Senior-Level Churn Continues at Peak XV as Three MDs Exit VC Firm

Venture capital firm Peak XV on Tuesday witnessed a fresh round of exits at the senior level. Three of its managing directors, Ashish Agrawal, Ishaan Mittal and Tejeshwi Sharma, stepped down from their position, amidst an ongoing leadership reshuffle at the venture capital firm. 

Peak XV in an official statement confirmed the exits and announced promotion of Abhishek Mohan to General Partner and Saipriya Sarangan to Chief Operating Officer (COO) at the firm. 

“We have mutually decided to part ways with Ashish Agrawal. After thoughtful consideration and discussions, it became clear that parting ways was in the best interests of our Limited Partners and the long-term interests of the firm,” read a statement from the company. 

“Following Ashish’s departure, Ishaan Mittal and Tejeshwi Sharma have decided to join him. Peak XV acknowledges their contributions and wishes them success in their future endeavors.” it added. 

Post resignation, Agrawal, in a linkedin post, announced starting a new venture capital firm with Mittal and Sharma. 

“After 13 years at Peak XV Partners /Sequoia Capital India, I have decided to take the entrepreneurial plunge. I am excited to be teaming up with longtime partners Ishaan Mittal and Tejeshwi Sharma to start a new venture capital firm,” Agrawal wrote in his post. 

At Peak XV, Agrawal was known for leading early-stage investments such as Groww, with a primary focus on fintech and some exposure to consumer businesses. Mittal, who is widely known for backing companies like Mamaearth and Razorpay, operated on the growth investing side, spanning consumer and fintech sectors, while Sharma, mentored startups including Cred, concentrating mainly on SaaS and fintech deals.

The fresh exits add to an ongoing leadership churn at the venture capital fund, post its split from Sequoia capital in 2023. Some of the key leaders including Harshjit Sethi, Shailesh Lakhani, Abheek Anand have left the firm in past months.