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

The year 2025 will be remembered as one of the best years for venture capital investment in India. There was an uptick in fund activity as well as stability on the deal-making side. Despite knowing that it will be a great year, there were some unusual exits at senior levels within prominent venture capital outfits.

These departures, driven by strategic shifts and a growing interest among investors to build their own ventures, signal a key transition phase in India’s evolving VC ecosystem.

This blog describes in an ordered manner an overview on some of the most important exits from venture capital arrangements that took place within 2025.

A Year of Strong Performance and Significant Leadership Turnover

Although capital availability became better this year, changes at VC firms pointed to a more nuanced scenario. The exits were not born out of chaos but out of transforming professional dreams and restructuring.

Some senior investors opted to venture into entrepreneurship after years of evaluating and advising entrepreneurs. Others took up advising roles or opted for a sabbatical. On the other hand, some VC firms have worked on enhancing investment theses and organizational set-ups in preparation for a more disciplined growth stage.

On the whole, 2025 witnessed a transition towards a more streamlined and specialized investment market.

Peak XV Partners: The Firm with the Most Notable Churn

Among all the major venture capital firms, Peak XV Partners experienced the most senior resignations. During the year, some partners and managing directors left, and this practice continues from 2024.

Key exits were:

1. Shrayeransh

2. Shailesh Lakh

3. Abheek Anand

4. Harshjit Sethi

5. Piyush Gupta

6. Anandamoy Roy

   
   

Although it continued with business as usual, there appeared a large movement volume that pointed towards a leadership transition phase. A significant portion of these people moved on for personal reasons and new ventures.

Main VC Exit Deals of 2025

Below is a comprehensive list of some of the most significant exits seen throughout 2022. Organizations are listed in chronological order and aren’t rank-ordered.

1. Apax Partners: Anurag Sud Resigns

Apax Partners' India Head and Managing Director, Anurag Sud, stepped down after three years at the helm. The firm brought on Harjot Dhaliwal as the new country head for Apax Partners' India operations. Sud has not yet made an announcement about what he will be doing next but plans to remain an influential player with experience at Apax Partners, as well as at various previous roles at companies including Fractal Analytics and Infogain.

2. Elevation Capital: Vivek Mathur Changes Role - Independent Advisor

Vivek Mathur, Partner and COO at Elevation Capital, stepped down after serving the firm for fourteen years. He currently mentors and advises founders working on agritech, climate tech, and D2C businesses. Vivek Mathur participated significantly in Elevation’s investment in Paytm, FirstCry, ACKO, and Xpressbees.

3. Kalaari Capital: Priyanka Gill Parts Ways with Kalaari

February saw Priyanka Gill quit Kalaari Capital, a venture where she was a Venture Partner, and start Coluxe, a lab-created diamond jewellery brand. She initially raised capital from industry moguls Ajai Chowdhry and Tej Kapoor. It reflects a rising trend among investors who turn entrepreneurs.

4. Peak XV Partners: Shraeyansh Thakur Embarks on

After spending nearly nine years at Peak XV, he quit the organization to start an entrepreneurial venture. But he still keeps an association with the organization for a short period of transition. Thakur holds an active position as an investor in Meesho, Daily Hunt, Zetwerk, Unacademy, and CARS24.

5. Peak XV Partners: Shailesh Lakhani Leaves Firm After 17.5

Perhaps one of the biggest exits within the industry this year came from Shailesh Lakhani, who left after almost two decades at Sequoia India and Peak XV. His reason for leaving included wanting to spend more time with family.

6. Mirae Asset Venture Investments: CEO Ashish Dave Resigns

Aashish Dave, CEO at Mirae India’s venture capital business, stepped down after serving seven years. He looked after the investment side of Zomato, Ola, Unacademy, Jupiter, and BigBasket. The Korea team at Mirae will look after things till a replacement is found.

7. Peak XV Partners: Abheek Anand Leaves To Return To Building

The Managing Director, Abheek Anand, marked an exit from Peak XV after about a decade there, as he wanted to get back into being an entrepreneur. Anand, who had previously worked at Facebook, VMware, and Tagtile, wanted to start something at the convergence of technology and investment.

8. General Catalyst: Priya Mohan Takes a Career Break

Priya Mohan, a Partner at General Catalyst, took a break from her professional life after 22 years. She still remains an investor at General Catalyst and Venture Highway but isn't in an active role.

9. Peak XV Partners: Harshjit Sethi Steps Down To Pursue Other Interests

Harshjit Sethi, Managing Director at Peak XV, stepped down in September to pursue new opportunities. Sethi, who made investments at Apna, BharatPe, Darwinbox, and smallcase, will remain engaged with early-stage entrepreneurial pursuits.

Important Themes Emerging Out of This Year's Leadership Changes

The exits of 2025 indicate several shifts that are taking place within the industry. Some among these core themes include:

• Rising number of investors choosing to become entrepreneurs

• Restructuring investment teams at large venture capital firms

• Rising demand for flexible advisory roles

• Priorities and career planning as an integral part of life

• VC fund managers planning for more disciplined and sector-specific investment cycles

These factors, put together, signal that there is a more mature venture capital market with regards to leadership talent movement.

Conclusion

The Indian venture capital industry of 2025 shows that it is possible for a fund to perform well and undergo leadership changes at the same time. The exit activity seen within this year does not signal a downturn but shows that changes are taking place within the industry.

Leaders who have experience as founders, venture capital advisors, or operators signify the level of sophistication India has attained as an innovation ecosystem. Simultaneously, venture capital groups are organizing internally to adapt to the next generation of efficient and targeted investing.

As India’s startup scene embarks on its next chapter as a startup nation, these developments will, no doubt, set the tone for new investment narratives, sectors, and investment approaches among capital partners and entrepreneurs. The disruption that will be witnessed in 2025 will, in the end, be very healthy for India’s startup nation.

If you are building a startup or planning to raise funding, connect with our experts to get the right strategic guidance.

FAQs

Q- Why were there so many exits for Indian VC firms in 2025?

Ecskemozan still had some exits due to personal matters and strategy changes.

Q- Which venture capital firm experienced the greatest amount of turnover among its leaders?

This question: Peak XV Partners had the most exits at the senior level.

Q- Do these exits pose an issue with regard to the ecosystem?

No, these are developments in line with natural evolution as a venture capital market matures.

Q- What new trend emerged because of these exits?

A rising number of investors began transitioning into developing their own ventures.

Q- What impact might these changes have on the VC scene in India?

They will likely result in more astute fund strategies, more operator-informed thoughts, and more support for early-stage entrepreneurs.