Peak XV Partners’ Shailesh Lakhani and Abheek Anand to leave VC firm

Shailesh Lakhani (L) and Abheek Anand (R), managing directors, Peak XV Partners

Shailesh Lakhani and Abheek Anand, managing directors at Peak XV Partners are set to depart the venture capital (VC) firm, people aware of the developments told Moneycontrol.

Lakhani and Anand have been with the firm for over 17 and 12 years, respectively and have notable investments for the investor. More recently, Lakhani bagged over 10X returns by betting on skincare Minimalist that is getting sold to Hindustan Unilever Limited (HUL), as first reported by Moneycontrol on January 3. 

Peak XV Partners stands to make Rs 895 crore from their initial Rs 79 crore investment— an impressive 10X return in just five years. Apart from that, Lakhani also made bumper returns from investments in Ixigo, Healthkart, Truecaller and more.

Based in Bengaluru, Lakhani has made several other investments including Zetwerk and Capillary Technologies, which are both preparing for their IPOs, as reported earlier by Moneycontrol.

Apart from those names, Lakhani’s previous and current investments include: Porter, 1mg, Bounce, Cardekho, Moonfrog, Vymo and more. He also holds board positions at several of these companies.

Anand, on the other hand, focuses on the Southeast Asia region and focuses on  software, FinTech, and consumer internet products across Asia Pacific.

The two will no longer have full time investing roles at Peak XV Partners but will continue to hold some board positions they assumed previously, a person in the know said.

Peak XV Partners did not reply to Moneycontrol's queries.

Lakhani, confirmed the development on X (formerly Twitter). “As my time at Peak XV/Sequoia India reaches 17.5 years, I’ve decided it’s the right moment to step back from the firm. It has been an incredible journey—one that began in August 2007, when India’s startup ecosystem was in its infancy, to today, where it stands as one of the most vibrant in the world,” Lakhani posted.

His next move remains unknown.

“I wouldn’t have traded this courtside seat for anything...professionally, I’ve reached the goals that I once set for myself, leaving me with both deep gratitude and a pull toward new challenges—ones I have yet to define but can’t wait to explore,” Lakhani's social media post added.

Anand on the other hand will go back to being a founder and will dabble in new technology like artificial intelligence (AI) and more.

"...AI-led transformation will redefine industries, economies, and life itself. Being part of this shift is the most exciting professional adventure one could hope for...I’m also looking forward to immersing myself in San Francisco, my former home and the global epicenter of AI, and reconnecting with old friends and colleagues," Anand said in a LinkedIn post on February 11.

This is the first instance where two top level executives are leaving Peak XV Partners since it split from Sequoia Capital about two years ago in 2023. In November last year former MD Piyush Gupta left the firm and launched his own secondaries fund and more recently Anandamoy Roychowdhary, Surge Partner at Peak XV Partners also quit the company in other top departures. 

The exits also come a few months after Peak XV Partners revised its payout to partners and also trimmed its total fund size as the firm took a more cautious approach.

In an unusual move, Peak XV Partners reduced the size of its $2.85 billion fund by 16 percent or by $465 million, as it looks to deploy capital more judiciously and return uninvested monies to its sponsors or limited partners (LPs), Moneycontrol had reported in October last year.

Along with a reduction in fund size, Peak XV has also tweaked its payout for its fund managers or general partners, wherein it will now have a 2/20 compensation structure, with a provision to catch-up on carry to 30 percent, in a move that will bring the investor on par with its industry peers.