Top Peak XV executive quits to start secondary-focussed VC fund

Piyush Gupta, managing director - strategic development, Peak XV

A senior Peak XV executive, Piyush Gupta, who helped portfolio companies with their raising funds, M&A and public issues, is leaving the venture capital firm by the end of April to start a secondary-focussed venture fund, sources said.

While a fresh issue of shares by a company is called a primary fundraise, a transaction involving existing shares is a secondary. Such sales have become prominent in growth and late-stage startups over the past year as initial public offerings (IPOs) and primary rounds have dried up for these companies.

Gupta is managing director- strategic development and has been with Peak XV, formerly Sequoia Capital India, since June 2017.

TechCrunch was first to report the development.

The firm's strategic development team was set up in 2017 to help portfolio companies with M&A, exits and IPOs. It helps companies with hands-on support and connects them with institutional investors around the world.

Although he was designated as an MD, Gupta was not a part of the firm’s investment team that decides which companies to fund.

When reached for comments, Peak XV declined to comment.

According to Gupta's LinkedIn profile, he was part of deals such as PayPal's investment in PineLabs, sale of shares in Zomato, sale of a minority stake in Healthkart to Sofina, purchase of OLX Phillipines by Carousell, and sale of shares in GoColours to domestic mutual funds