Piyush Gupta, one of many working leaders at Peak XV Partners, is leaving the firm on the finish of this month to start his own fund, 4 individuals conversant in the matter instructed Ztoog.
Gupta joined Peak XV (known as Sequoia India and SEA then) in 2017, main the influential enterprise firm’s strategic growth crew. Before becoming a member of Peak XV, he targeted on comparable issues – mergers, acquisitions, and IPOs – at Morgan Stanley and Deutsche Bank for greater than a decade.
Though Gupta didn’t function an investing accomplice at Peak XV, he performed an essential function at a few of its packages together with Pitstop, the place buyers from throughout the globe liaison with Peak XV’s portfolio startups every year.
“For early-stage companies, we take a more programmatic approach, such as UpSurge, where we provide a platform for multiple companies to meet with multiple investors over a few days. At later stages, M&A can be a crucible moment in the journey to becoming a large, enduring company,” his bio on Peak XV reads. “Where our job gets incredibly interesting is when we help companies through the journey from pre to post IPO. Going public is an event and a milestone, but the work continues long after that and preparation is key.”
News of Gupta’s departure was relayed by Peak XV Partners to its restricted companions at its annual gathering final month, one individual conversant in the matter stated, the place the fund additionally unveiled plans to launch a perpetual fund that will likely be bankrolled by its funding companions and prolonged crew.
The two are parting methods on cordial phrases, two individuals conversant in the matter stated. Gupta plans to launch a secondary-focused fund and Peak XV intends to work carefully with him to facilitate transactions at its portfolio companies.
Peak XV declined to remark and Gupta didn’t reply to a textual content.
Secondary transactions are on the rise in India. Peak XV itself has seen some exits — Pine Labs, K12 — via secondary transactions prior to now two years. The firm’s holding in Mamaearth, Zomato, K12 Techno Services, Go Colors stood at a 10x-plus a number of as of final November, Ztoog reported on the time.
SentinelOne acquired PingSafe, an early-stage startup in India, earlier this yr for greater than $100 million, Ztoog reported earlier. PingSafe, which counted Peak XV’s Surge amongst its backers, had raised lower than $4 million earlier than the acquisition deal.