Peak XV introduced on Friday that it has raised $1.3 billion throughout new India and Asia-focused funds. The agency, which now manages greater than $10 billion in property, is sharpening its give attention to synthetic intelligence and cross-border bets amid intensifying competitors for offers within the area.
The capital will likely be deployed throughout its India seed and enterprise funds in addition to its APAC automobile. A majority is earmarked for India, with the agency anticipating to take a position the pool over the subsequent two to 3 years, managing director Shailendra Singh stated in an interview on Friday.
Peak XV cut up from Sequoia Capital in 2023, in an effort to separate the India-focused parts of Sequoia’s portfolio. The agency now counts greater than 450 portfolio firms throughout fintech, software program, and shopper web, spanning seed to development levels.
The agency’s new fundraise comes as New Delhi hosts the AI Impression Summit, drawing main expertise gamers together with OpenAI, Anthropic, and Google. On the occasion, Common Catalyst outlined plans to take a position $5 billion within the nation over the subsequent 5 years, sharply rising its earlier dedication to the market.
Singh stated Peak XV will not be attempting to match rivals dollar-for-dollar, emphasizing that the agency’s precedence is producing robust returns fairly than maximizing property underneath administration. The agency will proceed to dimension its funds based mostly on the place it sees the very best alternative to ship “high-performing funds,” he stated.
He added that Peak XV remains to be constructing its presence within the U.S. and is selective about the place it competes. “Within the U.S. market, we’re an underdog — and that’s nice,” Singh stated, including that the agency is specializing in areas the place its expertise in software program, developer instruments, and fintech provides it an edge.
The newest fundraise follows a interval of management modifications at Peak XV, together with the current departures of senior companion Ashish Agrawal and traders Ishaan Mittal and Tejeshwi Sharma. Singh informed TechCrunch the agency retains vital expertise on its management crew, noting that 5 of its seven managing companions have been with Peak XV for greater than a decade. The broader Peak XV crew contains greater than 30 full-time traders, with a few dozen main investments throughout its markets.
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Peak XV has returned greater than $7 billion in money to traders since inception, Singh stated, including that 35 of its portfolio firms have gone public. He declined to specify distributions for the reason that agency’s cut up from Sequoia Capital. In September 2024, TechCrunch reported that the agency had returned about $1.2 billion within the 12 months.
Forward of the present increase, Peak XV’s prior fund was sized at $2.85 billion in late 2021, earlier than the agency cut up from Sequoia Capital. That determine was later diminished to about $2.4 billion as a part of what Singh described as a disciplined method to capital. The sooner pool included Peak XV’s India development technique, and Singh stated the agency doesn’t plan to lift a brand new development fund till extra of that dry powder is deployed.
Singh expects to deploy the brand new capital primarily into AI, fintech, and shopper startups, whereas additionally seeing rising alternatives in deep tech. The agency has made greater than 80 investments in AI startups to this point. He added that the U.S.-India ties have gotten more and more essential as extra founders within the area construct for world markets.
