Peak XV’s Piyush Gupta quits; to start secondary-focused VC fund

VC firm Peak XV senior operating leader Piyush Gupta, who helped portfolio companies with their raising funds, M&A and public issues, is leaving the venture capital firm by the end of April, according to sources.

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He joined Peak XV, formerly know as Sequoia Capital, in 2017 as Managing Director-strategic development. Prior to that, he was at Morgan Stanley and Deutsche Bank for more than a decade.

Gupta didn’t serve as an investing partner at Peak XV, but he played an important role at some of its programmes.

During his tenure at Peak XV, Gupta has 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 plans to launch a secondary-focused fund. Secondary transactions are on the rise in India, amid a push by investors to find exits from some of their older bets.

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