Peak XV Partners — Investment Thesis & Preferences

Peak XV Partners Research

Peak XV Partners (formerly Sequoia Capital India & SEA) is the independent venture capital and growth investing firm managing over $9 billion in AUM across 13 funds. Following separation from US Sequoia in June 2023, the firm has established itself as the leading India and Southeast Asia-focused venture investor.

Investment Thesis

Peak XV believes that "outlier founders and ideas shape the future of humanity." The firm operates with a full-stack venture model, investing from seed through growth stages to IPO and beyond. This comprehensive approach is supported by a team of 60+ operational professionals providing active hands-on support across human capital, product development, go-to-market strategy, public policy, and financial planning.

The firm's leadership explicitly states that generated returns flow primarily to non-profit and university endowment limited partners supporting causes like planetary preservation, education, poverty reduction, and medical advancement. This mission-driven approach distinguishes Peak XV from purely financial-return-focused peers.

Geographic Reach & Presence

Peak XV operates across India, Southeast Asia, and increasingly the US:

India: 209 portfolio companies (primary focus)
Southeast Asia: 85 portfolio companies (Singapore, Indonesia, Thailand, Vietnam, Philippines)
US: 9 companies (emerging expansion)
Offices: Bangalore, Mumbai, Delhi, Singapore, Dubai
Team: 14+ nationalities

Stage Focus & Investment Approach

Peak XV invests across all stages from seed to pre-IPO:

Seed Stage: Surge program ($500K-$3M) for early-stage teams with founder validation and initial product-market signals. Established 2017, operates on rotating 3-year cohorts.

Series A: Typical range $8M-$16M for companies demonstrating clear product-market fit and early revenue/user traction. Peak XV often leads or co-leads these rounds.

Growth Stages: Series B, C, and beyond for scaling businesses requiring significant capital deployment. Fund maintains follow-on reserves to support portfolio winners.

Pre-IPO & IPO Support: Active engagement through public market readiness, including governance support, financial planning, and capital markets navigation.

The full-stack approach ensures portfolio companies receive consistent partnership and increasing operational support at each growth stage.

Recent Portfolio Performance (2025-2026)

2025 Exit Success

Peak XV delivered exceptional 2025 with five portfolio company IPOs in November-December:

Groww (November 2025) - Fintech and investment platform. Peak XV maintains 17% stake valued at $1.6B+, demonstrating substantial residual value from early seed investment.
Meesho (November 2025) - Social commerce and consumer platform enabling grassroots sellers. Exemplifies Peak XV's thesis on "outlier" ideas addressing underserved populations.
Pine Labs (November 2025) - Payment infrastructure and fintech backbone for Indian commerce. Major exit from seed-stage investment.
Wakefit (December 2025) - Consumer furniture and wellness brand. Demonstrates portfolio breadth beyond fintech/SaaS.
Capillary Technologies (December 2025) - Customer experience and loyalty software for retail and hospitality.

These five IPOs generated approximately ₹2,480 Crore ($300M+) in proceeds to Peak XV, representing one of the strongest exit years for any VC firm globally. Exit velocity signals mature portfolio and strong operational value-add.

Active Portfolio & Current Deployments

As of early 2026:

450+ total investments across 17-year history
60+ companies with $100M+ ARR (as of December 2025)
50+ unicorn valuations at any given time
36 IPO exits (highest in India/SEA region)
~400 active companies receiving ongoing support

2026 new investments include Alex (AI recruiting platform), Anandi (network of modern schools), Atomicwork (AI-powered IT automation), Aukera (lab-grown diamonds), Better Auth (authentication framework), ZILO, and The Whole Truth Foods.

