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Peak XV to fulfill CEOs in India’s Bengaluru tech hub

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VC agency will tackle CEOs on break up

By M. Sriram

MUMBAI, July 31 (Reuters) – India’s largest VC agency Peak XV Partners has organised a gathering of its greater than 200 investee firms subsequent month, an electronic mail exhibits, a closed-door occasion some founders see as a part of an effort to assuage issues after its break up from Sequoia Capital.

Peak XV manages $9 billion in India and Southeast Asia and was created after Sequoia Capital in June mentioned its India and China companies can be run by separate entities.

In India, its high-profile investments embrace meals supply large Zomato and Amazon rival Meesho.

The invite-only Peak XV “Founder Retreat” is deliberate for Aug. 18-19 within the tech hub of Bengaluru, dubbed the Silicon Valley of India and the bottom of many startups.

The invitation despatched by electronic mail and seen by Reuters mentioned it’s Peak XV’s first such meet for founders in India, Bangladesh and the Middle East after Sequoia’s break up, however gave no element of the deliberate discussions.

The VC agency will tackle firms about Sequoia’s exit, two Indian firms’ founders briefed by Peak XV mentioned.

Peak XV didn’t reply to a request for remark.

Four investee CEOs with Peak XV on their board informed Reuters they have been hoping to get solutions concerning the VC agency’s plans because it goes solo, particularly because it has confronted company governance crises at some investee corporations.

Peak XV and two different buyers have been within the highlight for out of the blue resigning from the board of Indian ed-tech large Byju’s, valued at $22 billion final yr. Peak XV gave no purpose for the resignation.

Last yr, earlier than the break up, Sequoia Capital India confronted a sequence of governance points, prompting the agency to say it will impose stricter checks on the startups it funds.

Peak XV head Shailendra Singh informed Reuters in June that the agency’s “biggest challenge” after the break up is to elucidate modifications to founders.

Publicly, Peak XV’s creation was cheered by many startup founders as an impartial Indian funding agency.

(Reporting by M. Sriram; enhancing by Aditya Kalra and Jason Neely)