TLDR:
- Piyush Gupta, head of strategic development at Peak XV, is departing and launching a new venture fund for secondary transactions.
- Secondary transactions, involving the sale of existing shares, have gained traction in the startup landscape.
Piyush Gupta, the head of strategic development at Peak XV, is set to depart from the firm to launch a new venture fund focusing on secondary transactions. Secondary transactions, which involve the sale of existing shares rather than issuing new ones, have become popular in the startup sector, especially among growth and late-stage companies facing challenges in IPOs and primary funding rounds. Gupta, who joined Peak XV in 2017, did not belong to the investment team. Peak XV’s Strategic Development team works closely with portfolio companies on various initiatives, including IPOs, fundraising, and mergers and acquisitions. Gupta’s departure was first reported by TechCrunch, with Peak XV yet to comment on the situation. Nonetheless, it has been rumored that Peak XV plans to collaborate with Gupta to improve transactional efficiency within its portfolio companies. Gupta’s LinkedIn profile highlights his involvement in significant deals, including playing key roles in CPPIB’s investment in Byju’s and facilitating the sale of Qwikcilver to Pine Labs. He also aided in PayPal’s investment in Pine Labs and the subsequent $200 million fundraising. Additionally, Gupta oversaw the selling of Peak XV’s minority stake in HealthKart and Dailyhunt to Sofina, as well as the underwriting block sale of shares in Indigo Paints.