Portfolio Composition

Peak XV maintains sector-agnostic philosophy with clear concentration in high-growth, technology-enabled verticals:

Largest Sectors (by portfolio company count):

FinTech & Payments (66 companies) - Core strength; most mature exit history (Groww, Pine Labs, Capillary)
SaaS & Enterprise Software (54 companies) - B2B infrastructure, vertical solutions, workflow automation
Consumer & Internet (26 companies) - Marketplaces, social commerce, consumer apps
HealthTech (23 companies) - Digital health, medical devices, biotech
AI/ML (20 companies) - Increasing priority; represents strategic focus area for 2026
Consumer Internet (16 companies) - Subscription services, creator economy
Commerce & Marketplaces (15 companies) - Ecommerce, B2B marketplaces
EdTech (12 companies) - Online learning, skills training, institutional education
Digital Entertainment (11 companies) - Gaming, streaming, creator content

Notable Portfolio Companies:

Fintech: Apna (blue/grey collar employment), BankBazaar (financial product comparison), Axio/Capital Float (business lending), Beta Finance (DeFi lending)

Consumer: Airalo (eSIM travel), Airmeet (virtual events), Aspire (business finance OS), Awfis (coworking spaces)

Enterprise: Atlan (data collaboration), Atomicwork (IT automation), Basis Technologies (ML for enterprises)

Agriculture & Sustainability: Animall (dairy farming productivity), Absolute Foods (organic agriculture)

HealthTech: Akumentis Healthcare (branded generics pharma)

The portfolio demonstrates intentional diversification across 450+ companies while maintaining concentration in founder-driven, high-impact sectors.

Team & Leadership Structure

Managing Directors (7 partners post-2026 restructuring)

Shailendra J. Singh - Managing Director, co-founder of Peak XV's independent operations. Joined Sequoia India in 2006 and has led firm for 19+ years. Spearheads all India and ASEAN region activities. Deep operational expertise across multiple stages.

Mohit Bhatnagar - Managing Director with specialized expertise in growth-stage investing. Strong track record with portfolio company scaling.

GV Ravishankar - Managing Director, leads Growth team. Extensive operational experience supporting scaling portfolio companies through Series B/C/D rounds.

Rajan Anandan - Managing Director, former Vice President at Google for Southeast Asia and Microsoft executive. Brings deep tech industry background. Focuses on early-stage investments and mentors Surge program cohorts.

Sakshi Chopra - Managing Director investing across multiple stages. Brings founder perspective to investment thesis.

Rohit Agarwal - Managing Director with backend operations and growth focus. Supports portfolio company scaling infrastructure.

Abhishek Mohan - Managing Director appointed recently. Operational focus supporting portfolio expansion and execution.

Executive Leadership Team

Maya Lewis - Chief of Staff
Saipriya Sarangan - Chief Operating Officer
Harshal Kamdar - Chief Financial Officer
Neha Barjatya - Chief Marketing Officer
Mohit Abraham - Chief Legal Officer

Operational Teams (60+ professionals)

Peak XV maintains unusually deep operational bench including:

Human Capital & Talent: VP Suraj Laungani, talent partnerships, executive recruitment support
Strategic Development: Directors Prateek Batra, Hsien Liang Yap; business development and partnerships
Portfolio Finance & CFO Services: Cchatardeep Dua, Jaspriya Kaur; financial planning and investor relations
Data Science & Analytics: VP Amardeep Singh; data-driven decision support
Communications & Investor Relations: Simran Kodesia
Public Policy: Specialists navigating regulatory environments
Technology & Product: Supporting portfolio innovation

This operational depth is a key differentiator, as most VC firms rely on investor relationships with minimal support staff.

Recent Leadership Transitions (February 2026)

In early February 2026, Peak XV experienced significant partner departures:

Ashish Agrawal (13-year partner) - Exited to start independent VC firm
Ishaan Mittal (partner) - Co-founding new firm with Agrawal
Tejeshwi Sharma (partner) - Joining new VC fund

Public statements attribute departures to internal disagreements regarding fund economics and strategic direction (particularly investment pace and allocation to AI vs. traditional sectors). Remaining partners reaffirmed commitment to AI-native investing and founder partnership model.

