Indian VC Shake-Up: Taking Note Of Top-Level VC Exits In 2025 Indian VC Shake-Up: Taking Note Of Top-Level VC Exits In 2025

While 2025 might go in the history books as perhaps one of the best years for venture capital (VC) firms, they did see a lot of turmoil in their top decks.

Over the past year, prominent VC senior partners and managing directors moved on from their respective roles due to factors such as shifting fund strategies, personal commitments and the rising appetite among seasoned investors to launch their own ventures.

While leadership reshuffles are not new to the industry, it highlights a broader reset in how VC firms are structuring teams, managing portfolios and preparing for the next investment cycle.

Many senior leaders at VC firms are now using their industry experience to start their own ventures. Years of working closely with founders, analysing markets and scaling companies has given many the confidence and networks to build investment portfolios or run businesses independently. This shift reflects a growing trend of investors turning operators, driven by a desire to execute their own ideas rather than just fund them.

Some notable examples who exited their VC firms to embark on their entrepreneurial journey are Priyanka Gill who left Kalaari Capital to start her diamond jewellery brand Coluxe and Peak XV Partners’, investor Shraeyansh Thakur left the firm earlier this year to pursue an entrepreneurial venture.

Important to mention that Peak XV Partners saw the highest top-deck churn this year, with multiple partner, managing director (MD) exits this year along with resignations from its C-suite. The VC led in terms of exits last year as well, bidding adieu to the likes of MD Piyush Gupta and Anandamoy Roychowdhary.

We’ve compiled a list of top VC partners who made exits to embark on new journeys this year. The initiative is part of the 12th edition of Inc42’s annual “Year in Review” series — 2025 In Review.

Note: This is not a ranking of any kind and the names have been listed in chronological order

SaaS platform Fractal Analytics’ backer Apax Partners’ managing director and India head Anurag Sud stepped down from his role after a three-year stint in January. As per the firm, Sud left his position to pursue other opportunities back then.

However, there hasn’t been any confirmation from the ex-MD on that since then. Apax replaced him with Harjot Dhaliwal as he was appointed as new partner to spearhead its India office.

Sud has an experience of over 10 years across multiple PE firms, including Eight Roads and Baring Private Equity Partners.

As per his LinkedIn profile, he was also a board member on multiple ventures such as Fractal and Infogain.

Elevation Capital’s partner and COO Vivek Mathur stepped down from the VC firm in February after a fourteen year stint to concentrate on advisory and mentorship to startups moving forward.

Announcing his exit on LinkedIn, Mathur wrote that he is now supporting a diverse set of founders across sectors such as D2C, agritech, climate tech and defence tech.

He added that he looks forward to acting as a thought partner from a company’s inception to IPO — helping with strategy, growth planning, operating efficiencies and paths to profitability.

At Elevation, he was involved in backing startups like ACKO, FirstCry, Paytm, Tracxn and Xpressbees, among others. Prior to his VC role, Mathur has previously held senior positions at Dell Technologies, Scope International and Standard Chartered Bank.

Priyanka Gill exited Kalaari Capital in February, where she joined as a venture partner in January 2024, to build her own venture. During her stint at Kalaari, the early-stage fund backed several brands, including digital fitness startup Portl, deeptech venture Clean Electric, women-focused neobank LXME and product design platform Figr.

Gill launched a lab-grown diamond (LGD) brand, COLUXE, in February. It operates in an omnichannel mode, and offers contemporary LGD designs focusing on collections built around the classic suite of jewellery, from solitaire rings, pendants, earrings, tennis bracelets and necklaces.

Gill raised some capital from friends and family for COLUXE in July including Startup Sherpas, HCL cofounder Ajai Chowdhry, ICICI director Tej Kapoor, among others.

Peak XV Partners’ investor Shraeyansh Thakur left the firm earlier this year to pursue an entrepreneurial venture.

Announcing the move on LinkedIn in March, Thakur wrote, “After an incredible 9+ years at Peak XV / Sequoia India, I have decided to embark on a new entrepreneurial journey.” He mentioned that he would remain associated with Peak XV for the “next several months,” but has not disclosed details about his upcoming venture till date.

Thakur joined the firm in 2015, when it operated as Sequoia Capital India, and over the years has been an active investor and board member in startups including Meesho, CARS24, DailyHunt, Unacademy and Zetwerk, among others.

Before entering the VC world, he worked as an analyst at RBS and Standard Chartered Bank.

Shailesh Lakhani, one of the managing directors at Peak XV Partners, exited the venture capital firm in June. Lakhani had been associated with the organisation for nearly 17 and a half years — one of the longest tenures at the firm.

Announcing his departure on X, he wrote, “As my time at Peak XV/Sequoia India reaches 17.5 years, I’ve decided it’s the right moment to step back from the firm.”

It has been an incredible journey — one that began in August 2007, when India’s startup ecosystem was in its infancy, to today, where it stands as one of the most vibrant in the world. I wouldn’t have traded this courtside seat for anything.”

Lakhani added that he will now prioritise spending time with his family and noted that he has achieved the professional goals he once set for himself. He hasn’t shared any professional engagements since exiting.

Mirae Asset Venture Investments (India) CEO Ashish Dave stepped down from his role after a seven-year stint in June.

Sources privy to the matter told Inc42 that he will be relieved from his responsibilities in the coming months, by October.

Mirae Asset Venture Investments (India) is the venture capital arm of Seoul-based Mirae Asset Global Investments. Following Dave’s departure, Mirae’s Korean team has been handling his responsibilities until they find a suitable replacement.

He joined Mirae Asset Venture Investments in 2018 and has invested in companies, including  Unacademy, Jupiter, Zomato, Ola, BigBasket and Zolo, among others. Dave was also the fund manager of Mirae’s SEBI registered category II AIF.

Another Peak XV Partners MD, Abheek Anand, departed the VC firm in June to pursue an entrepreneurial venture moving forward.

The Stanford B-School graduate hinted at taking up an entrepreneurial role in the near future. “Before I was an investor, I was a founder. Now, I’m excited to return to building—at the intersection of these worlds,” he said.

Anand has been with the firm for over a decade, having joined in 2013. He moved to Peak XV Partners post the split. Before his stint at the VC firm, he worked as a product manager at Facebook and previously held roles at VMware and Tagtile.

VC firm General Catalyst’s partner Priya Mohan stepped down from her role in August to take a break from the professional world.

“… After 22 years of an amazing and rewarding professional journey, I have decided to take a break – I do not know “what next” (yet), but despite the uncertainty, I am feeling a remarkable sense of exhilaration…” Mohan’s post from back then read.

Mohan joined General Catalyst last year in June, when the VC firm announced its merger with Venture Highway. Mohan served as the managing director at Venture Highway prior to the merger. She continues to serve as an investor for both the VC firms.

A CA and a management graduate from the Indian School of Business, Mohan initially worked as equity analyst with Deloitte before switching to Irevna as a large cap equity research analyst in 2004.

In another senior departure from Peak XV Partners, MD Harshjit Sethi exited the venture capital firm in September to pursue new opportunities.

Sethi joined Sequoia Capital in 2015, became a partner in 2021, and later stepped into the MD role at Peak XV Partners after the India and Southeast Asia divisions were spun out of Sequoia. During his stint, he was a board member for startups like Apna, BharatPe, Darwinbox, and smallcase, among others.

A Stanford University graduate, Sethi previously worked at McKinsey & Co and Dropbox before moving to Sequoia.

In his LinkedIn note, he hinted that he plans to stay involved with the startup ecosystem, saying he finds the most joy in partnering with founders at very early stages “when belief matters most,” and added that he is excited for “the next decade.