avoid conflict amid rising tensions between the US and China. Peak XV, formerly Sequoia Capital India, has been rebranded and independent, maintaining its largest venture capital business in India and Southeast Asia.

The company still has 10 managing directors overseeing over 400 portfolio companies, including over 50 unicorns.

This change comes as the Indian venture industry faces a cooldown after years of active growth. Investors are growing more selectively, highlighting profitability for all costs models that dominated during the Bull Run.