Peak XV's former MD Ashish Agrawal exits Groww board
What's the story
Ashish Agrawal, a key player in Groww's early-stage funding at Peak XV Partners, has announced his resignation from the company's board. The decision is effective from today. In his letter to the board, Agrawal said he was stepping down as Nominee Director and from all board committees. He thanked fellow board members, founders and the management team for their support during his seven-year tenure with Groww.
Investment impact
Agrawal's journey with Groww
Agrawal has been associated with Groww since its inception, leading the Series A funding round during his tenure at Peak XV Partners as its MD. The firm eventually became one of the largest shareholders in the company, owning a 17% stake worth some ₹13,700 crore at listing. Despite the IPO, Peak XV sold only ₹1,583 crore worth of shares to comply with regulatory norms.
New venture
New venture capital firm in the works
Agrawal has announced his plans to start a new venture capital firm, marking his transition from investor to entrepreneur after supporting one of India's most successful fintech start-ups. He expressed his happiness at witnessing Groww's transformation from a fledgling start-up to a publicly traded company. "I am glad to have played a small part in the journey," he wrote, adding that he is confident the company is in "able hands."