SUMMARY
Leading Peak XV’s strategic development team, Piyush Gupta worked on securing several deals for the firm’s portfolio startups from global investors
According to reports, Peak XV will work closely with Gupta to facilitate transactions at the new fund
Gupta is said to have been part of secondary market deals such as Peak XV’s stake sale in Zomato as well as Mastercard’s investment in Peak XV-backed Pine Labs
Peak XV Partners’ managing director Piyush Gupta is reportedly leaving the firm by the end of this month. Gupta is said to be in the process of setting up a secondary-focused fund after stepping away from Peak XV, according to sources in the VC firm.
Gupta joined Peak XV in 2017, when it was known as Sequoia India & Southeast Asia, as part of the strategic development team, which was a bridge between Peak XV’s portfolio companies, its investors or limited partners and other VC funds.
The development was first reported by Techcrunch. According to the report, “Peak XV intends to work closely with him to facilitate transactions at its portfolio firms.”
It is not yet known whether Gupta’s new firm will be registered as an alternative investment fund (AIF). Peak XV declined to comment on Gupta’s transition.
During his tenure at Peak XV, Gupta claims to have been part of secondary market deals such as Peak XV’s stake sale in Zomato as well as Mastercard’s investment in Peak XV-backed Pine Labs.
His LinkedIn profile also mentions his role in securing a sovereign wealth fund’s investment in CarDekho as well as the minority stake investment in BYJU’S by the Canada Pension Plan Investment Board (CPPIB), among other deals for Dailyhunt and Healthkart.
Gupta’s plans to launch a secondary-focused fund comes amid a push by investors to find exits from some of their older bets. Most of the startups speculated to be in line for secondary deals are coming close to 10 years after incorporation and early investors are keen on an exit as these startups go for fresh funding.
Besides this, companies are going for secondary transactions to generate wealth for their employees through ESOP buybacks.
