Agrawal mainly focused on venture-stage investments, primarily in fintech and select consumer businesses, and led bets on companies such as Groww and Pristyn Care. Three managing directors at Peak XV Partners—Ashish Agrawal, Ishaan Mittal and Tejeshwi Sharma—have exited the firm to launch an independent venture capital 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. 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,” the firm said in a statement on Tuesday.
The changes will enable the firm to strengthen its focus on artificial intelligence and the need to expand its bench of AI-native investors, it added. The VC firm recently closed its 80th AI investment.
“I am especially thrilled to be starting up with the two partners I have shared much of my life with. TJ (Tejeshwi) and I have known each other for 13 years. Ishaan and I go back over 28 years – we were one year apart in middle school. Together, we look forward to building a venture capital firm that supports the ambitions of the next generation of founders,” said Agrawal in a post on X.
Alongside the exits, Peak XV announced senior leadership promotions. Abhishek Mohan has been elevated to General Partner. Since joining the firm in 2018, Mohan has led its consumer technology investments.
Saipriya Sarangan has been promoted to Chief Operating Officer and will oversee firm-wide operations.
At Peak XV, Agrawal focused on venture-stage investments, primarily in fintech and select consumer businesses, and led bets on companies such as Groww and Pristyn Care.
Mittal, part of the firm’s growth investing platform, backed a range of consumer and fintech companies, including Mamaearth, Pine Labs, Bluestone and Awfis. Sharma concentrated on SaaS and fintech investments, leading deals in companies such as Whatfix, CRED and Chargebee.
Last year, managing directors Abheek Anand and Shailesh Lakhani exited the firm, along with Surge Partner Pieter Kemps and former MD Harshjit Sethi.
Formerly known as Sequoia Capital India and Southeast Asia, Peak XV Partners manages over $10 billion across 16 funds and has backed more than 400 companies across India and Southeast Asia over the past two decades.
Its portfolio has seen over 35 IPOs and multiple successful mergers and acquisitions.
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