Shailesh Lakhani and Abheek Anand, senior partners at Peak XV, are leaving the India-focused venture capital firm, according to multiple sources.

Their departures come after the firm announced a reduction its fund size from US$2.85 billion to US$2.4 billion in October, along with a cut in management fees, signaling a more cautious approach to India’s venture market.

Peak XV, formerly known as Sequoia Capital India, did not respond to requests for comment on the exits.

Lakhani, who has been with the firm for 17 years, was key in investments like the beauty brand Minimalist, acquired by Hindustan Unilever for US$350 million.

His portfolio companies, such as Zetwerk, Capillary, and Porter, are preparing for initial public offerings in the coming months.

Anand, who co-led investments in Southeast Asia, has a diverse portfolio that includes edtech startup Cuemath and Indonesian e-commerce company Ula.

Both partners are expected to retain some board positions.

Despite these changes, Peak XV still manages investments in over 400 companies, including 50+ unicorns.

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