Peak XV Partners, one of the largest venture capital firms in India and Southeast Asia, is experiencing significant changes at the leadership level as Managing Directors Shailesh Lakhani and Abheek Anand prepare to depart. Their exits mark the latest in a series of departures from the firm, which was formerly known as Sequoia Capital India & SEA before splitting from its US parent in mid-2023.
Senior Leaders Exit Peak XV:
Shailesh Lakhani, a 17-year veteran of the firm, and Abheek Anand, who played a crucial role in leading investments in Southeast Asia, are set to leave Peak XV6. The exact reasons for their departures remain somewhat unclear, but they come at a time when the venture capital firm is adjusting its investment strategy16. Lakhani confirmed his departure on social media, stating that he felt it was the right moment to step back and pursue new challenges.
Lakhani’s Legacy and Future Plans
Lakhani, based in Bengaluru, joined Peak XV in 2007 and has been instrumental in the firm’s success in India. He has overseen investments in numerous successful companies, including Minimalist, Ixigo, and Truecaller. His investment in Minimalist yielded over 10X returns when the skincare brand was acquired by Hindustan Unilever Limited (HUL). Lakhani also holds board positions at several companies, including Zetwerk, Capillary Technologies, Porter, 1mg, Bounce, and Cardekho. He will continue to hold some of his existing board representations. In a post on X, Lakhani expressed gratitude for his time at Peak XV and stated his desire to spend more time with family and explore new opportunities.
Anand’s Focus on Southeast Asia
Abheek Anand, who joined Peak XV in 2013 and is based in Singapore, has focused on investments in Southeast Asia, particularly in the software, FinTech, and consumer internet sectors. Anand has led investments in companies such as Cuemath, Slice, Openborder, Ula, and Blinkit (formerly Grofers). He plans to relocate to San Francisco, where he will support founders through angel investing, advising, and collaborations.
Recent Changes at Peak XV
The departures of Lakhani and Anand follow other significant changes at Peak XV. In April 2024, Managing Director Piyush Gupta left to launch his own secondaries-focused investment firm, Kenro Capital. Additionally, Shweta Rajpal Kohli, the firm’s chief public policy officer, and Gayatri Vasudeva Yadav, chief marketing officer, also stepped down. The firm recently reduced the size of its latest fund and trimmed management fees, signaling a more cautious approach to growth-stage investments. In October, Peak XV cut its fund size by more than $400 million to $2.40 billion and reduced management fees. The firm also sold about a 1% stake in Freshworks for $51.5 million. These changes suggest a strategic shift within Peak XV as it navigates the evolving venture capital landscape in India and Southeast Asia.
Industry Response and Future Direction:
Discussions on Peak XV’s future path have been sparked inside the venture capital industry by the departures of prominent officials such as Anand and Lakhani. In order to successfully navigate the changing investment landscape, the company will need to be able to draw in and keep top people. The exits signify a time of change, but they also provide Peak XV a chance to review its plans and find fresh growth opportunities. The long-term effects of these changes on the firm’s investment choices and relationships with portfolio businesses are still unknown. The company’s current challenge is to keep momentum and stability while adjusting to the changing demands of the market.
