Peak XV exec steps down to pursue own investment venture: report

Piyush Gupta, outgoing MD of for strategic development at Peak XV Partners/ Photo credit: Peak XV Partners

Piyush Gupta, managing director for strategic development at Peak XV Partners, is stepping down from his role to pursue his own fund, Tech Crunch reported, citing sources.

Gupta’s upcoming business will concentrate on secondary transactions, which are rising in India. Peak XV plans to work with Gupta on such transactions involving its portfolio firms, the report noted.

Gupta joined Peak XV, formerly known as Sequoia Capital India and Southeast Asia, in 2017.

While not part of Peak XV’s investment team, Gupta has over 20 years of experience in investment banking, having previously held positions at Morgan Stanley and Deutsche Bank. He is also a board member at digital payments company Pine Labs.

Gupta’s decision to move on was announced at Peak XV’s annual meeting in March, one source said.

At the event, the firm also shared its plans to create a perpetual fund, which will be financed by its investors and team. Called the Peak XV Anchor Fund, it will manage capital for an unlimited period versus typical funds that have a 10-year cycle, a source previously told Tech in Asia.

See also: Wish for tech winter to last longer: Peak XV’s Shailendra Singh