Two senior partners are leaving Peak XV, one of the world’s largest venture capital firms, four sources familiar with the matter told TechCrunch. 

Shailesh Lakhani, a 17-year veteran of the firm, and Abheek Anand, who co-led Southeast Asian investments, are departing, said the sources requesting anonymity.

Peak XV didn’t immediately respond to requests for comment. Both partners confirmed their departures after publication of this story.

The exits follow Peak XV’s decision in October to cut its fund size by more than $400 million to $2.40 billion and reduce management fees, moves that reflected growing caution in India’s venture market after years of soaring valuations.

At the time, Peak XV said it was trimming the fund to become more “deeply aligned” with its limited partners.

Lakhani (pictured above, on the left) has been behind several successful investments for Peak XV, including beauty brand Minimalist, which last month sold to Hindustan Unilever for $350 million, as well as Ixigo and Truecaller, both of which went public. At least three of the companies he led investments in — Zetwerk, Capillary and Porter — are preparing for IPOs within 12-15 months. Other companies he brought into Peak XV’s fold include OneCard, Polygon, CoinSwitch, HealthKart and CarDekho.

“As my time at Peak XV/Sequoia India reaches 17.5 years, I’ve decided it’s the right moment to step back from the firm. It has been an incredible journey—one that began in August 2007, when India’s startup ecosystem was in its infancy, to today, where it stands as one of the most vibrant in the world. I wouldn’t have traded this courtside seat for anything,” Lakhani wrote in a tweet.

Anand has led investments in edtech startup Cuemath, payments firm Sunrate, travel fintech Slice, trade platform Openborder, Indonesian e-commerce company Ula, and online grocer Grofers (acquired by Zomato and rebranded to Blinkit, now the top quick-commerce business in India). Anand joined the firm 12 years ago.

The two will continue to hold some of their existing board representations, other people familiar with the matter said.

The two exits are the latest in a series of departures at Peak XV, which split from Sequoia in mid-2023. That split, the firms said, was driven by the need to avoid conflicts amid rising U.S.-China tensions. Peak XV, formerly Sequoia Capital India, rebranded and became independent while retaining the largest venture capital operation in India and Southeast Asia.

The firm still has 10 managing directors overseeing more than 400 portfolio companies, which include over 50 unicorns. 

The changes come as India’s venture industry faces a cooldown after years of aggressive growth. Investors have grown more selective, emphasizing profitability over the growth-at-all-costs model that dominated during the bull years following the COVID-19 pandemic.