Ashish Agrawal has stepped down from Peak XV Partners and is launching a new venture capital firm, continuing a wave of senior leadership transitions within India’s venture ecosystem.
Ashish Agrawal, a senior investor at Peak XV Partners, has exited the firm to start his own venture capital fund, according to people familiar with the matter. The move adds to a growing list of high-profile partner transitions at one of India’s most influential venture capital platforms.
Agrawal’s departure follows a period of organisational change at Peak XV, formerly known as Sequoia Capital India & Southeast Asia, as the firm continues to redefine its leadership structure and long-term strategy after its rebranding.
A senior figure steps out
Agrawal was among the experienced investors at Peak XV, working closely with founders across early- and growth-stage companies. While details of his new fund — including size, sector focus, and limited partners — have not yet been publicly disclosed, the decision reflects a broader trend of senior investors choosing to build independent platforms.
Such moves are becoming more common as the Indian venture ecosystem matures and seasoned partners seek greater autonomy in fund strategy, pacing, and portfolio construction.
Context: a changing Peak XV
Peak XV has undergone notable leadership changes over the past two years, coinciding with its separation from the global Sequoia brand and subsequent rebranding. The firm has emphasized continuity in capital deployment and founder support, but partner exits have drawn industry attention.
These transitions do not necessarily signal instability. Instead, they reflect how large, long-standing VC franchises evolve as partners reach different stages of their investing careers.
Why partners are going independent
Several structural factors are encouraging senior investors to launch their own funds:
- India’s startup ecosystem now supports specialist and boutique funds
- Family offices and institutional LPs are open to backing first-time managers
- Fund sizes can be tailored to niche strategies rather than broad mandates
For investors like Agrawal, independence offers the ability to:
- Focus on specific stages or sectors
- Maintain closer involvement with founders
- Operate with longer or more flexible investment horizons
What this means for founders
For founders, new funds led by experienced partners often represent an opportunity rather than disruption. Spin-out funds typically bring:
- Deep local networks
- Institutional discipline learned at large firms
- Willingness to lead early rounds with hands-on engagement
At the same time, Peak XV remains one of the largest and most active venture firms in India and Southeast Asia, with significant dry powder and a broad portfolio across fintech, SaaS, consumer, and deep tech.
A broader venture capital pattern
Agrawal’s move mirrors a wider pattern seen across global venture markets. As mega-funds grow larger, some partners prefer smaller, more focused vehicles that allow them to maintain conviction-driven investing rather than portfolio-wide exposure.
In India, this has led to the emergence of multiple founder-friendly, early-stage funds led by former partners of large VC firms.
What to watch next
Key questions now include:
- The size and thesis of Agrawal’s new fund
- Whether he targets early-stage or growth investments
- Potential overlaps or differentiation from Peak XV’s strategy
While specifics are expected to emerge in the coming months, the move underscores a central reality of India’s venture ecosystem in 2026: it is no longer defined by a handful of platforms, but by a widening pool of experienced capital allocators.
For Peak XV, the challenge will be maintaining leadership continuity while continuing to back the next generation of category-defining startups. For Agrawal, the next phase will test whether independence translates into differentiated returns in an increasingly competitive venture landscape.
