After Splitting From Sequia, Peak XV Realises Exits Worth $1.2 Bn

Peak XV Pares Size Of Its Largest Fund By 16%, Slashes Fees

SUMMARY

The VC major has sold stakes in “nearly a dozen” listed portfolio companies in the past year, including Zomato, Mamaearth, and Truecaller

Peak XV is also said to have offloaded stakes in startups such as K12 Techno, Pocket Aces and PingSafe via secondary transactions and M&As in the past 15 months

The VC firm currently manages $9 Bn in assets, and its portfolio includes the likes of unicorns such as CRED, Meesho, Groww, and Unacademy, among others

Venture capital (VC) firm Peak XV Partners (formerly Sequoia Capital India and SEA) has reportedly realised exits worth nearly $1.2 Bn in the 15 months since its separation from parent Sequoia last year.

As per a TechCrunch report, the VC major has 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.

The report added that Peak XV also offloaded stakes in startups such as edtech platform K12 Techno, digital entertainment startup Pocket Aces and cybersecurity startup PingSafe via secondary transactions and mergers and acquisitions (M&As).

The VC firm’s current fund size is said to be hovering around the $2.85 Bn mark.

Since entering India in 2006 by acquiring the team of WestBridge Capital, the then Sequoia India rapidly emerged as a major investor in the Indian startup landscape by backing big names in the homegrown ecosystem. It has so far invested in unicorns such as CRED, Meesho, Groww, Mamaearth, and Unacademy, among others.

However, Sequoia Capital last year split itself into three independent partnerships. The Indian and South Asian business was rebranded as Peak XV while the China business adopted the name of HongShan.

In the first 10 weeks following the separation, Peak XV signed more than 10 term sheets, demonstrating its aggressive investment approach. As per another report, the firm also exited three companies during this period.

The VC firm is reportedly managing $9 Bn in assets, with an additional $2 Bn yet to be deployed. Its portfolio includes more than 45 startups with operating revenues exceeding $100 Mn, and another 23 startups with revenues over $200 Mn.

The VC firm has raised 13 funds to date and made more than 400 investments across India and Southeast Asia.

Not just this, as many 15 of Peak XV’s portfolio companies, including Zomato and Mamaearth, have listed on Indian bourses since 2020.

Notably, the development comes on the same day as Peak XV’s managing director Mohit Bhatnagar, speaking at the second edition of Inc42’s MoneyX, highlighted that shifting domicile back to India is a major topic among its portfolio companies.