VC Giants Shake Up: Leaders Exit for New Venture

Peak XV Partners has announced a major leadership reshuffle with the departure of three senior managing directors: Ashish Agrawal, Ishaan Mittal, and Tejeshwi Sharma. These exits are strategically aligned with the firm's recalibrated investment approach, which prioritizes AI-native investors and evolving market dynamics. The firm confirmed these moves were mutually agreed upon as part of its adaptation to emerging technological changes.

Ashish Agrawal has departed, and Ishaan Mittal and Tejeshwi Sharma are joining him to co-found a new venture capital platform. This initiative reflects a growing trend within India's venture capital landscape, driven by technological shifts and a focus on AI. Peak XV, formerly Sequoia Capital India & Southeast Asia, manages over $9 billion and has a strong track record in backing startups across India and Southeast Asia.

In response to these departures, Peak XV has appointed Abhishek Mohan as General Partner and Saipriya Sarangan as Chief Operating Officer. These promotions are part of a broader team refresh aimed at strengthening the firm's capabilities in the current AI-driven era. Peak XV reiterates its commitment to its limited partners and the founders it supports, emphasizing its two-decade journey and success with 36 IPOs.

Ishaan Mittal expressed gratitude for his tenure, highlighting his work with notable companies like Razorpay and Mamaearth. He stated a vision for a new, ambitious India-focused investment firm with Agrawal and Sharma, believing the next significant investment firm will emerge from India. This strategic pivot by Peak XV and the new venture by its former leaders underscore the dynamic transformation occurring within India's VC ecosystem.