In a significant realignment within the Indian venture capital ecosystem, Peak XV Partners (formerly Sequoia Capital India & SEA) has announced the departure of three of its most prominent senior leaders. Managing Directors Ashish Agrawal, Ishaan Mittal, and Tejeshwi Sharma have stepped down from the firm to launch their own independent venture capital fund, marking one of the most high-profile “spin-offs” in recent years.
A Strategic and Mutual Transition
The news, confirmed on Tuesday, February 3, 2026, follows what Peak XV describes as a “mutually decided” transition. The firm stated that the decision to part ways with Ashish Agrawal came after extensive discussions regarding the long-term interests of the firm’s Limited Partners (LPs). Following Agrawal’s departure, Ishaan Mittal and Tejeshwi Sharma—both key pillars of the growth team—decided to join him in the new venture.
In a post on X (formerly Twitter), Agrawal expressed his excitement about the move, noting that his relationship with his co-founders spans decades:
“I am especially thrilled to be starting up with the two partners I have shared much of my life with. TJ (Tejeshwi) and I have known each other for 13 years. Ishaan and I go back over 28 years… together, we look forward to building a venture capital firm that supports the ambitions of the next generation of founders.”
Blockbuster Returns and Legacy
The departing trio leaves behind an incredible track record of backing India’s most successful startups.
- Ashish Agrawal: A 13-year veteran at the firm, he was instrumental in the venture arm’s success, notably leading the investment in Groww, which recently yielded a massive 50-fold return for the firm upon its listing.
- Ishaan Mittal: A growth specialist who joined in 2016, Mittal spearheaded investments in recently listed powerhouses like Pine Labs, Bluestone, Mamaearth, and Awfis.
- Tejeshwi Sharma: Joining in 2018, Sharma was a driving force behind major bets on unicorns such as CRED and Chargebee.
Peak XV’s “AI-First” Future
Amidst this churn, Peak XV is not slowing down. The firm is pivoting aggressively toward AI-native investing, recently closing its 80th AI-related investment. To maintain its leadership position, the firm announced key promotions:
- Abhishek Mohan has been elevated to General Partner to lead consumer technology investments.
- Saipriya Sarangan has been promoted to Chief Operating Officer (COO) to oversee firm-wide operations.
While the specific details, size, and focus of the new fund by Agrawal, Mittal, and Sharma remain under wraps, the industry anticipates a formidable new player that will likely compete for high-stakes growth deals in the Indian market.
Key Highlights:
- Senior Exits: Managing Directors Ashish Agrawal, Ishaan Mittal, and Tejeshwi Sharma have left Peak XV Partners to co-found an independent VC fund.
- Mutually Decided: The transition follows a strategic “recalibration” at Peak XV, which is refocusing its bench on AI-native investors and new leadership.
- Leadership Promotions: In response to the exits, Peak XV has promoted Abhishek Mohan to General Partner and Saipriya Sarangan to COO.
- High Stakes: The departing partners have collectively managed billions in capital and led investments in iconic firms like Groww, CRED, and Pine Labs.