Despite exits, firm maintained operational continuity with seven experienced MDs and deep bench of operators.

Investment Criteria & Decision Process

Founder Profile Preferences

Peak XV explicitly targets "outlier founders and ideas." In practice, this translates to:

Experience & Background: Preference for founders with prior tech/startup experience, though open to exceptional first-time founders with deep domain expertise.

Team Composition: Emphasis on complementary founding teams with technical and business expertise. Particularly values founders with:

Prior exits or scaling experience
Deep industry knowledge in target sectors
Track record of execution and scrappiness
Vision for category-defining companies (not incremental improvements)

Market Understanding: Founders demonstrating clear understanding of:

Large, underserved markets in India/SEA
Specific customer pain points
Competitive landscape and differentiation
Path to significant scale ($100M+ revenue potential)

Mission Alignment: Openness to founders pursuing both commercial success AND social impact (aligns with Peak XV's non-profit LP base).

Investment Decision Criteria

Stage Flexibility: Unlike many VCs with rigid stage definitions, Peak XV uses founder quality and idea merit as primary gates rather than stage-based filters. However, portfolio analysis shows typical entry:

Seed: $1M-$3M (most common)
Series A: $8M-$16M
Growth: $20M-$100M+
Can deploy outside these ranges for compelling founders

Sector Agnosticism: No explicit sector exclusions. Investment decisions driven by founder vision and market opportunity rather than sector filters.

Geographic Focus: Clear preference for India (primary market) and SEA (strong secondary). Increasingly selective on US investments tied to India/SEA founder teams or market expansion.

Decision Process: Partnership-based rather than committee-driven. Managing Directors typically lead investments directly; significant founder engagement during diligence.

Decision Timeline: Based on comparable India VCs and Peak XV's hands-on model, typical decision cycles:

Aligned founders with clear traction: 2-3 weeks
Require significant diligence: 4-6 weeks
Can accelerate for exceptional deals or follow-ons

Investment Guarantees & Expectations

Lead Tendency: Peak XV demonstrates "leads" tendency in early-stage rounds where founder credibility supports it. For Series A+, more often leads or co-leads depending on market dynamics.

Board Involvement: Standard board seat or observer rights depending on round size and stage.

Follow-on Reserves: Maintains 30-50% reserve capital to support portfolio winners through subsequent rounds.

Value-Add Expectations: Beyond capital, founders should expect:

Active operational support through dedicated partner relationship
Access to 60+ operator network (human capital, GTM, product, finance)
Portfolio company peer learning through communities (Surge alumni, portfolio events)
Introduction network across portfolio, limited partners, and strategic partners
Mentoring and governance support (especially through IPO)

Competitive Positioning

Market Leadership

Peak XV is unquestionably the dominant India and SEA-focused venture firm by multiple metrics:

Assets Under Management: $9B+ across 13 funds vs. typical India VC peers at $500M-$2B. This scale provides capital deployment flexibility and reduced capital competition for follow-on rounds.

Portfolio Scale: 450+ total investments with ~400 active companies. Network effects from portfolio size create syndication opportunities and peer learning advantages.

Exit Track Record: 36 IPO exits and 50+ unicorn valuations. This proven exit capability attracts quality founders and indicates strong operational value-add.

Operational Depth: 60+ dedicated professional team members vs. 20-30 at comparable peers. This bench enables genuine hands-on support vs. higher-touch VC sales pitches.

Fund Raise Capability: Recent $1.2B-$1.4B fund raise (underway as of February 2026) demonstrates continued LP confidence despite recent partner exits.

Competitive Comparison

Blume Ventures: Seed-stage specialist with strong portfolio. Smaller fund size ($500M-$1B range) and narrower stage focus.

Kalaari Capital: Similar stage breadth to Peak XV but smaller AUM and less proven growth-stage expertise.

Global VCs in India: Accel, Sequoia US, Tiger Global compete for mega-rounds (Series B+) but lack Peak XV's India/SEA focus and operational bench.

