Peak XV Partners’ MDs Ashish Agrawal, Ishaan Mittal and Tejeshwi Sharma step down

Leadership churn at Peak XV Partners continues, with three managing directors stepping down, according to a Moneycontrol report.

Peak XV Partners, as per the report confirmed that Ashish Agrawal has parted ways with the firm, with Ishaan Mittal and Tejeshwi Sharma also exiting, in a move described as mutually decided and aligned with its plans to evolve investment capabilities amid rapid AI-driven change.

They plan to launch a new venture capital fund together.

Mittal, in a post on X, had stated, "I owe a lot to Sequoia Capital and its leadership, Michael Moritz and Douge Leone. Their vision and commitment to venture capital will continue to be an inspiration for what we wish to build."

After 13 extraordinary years, I am moving on from @peakxvpartners to start a new venture capital firm with my two partners who I have known for decades - @dvbydt (Ashish), a friend since middle school (28 years and counting), and @tejeshwi_sharma (TJ), my tennis partner from… pic.twitter.com/Nl43edKzeP

— Ishaan Mittal (@Ishaanmittal2) February 3, 2026

He said, “India isn’t just growing—it’s exploding with opportunity. It is the fastest-growing major economy in the world, has the youngest and most ambitious population among large countries, and is seeing technology reach every corner faster than anyone could have imagined even a few years ago.”

Mittal added that the next two decades would see India produce world-class companies across sectors including AI, consumer, fintech, healthcare, manufacturing and climate, as well as entirely new categories yet to emerge.

“The founders building these companies will be world-class, and we want to be in the trenches with them from day one,” he said. “TJ, Ashish and I are excited about the opportunity to build an investment firm that is entrepreneurial, ambitious and deeply focused on backing founders who will define the next phase of innovation in India. We aim to do this with patience, partnership and a long-term commitment to company building.”

Peak XV has also promoted Abhishek Mohan from principal to managing director and general partner within its venture team. Mohan, who joined the firm in 2018, has been involved in investments such as The Whole Truth and Mokobara. Saipriya Sarangan has been elevated to chief operating officer from her earlier role as chief people officer.

Last year, Peak XV Partners managing director Harshjit Sethi stepped down after nearly a decade with the firm. During his tenure, Peak XV Partners—formerly Sequoia Capital India—backed companies such as BharatPe, Sarvam AI and Darwinbox, among others.

“After a decade at Sequoia India and Peak XV, I’ve decided to leave the firm and explore a new innings. It’s been a journey rich in learning and relationships,” Sethi wrote on social media.

Sethi’s exit followed a series of senior-level departures, including Shailesh Lakhani, Abheek Anand, Shraeyansh Thakur, Anandamoy Roychowdhary and managing director Piyush Gupta.

Last month, the firm’s chief product officer, Anuj Sahai, also stepped down. Sahai had joined Peak XV in 2023 after building his career in product and monetisation roles at Flipkart, Ola, Payback and Yahoo!.