Peak XV raises $1.3 billion to invest in India, APAC, other regions

The capital will be allocated across its India Seed, India Venture and APAC funds, the firm’s top executive said, marking the close of a fundraising process that began nearly a year ago. “In prior cycles, we've always followed four strategies at Peak XV. But in the growth fund, we have lots of dry powder; so, we did not yet raise a growth fund,” said Shailendra Singh, managing director at Peak XV Partners. Singh added that the fund sizes are quite similar to the last cycle, with the India Seed and Venture growing slightly, while the APAC strategy shrinks in size. “India's capital base is slightly larger than last time. Very esteemed US firms also keep their venture funds roughly to the same triple-digit million, and not go into the billions for their venture strategy,” he said. Raising a bigger fund would mean taking on more risk since such funds depend overwhelmingly on a few big winners, Singh said. Peak XV’s latest would be the largest of the fundraises since early 2025. Earlier, Nexus Venture Partners closed a $700 million fund, A91 Partners raised $665 million, and Accel India secured $650 million, all at final close. Bessemer raised $350 million for its India-focused fund, while Fireside Ventures closed $253 million. Blume Ventures and Chiratae Ventures have also raised fresh capital, taking the cumulative capital raised by leading domestic VCs this year well past $3 billion. “Obviously, we think AI is a very important opportunity area and so, I think that that is an area we are all just proportionately very razor-sharp. But equally, we have had a very strong track record at Peak XV in fintech not just in India, Middle East and APAC region. We also have a very strong track record in the consumer sector and India is one of the world's most attractive consumer opportunities if you take a two- or three-decade view,” Singh said. The new fundraise comes on the back of several top leadership exits at the venture capital firm. Three senior investment professionals Ashish Agrawal, Ishaan Mittal and Tejeshwi Sharma left earlier this month as part of an ongoing leadership transition at the firm. Earlier, former executives Piyush Gupta went on to launch Kenro Capital, while Shailesh Lakhani and former managing director Harshjit Sethi are currently teaming up to start a new fund. In addition, Abheek Anand and Anandamoy Roychowdhary are among the other senior leaders who have departed. Addressing the leadership exits, Singh said, “We have seven managing directors at the firm and then, we have a young team and we have multiple principals who we think are future MD candidates, who have already been leading investments for a while across all business lines,” he said. “We can also see the future pipeline of leaders in the firm and we may make one or two hires, but we're not feeling any urgency. We are not feeling like defensively we need to, for optics reasons, we need to hire someone.” Singh said the firm does not plan to make significant new appointments unless an exceptional candidate emerges. Dry powder and global expansion Currently, Peak XV has over half of its $695 million growth fund from its existing funds left to invest. “Approximately half the growth fund is still left to invest,” Singh said. The new fundraise takes Peak XV’s dry powder to well over $1.6-1.7 billion to be invested in India, APAC and globally. “In any given cycle, what happens at Peak XV -- and the same was true at Sequoia India -- we will have a very small number of new limited partners (LPs) we might bring in. Typically, it tends to be just a handful. We didn't go very wide because we didn't try to unlock too many new capital pools.” Founded in 2006 as Sequoia Capital India by K.P. Balaraj, Sumir Chadha, S.K. Jain, and Sandeep Singhal, the firm witnessed a leadership change in 2011 when they left to form a new entity, with Singh taking over with a new team to run the firm. Later in 2023, the firm rebranded as Peak XV to be run as an independent firm to eliminate brand confusion and portfolio conflicts. This also came at a time when it was facing cases of governance lapses at some of its portfolio firms in India. As of this year, Peak XV manages over $10 billion in assets under management with over 450 companies across financial services and fintech, software and AI, and consumer internet, spanning early to growth-stage investments. The firm has also begun investing globally, entering Singapore, the US, Australia, Middle East, Indonesia, Turkey, Japan, Taiwan, and Europe. Exits and returns In mid-2025, Peak XV Partners and Tiger Global led a $270 million primary investment in Meesho at a valuation of about $3.9 billion. The firm also co-led a $200 million Series B round for Sarvam AI at over $1.2 billion valuation. Recently, the firm has become bullish on the AI landscape and currently holds over 80 AI investments in its portfolio. It has been a strong exit year for Peak XV as it clocked windfall gains from recent portfolio IPOs. “We've had 35 IPOs and we've had more than may be 10 in the last two years and 22 in the last five. I'd say, luckily, India's capital markets have just been great,” Singh said. The firm claims to have generated over $1 billion in realized proceeds in 2024 and 2025 and currently holds approximately $4 billion in public securities. Overall, it claims to have clocked over $4.7 billion in gross proceeds generated since 2021, over half of $7.5 billion in gross proceeds generated since inception, aligning with the Indian public markets opening up. In November 2025, Groww listed at a valuation of roughly ₹62,000-76,000 crore, with Peak XV’s initial investment valued at roughly ₹17,300 crore in 2018, clocking a return of around 75x. Similarly, ahead of a planned public listing, Peak XV Partners sold part of its stake in Pine Labs through secondary transactions at a valuation of about $5 billion, clocking returns of up to roughly 39x. The company also has a strong exit pipeline, with firms like Razorpay, Turtlemint and Zetwerk expected to go public this year. "Peak XV is a global fund with Indian ethos and it is solving for global opportunities, which is what makes them unique," said Kashyap Chanchani, co-founder and managing director, Rainmaker Group, a homegrown investment bank. On several VC funds being able to raise India-focused funds in the last 24 months, Chanchani said, "With newer themes emerging, the India opportunity is becoming bigger. There are pockets of opportunities in industrials, deep tech and consumer tech that will play out over the next 5-10 years."