Peak XV says internal disagreement led to partner exits as it doubles down on AI

Peak XV Partners, one of the most prominent venture capital firms in India and Southeast Asia, has seen another wave of senior-level departures. The exits come amid broader leadership changes over the past year, as the firm pushes ahead with plans to deepen its focus on AI investing and expand its presence in the U.S., while continuing to view India as its most significant market.

The latest departures resulted from an internal disagreement involving senior partner Ashish Agrawal, which ultimately led to a mutual decision to part ways, Managing Director Shailendra Singh told TechCrunch. Singh said two other partners, Ishaan Mittal and Tejeshwi Sharma, chose to exit the firm alongside Agrawal.

Singh said Peak XV did not wish to discuss the specific details of the disagreement and was instead focused on moving forward. “Just out of privacy, and out of, like, trying to be classy about it,” he said. He added that partner departures are not unusual at large, multi-stage venture firms and emphasised that Peak XV wanted to transition quickly after working together for several years.

According to Singh, all board seats held by the departing partners will be transitioned “imminently.” He noted that Peak XV already has overlapping representation across several portfolio companies and said the firm does not anticipate any continuity issues. Multiple general partners and operating partners are already involved across many of those boards, he added.

The exits mark the departure of some of Peak XV’s longest-tenured investors. Agrawal had spent more than 13 years at the firm, while Mittal had been with Peak XV for over nine years and Sharma for more than seven years, according to their LinkedIn profiles.

In a LinkedIn post, Agrawal said he had decided to “take the entrepreneurial plunge” and would be teaming up with Mittal and Sharma to launch a new venture capital firm. He described the move as an opportunity to build a new institution with long-time collaborators and thanked Peak XV’s leadership for what he called a “truly wonderful partnership.”

During his tenure at Peak XV, Agrawal led investments across fintech, consumer, and software sectors, including Groww, one of the firm’s most high-profile IPO exits in 2025. Alongside Mittal and Sharma, he backed several early- and growth-stage companies, contributing to the expansion of Peak XV’s portfolio over the past decade.

Agrawal, Mittal, and Sharma did not respond to requests for comment.

At the same time, Peak XV has been reinforcing its internal leadership team. On Tuesday, the firm promoted Abhishek Mohan to general partner, broadening its senior investment bench. Saipriya Sarangan was also elevated to chief operating officer, taking responsibility for firm-wide operations.

These leadership changes follow a period of extreme activity in Peak XV’s portfolio exits. Five portfolio companies — Groww, Pine Labs, Meesho, Wakefit, and Capillary Technologies — went public in November and December 2025. Those listings generated roughly ₹300 billion (about $3.33 billion) in unrealised, mark-to-market gains for the firm, along with approximately ₹28 billion (around $310.61 million) in realised gains from share sales during the IPOs.

Beyond the most recent exits, Peak XV has experienced broader churn in its senior ranks over the past 12 months. Last year, long-serving investment leaders Harshjit Sethi and Shailesh Lakhani left the India team, while Abheek Anand and Pieter Kemps departed from the firm’s Southeast Asia operations. Peak XV has also made leadership changes across its marketing, policy, and operations teams in recent months.

Singh pushed back against a growing perception in the market that many of the partners responsible for Peak XV’s most significant exits are no longer with the firm, calling that narrative “not statistically true.” He said several of the firm’s most important outcomes were led by long-tenured partners who remain at Peak XV and argued that the firm’s exit performance does not depend on any single individual.

Peak XV currently has seven general partners, in addition to multiple partners and principals, Singh said.

The firm, which split from Sequoia Capital in 2023 and now manages more than $10 billion across 16 funds, has made roughly 80 investments tied to AI, according to Singh. He said Peak XV is preparing to open a U.S. office within the next 90 days as part of its global expansion, while continuing to prioritise India as its core market.

Singh added that the firm believes AI will reshape venture capital more fundamentally than previous technology shifts. He argued that successful AI investing requires deep technical expertise rather than purely generalist experience. He said Peak XV plans to add more AI-native talent, including researchers and engineers with backgrounds in machine learning and large-scale model development.

To date, Peak XV has invested in more than 400 companies, with its portfolio including over 35 initial public offerings and several mergers and acquisitions.