Peak XV Eyes Up To 1.4 Bn Raise For Maiden Independent Fund: Report

Venture capital firm Peak XV Partners is reportedly planning to raise its first independent fund since splitting with US-based Sequoia Capital two years ago.

An ET report, citing people close to the matter, said that the VC firm aims to raise $1.2 – 1.4 Bn for the new investment vehicle to back early stage startups across India and Southeast Asia.

“They had a meeting with their limited partners (sponsors in funds) recently and expressed their intention to launch their maiden fund by end of the year…The firm expects to close the fundraise by early next year and will officially inform their LPs soon,” sources told ET.

Besides, Peak XV is also looking to make larger investments through its growth vehicle.

Inc42 has reached out to Peak XV for comments on the development. The story will be updated based on the response.

The move can be seen as Peak XV’s attempt to establish itself as a standalone identity since its Sequoia spin off.

In June 2023, Sequoia Capital hived off Sequoia India & Southeast Asia and rebranded it as Peak XV to chart a separate path for its India and Southeast Asia portfolio.

Peak XV also in the 15 months since its separation from Sequoia. The VC major sold stakes in “nearly a dozen” listed portfolio companies in the past year, including foodtech major Zomato, D2C unicorn Mamaearth and caller identification platform Truecaller.

Since entering India in 2006 through the acquisition of WestBridge Capital’s team, Sequoia India established itself as a leading investor in the country’s startup ecosystem, backing prominent unicorns like CRED, Meesho, Groww, Mamaearth, and Unacademy.

(The story will be updated soon)

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