Three MDs quit Peak XV Partners as senior-level exits continue

Three managing directors, Ashish Agrawal, Ishaan Mittal and Tejeshwi Sharma, have exited Peak XV Partners, marking another round of senior-level departures at the venture capital firm amid an ongoing leadership reshuffle.

The exits come at a time when Peak XV is in the midst of a broader transition, recalibrating the organization and investment strategy following its split from Sequoia India & South-East Asia in 2023.

Alongside the departures, the firm announced key leadership promotions. Abhishek Mohan has been elevated to general partner and will continue to lead Peak XV’s consumer technology investments, while Saipriya Sarangan has been promoted to chief operating officer (COO), taking charge of firm-wide operations.

In a Linkedin post, Agrawal said he will team up with Mittal and Sharma to launch a new VC firm. Sharma, on his part, wrote on X that he was moving “to pursue the biggest dream of my life: building a new venture capital firm with my partners and friends of nearly 15 years, Ashish and Ishaan Mittal.”

At Peak XV, Agrawal led early bets such as Groww and focused largely on fintech investments, with some exposure to consumer deals. Mittal, best known for backing companies such as Mamaearth and Razorpay, worked on the growth side with a focus spanning consumer and fintech, while Sharma backed startups including Cred and Whatfix, and primarily covered SaaS and fintech investments.

The developments also add to a growing list of investment firms that have spun out of Peak XV/Sequoia India, following WestBridge Capital and A91 Partners. Despite the leadership churn, Peak XV reiterated its long-term commitment to its limited partners and founders, positioning the changes as part of a broader strategy to prepare the firm for its next phase of growth.

The exits of the three managing directors come close on the heels of several senior-level departures over the past year.

Managing director Harshjit Sethi resigned in September 2025, preceded by exits of other senior executives, including Shailesh Lakhani, Abheek Anand, Shraeyansh Thakur and Anandamoy Roychowdhary. Other departures included chief product officer Anuj Sahai, vice-president Suraj Agarwalla and managing director Piyush Gupta.

Lakhani is also in the process of setting up an early-stage fund, along with Sethi. In 2024, Gupta had launched Kenro Capital, a fund focused on late-stage secondary deals.

G.V. Ravishankar, Mohit Bhatnagar, Sakshi Chopra, Shailendra J Singh, Rajan Anandan, Rohit Agarwal and Arnav Sahu are now left in the firm.

The firm has grown to manage over $9 billion in capital across 13 funds and invested in over 400 companies over its history in India and Southeast Asia. It is looking to raise a new independent fund of around $1.2–1.4 billion, its first since the Sequoia split, The Economic Times reported in April last year.

The firm described the recent exits as mutual decisions aligned with efforts to evolve its investment capabilities, particularly in response to market shifts driven by artificial intelligence (AI) and emerging technologies.

In a blog post addressing the leadership changes, Peak XV said, “Building an enduring institution takes decades of commitment, hard work, dedication to values and the ability to embrace change.” Peak XV has recently closed its 80th AI investment and said it plans to further deepen its bench of AI-native investors and go-to-market capabilities.