Two senior partners are leaving Peak XV amid strategy shift

Two senior partners are leaving Peak XV, the largest India-focused venture capital firm, four sources familiar with the matter told TechCrunch. 

Shailesh Lakhani, a 17-year veteran of the firm, and Abheek Anand, who co-led Southeast Asian investments, are departing, said the sources, who asked not to be identified discussing private matters.

The exits follow Peak XV’s October step to cut its fund size to $2.4 billion from $2.85 billion and reduce management fees, moves that reflected growing caution in India’s venture market after years of soaring valuations.

Peak XV said at the time that it was trimming the size of its fund to become more “deeply aligned” with its limited partners. Peak XV didn’t respond to requests for comment.

Lakhani has been behind several successful investments for Peak XV, including beauty brand Minimalist, which last month sold to Hindustan Unilever for $350 million, and public listings of Ixigo and Truecaller. At least three of his portfolio companies – Zetwerk, Capillary and Porter – are preparing for initial public offerings within 12-15 months, TechCrunch has previously reported. His other backings include OneCard, Polygon, CoinSwitch, HealthKart, and CarDekho.

Anand’s portfolio includes edtech startup Cuemath, trade platform Openborder, Indonesian e-commerce company Ula and online grocer Grofers (since sold to Zomato and now the top quick commerce firm in India). Anand joined the firm 12 years ago.

The two will continue to hold some of their existing board representations, other people familiar with the matter said.

The two exits add to a series of departures at Peak XV, which split from Sequoia in mid-2023. That split, the firms said, was driven by the need to avoid conflicts amid rising US-China tensions. Peak XV, formerly Sequoia Capital India, rebranded and became independent while retaining the largest venture capital operation in India and Southeast Asia.

The firm still has 10 managing directors overseeing more than 400 portfolio companies, including 50-plus unicorns. 

The changes come as India’s venture industry faces a cooldown after years of aggressive growth. Investors have grown more selective, emphasizing profitability over the growth-at-all-costs model that dominated during the bull run.

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