New Entrants: Peak XV's recent partner departures signal appetite for independent India-focused funds, but established portfolio and team make Peak XV the default choice for quality founders.

Unique Value Propositions

Full-Stack Venture Model: Only major VC with integrated seed→growth→IPO capabilities. Reduces founder friction switching investors at each stage.
Mission-Driven Approach: Non-profit and endowment LP base creates genuine long-term partnership vs. financial-return-only dynamics.
Operator Network: 60+ professionals enable genuine value-add beyond capital. Particularly strong in human capital, GTM, and public policy.
Founder Programs: Surge (seed cohorts), Spark (Series A), Pathfinders, Pitstop, Build, Guild provide structured support and peer learning.
Regional Presence: 5 offices across India and SEA enable on-the-ground relationships vs. remote-only models.
Proven Exit Expertise: Recent IPO success (Groww, Meesho, Pine Labs, Wakefit, Capillary) demonstrates mature capabilities in capital markets navigation.

Strategic Direction & 2026 Priorities

AI-Native Investing

Most significant strategic shift: explicit pivot toward AI-native founders building with LLMs, diffusion models, multimodal AI, and autonomous agents. Reflects both:

Market opportunity (explosive growth in AI-enabled products)
Recent partner departures signal philosophical differences on allocation percentage

Recent investments (Alex, Atomicwork, Better Auth) show this focus in action. Expect increased allocation to AI infrastructure and AI-enabled vertical SaaS.

US Market Expansion

Hiring of first US talent partner (Jaime Bott) and selective US investments signal strategic push into American market. Likely approach:

Focus on India-founder teams building global companies
Support existing portfolio companies' US expansion
Selective thesis-aligned investments in US-based companies
Not attempting to compete with tier-1 US VCs, but rather focusing on high-growth opportunities aligned with Peak XV competencies

Fund Consolidation

After 2025 IPO success and recent leadership changes, firm planning $1.2B-$1.4B "Fund 7" (estimated) targeting:

Earlier stage (Seed A focus) given track record
Slightly smaller check sizes vs. growth fund (following market trend toward seed focus)
Potential geographic expansion (India primary, SEA secondary, US tertiary)

Portfolio Maturation Support

With 36 IPO exits to date and five significant 2025 IPOs, increasing focus on supporting post-IPO portfolio companies through:

Executive recruitment and organizational scaling
Financial planning and capital allocation
Strategic partnerships and expansion into adjacent markets
Sustainability through market cycles

Operator Program Expansion

Deepening "human capital" focus with expansion of:

Recruitment services for portfolio companies
Executive placement for board and C-suite roles
Talent networks connecting portfolio companies
Specific programs supporting female founders, underrepresented entrepreneurs

Investment Performance & Fund Metrics

Portfolio Health Indicators

Revenue Scale: 60+ portfolio companies achieving $100M+ ARR (as of December 2025). This concentration at revenue scale is rare and indicates:

Strong founder selection in early stages
Effective value-add supporting scaling
Survivor bias (underperformers may have exited portfolio)

Valuation Achievement: 50+ companies reaching unicorn status (>$1B valuation) at any time. Combined with 36 IPO exits, indicates consistent ability to identify category-defining opportunities.

Exit Velocity:

$1.2B+ realized proceeds in year following Sequoia split (Sept 2024)
₹2,480Cr+ ($300M+) from five 2025 IPOs alone
Demonstrates consistent exit capability, not one-time success

Company Longevity: ~400 active portfolio companies indicates:

90% retention of portfolio post-separation (many firms lose portfolios after splits)
Ongoing founder confidence in Peak XV partnership
Sustainable revenue model from follow-on investments

Fund Performance

While specific fund-level IRRs not disclosed, indicators suggest strong performance:

LP Confidence: Continued ability to raise capital (most recent fund in progress) despite market headwinds (2024-25 VC consolidation) and leadership departures. This signals LP satisfaction with returns and strategy.

