Two senior partners leave Peak XV, the largest India-focused venture capital firm, four sources familiar with the case, TechCrunch told TechCrunch.

Shailesh Lakhani, a 17-year-old veteran of the firm, and Abheek Anand, who led co-led investments in the Southeast Asian, said the sources, who asked not to be identified on private matters.

The exits follow the peak of XV’s October step to reduce its fund size to $ 2.4 billion from $ 2.85 billion and lower management fees, movements that reflect the growing caution in India’s venture market after years of rising valuations.

At the time, Peak XV said it decorated the size of its fund to become more ‘deep in line’ with its limited partners. Peak XV did not respond to requests for comment.

Lakhani was behind several successful investments for Peak XV, including Beauty Brand Minimalist, who sold Hindustan Unilever for $ 350 million last month, and public lists of Ixigo and TrueCaller. At least three of his portfolio companies zetwork, Capillary and Porter-prepared for initial public offers within 12-15 months, TechCrunch previously reported. His other background includes OneCard, Polygon, Coalsswitch, HealthKart and Cardekho.

Anand’s portfolio includes the Edtech startup Cuemath, the trading platform open borders, the Indonesian e-commerce business ULA and online grocery coarsers (since then sold to Zomato and now the best fast trading firm in India). Anand joined the firm 12 years ago.

The two will continue to keep some of their existing council proposals, said other people familiar with the matter.

The two exits contribute to a series of departure at Peak XV, which split from Sequoia in the mid -2023. The split, the firms said, was powered by the need to avoid conflict amid rising US-China tension. Peak XV, formerly Sequoia Capital India, has renamed and became independent while retaining the largest venture capital operation in India and Southeast Asia.

The firm still has ten managing directors who oversee more than 400 portfolio companies, including 50-plus unicorns.

The changes come as India’s venture industry faces a soft drink after years of aggressive growth. Investors have become more selective, with an emphasis on the profitability of the growth-by-all-cost model that dominated during the Bul run.