VC partner exodus set to reshape startup investment landscape

The departure of three managing directors from Peak XV Partners (formerly Sequoia India) this week is part of a broader wave of senior-level churn sweeping India’s venture capital industry. Data compiled by Longhouse, a talent advisory firm, shows atleast 16 partner and MD-level exits from VC firms in 2024-2025, along with atleast 15 additional departures at VP, Principal, and C-suite levels.

Peak XV, formerly Sequoia Capital India, accounts for the bulk of the churn, had as many as 15 Partners and Managing Directors until a few months ago. However, a total of eight Partners/MDs have quit the firm in recent months, including three top-level departures earlier this week.

But the exodus extends across the industry. Nexus Venture Partners saw Managing Director Sameer Brij Verma depart in late 2024 to launch Northpoint Capital with a $155 million corpus. Elevation Capital lost partner and COO Vivek Mathur in January last year after a 14-year stint. Kalaari Capital’s venture partner Priyanka Gill exited in February last year to build her own venture. TVS Capital’s managing partner Anuradha Ramachandran and General Catalyst’s venture partner Priya Mohan also stepped down last year.

According to the Longhouse data, firms including Accel, Westbridge Capital, A91 Partners, Stellaris Venture Partners, and Premji Invest reported zero partner-level exits in 2025.

Departures spawning a wave of new fund formation

At least eight funds have been launched or are being raised by departing general partners: Northpoint Capital ($155 million) by Verma; Kenro Capital by Peak XV’s Piyush Gupta; Activate Venture Partners ($75 million) by Haptik co-founder Aakrit Vaish; Boundless Ventures (Rs 200 crore) by former Kae Capital partner Natasha Malpani; AJVC (Rs 100 crore) by former Venture Highway investor Aviral Bhatnagar; Physis Capital (Rs 200 crore); and 247VC (targeting Rs 200 crore) by former 100X.VC partners. Peak XV’s former MDs Shailesh Lakhani and Harshjit Sethi are reportedly raising capital for a deep-tech focused fund, while this week’s departures—Ashish Agrawal, Ishaan Mittal, and Tejeshwi Sharma—are expected to launch their own vehicle.