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Manager Harshjit Sethi is leaving Peak XV, marking another departure of a senior executive from the company.

Investment firm Peak XV Partners has experienced another high-level exit as Harshjit Sethi, the Managing Director, announces his resignation, marking close to a decade in the role.

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Senior executive Harshjit Sethi resigns from Peak XV, moving up from his role as Managing Director.
Senior executive Harshjit Sethi resigns from Peak XV, moving up from his role as Managing Director.

Manager Harshjit Sethi is leaving Peak XV, marking another departure of a senior executive from the company.

Peak XV Partners, a leading venture capital firm in India and Southeast Asia, has undergone several changes in its structure and leadership in recent times. These transformations are a result of Sequoia Capital's 2023 restructuring, which led to the formation of Peak XV Partners.

The firm has seen the departures of key personnel over the past two years. Managing directors Abheek Anand, Shailesh Lakhani, Piyush Gupta, and most recently, Harshjit Sethi, have stepped down after nearly a decade at the company. Additionally, long-serving professionals from marketing, HR, and the Surge program have also left Peak XV Partners.

In an effort to streamline operations and ease pressure on limited partners, Peak XV Partners has made some significant adjustments. The company has trimmed management fees and reduced carried interest. Furthermore, the size of its flagship India and Southeast Asia fund has been reduced by 16 percent.

Despite these changes, Peak XV Partners remains committed to investing in innovative startups. The firm has shown a particular interest in artificial intelligence (AI), having backed startups such as RapidCanvas, Enterpret, Abita Health, SixSense, and Metaforms.

In an attempt to expand its presence internationally, Peak XV Partners is hiring senior talent in the US. Notable hires include Jaime Bott, Chris Merritt, Dini Mehta, and Arnav Sahu. However, the specific individuals the company has recruited in the US in recent years remains undisclosed.

The firm's changes come amidst challenges with parts of its portfolio. Governance and compliance issues have surfaced at Indian firms like BYJU's, BharatPe, and GoMechanic, and the collapse of Zilingo in Southeast Asia. Additionally, investor Shraeyansh Thakur and Chief Product Officer Anuj Sahai have also recently left Peak XV Partners.

Shailendra Singh, a representative of Peak XV Partners, has stated that the leadership transitions at the firm are part of the natural cycle of an investment platform and reflect the firm's entrepreneurial culture. Harshjit Sethi, the most recent managing director to depart, is leaving to pursue new opportunities.

As Peak XV Partners continues to navigate these changes, it remains to be seen how these transformations will shape the future of the venture capital firm in India and Southeast Asia.

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