Capital Deployment: Multiple funds deploying simultaneously and across-stage indicates positive fund performance supporting new capital raises.

Limited Partner Base: Primarily non-profit and university endowments provide patient capital, suggesting funds target 7-10 year time horizons with 3-5x+ return multiples.

Risk Assessment & Mitigants

Recent Leadership Departures

Risk: Three MD departures (Agrawal, Mittal, Sharma) in February 2026 could signal:

Internal discord or strategy disagreements
Potential performance issues or limited partnership economics
Reduced decision-making capacity during transitions

Mitigants:

Remaining seven MDs demonstrate continuity
Deep operator bench (60+ staff) allows ongoing portfolio support
Public statements from remaining partners emphasize mission and approach
Fund-raise in progress suggests LP confidence despite exits

Fund Consolidation & Capital Raise Challenges

Risk: Planned $1.2B-$1.4B fund raise (down from initial $2.8B+ target) may indicate:

LP caution in this fund cycle
Potential capital constraints on follow-on investments
Market skepticism of India/SEA opportunity

Mitigants:

$1.2B+ still represents substantial capital
Recent IPO success provides proof points
Non-profit LP base provides long-term committed capital
Smaller fund size may actually improve returns (focused deployment)

India/SEA Market Concentration

Risk: Significant geographic concentration in India/SEA creates:

Regulatory risk from India government changes
Currency risk from INR volatility
Sector-specific headwinds (e.g., fintech regulation, data localization)

Mitigants:

Diversified across 450+ companies and 9+ sectors
Recent focus on US expansion de-concentrates geography
Non-profit LP base suggests mission beyond maximum returns
Portfolio spans India domestic and export-focused companies

Investment Thesis & Outlook

Investment Case

Peak XV represents an exceptional combination of:

Founder-Centric Philosophy: Explicit commitment to backing "outlier founders" combined with 60+ operator network creates genuine partnership vs. capital-only model.
Proven Track Record: 36 IPO exits, 50+ unicorns, and $1.2B+ annual exit proceeds demonstrate consistent ability to identify and support category-defining companies.
Full-Stack Capabilities: Integrated seed→growth→IPO model reduces founder friction and ensures ongoing partnership through scaling.
Market Leadership: $9B AUM, 450+ portfolio, and deepest operational bench create defensible market position.
Strategic Positioning: AI-native focus and US expansion position firm for next wave of entrepreneurship while maintaining India/SEA stronghold.

Investment Outlook

Peak XV is well-positioned for strong future performance driven by:

AI Wave: Strategic focus on AI-native founders captures explosive market opportunity
India Growth: Continued GDP growth, digital adoption, and population scale drive startup formation
Founder Supply: 450+ portfolio creates network effects attracting quality founders
Operator Capabilities: Deep bench enables genuine value-add vs. capital-only competitors
Exit Velocity: Proven track record supports LP returns and fund-raise cycles

Conclusion

Peak XV Partners represents the gold standard in India and Southeast Asia venture capital. With $9B in AUM, 450+ portfolio companies, 36 IPO exits, 50+ unicorns, and a team of 60+ operators, the firm uniquely combines:

Capital scale to deploy across all stages
Operational depth to provide genuine hands-on support
Founder focus with mission-driven approach
Market leadership with largest portfolio and strongest exit track record

The firm's full-stack investment model—supporting founders from two-person teams with paper plans through IPO and beyond—combined with its explicit commitment to backing "outlier" ideas, positions Peak XV as the default partner for ambitious founders in the India and Southeast Asia regions.

Recent strategic focus on AI-native investing and US market expansion signals confidence in the fundamental thesis while acknowledging emerging opportunities. Despite leadership transitions, remaining partners and deep operator bench ensure continuity and capability.

For founders seeking early-stage capital through growth-stage support from a partner with proven operational expertise, historical exits, and genuine commitment to founder success, Peak XV Partners remains the gold standard in India and Southeast Asia venture capital.