Peak XV On Deal Spree Following Sequoia US Split; Signs 10 Deals In 10 Weeks

Venture capital (VC) firm Peak XV Partners has signed more than 10 term sheets in the first 10 weeks after its split from US-based parent Sequoia Capital, sources told Inc42. 

The VC firm made the announcement at a founders’ retreat in Bengaluru through Peak XV managing director GV Ravishankar’s opening keynote address, according to multiple founders present at the event.  

Ravishankar also said that Peak XV has exited three companies in the first 10 weeks after the split, the sources said, including the full exit from Go Fashion.  

Elaborating on the overall scope of Peak XV Partners’ operations in India, the VC firm told founders in a presentation that it has so far raised 13 funds and made more than 400 investments in India and Southeast Asia. Peak XV Partners also claimed that more than 40 Indian startups in its portfolio have revenue in excess of $100 Mn. 

In addition, the India-based VC firm has more than 45 investors in its kitty and has an operating team of 60 employees spread across five offices in the country. The VC firm also said that it has hired nine new employees since it was spun off from Sequoia Capital and is close to hiring its first employee for a US office. 

Besides making key announcements about the VC firm’s future under the new structure and the current state of the portfolio, the founders’ retreat saw Peak XV managing director Shailendra J Singh share lessons from the past year, particularly in relation to building sustainable businesses and focussing on cash flow. 

Peak XV also touted the gains made by its key startups in the past few weeks. It said that homegrown startups such as Zomato and Freshworks, alongside other global companies in its portfolio, added $30 Bn to their combined market capitalisation on the back of the recent rally in new-age tech stocks.

Peak XV’s portfolio includes unicorns such as Pine Labs, CRED, Groww, Unacademy among others and the firm is one of the earliest investors in the Indian startup ecosystem. 

In June this year, 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 while continuing to make new investments.

Back then, sources told Inc42 that Peak XV Partners would continue to manage $9.2 Bn across 13 funds, and would be the go-to-entity for further investing the $2.5 Bn of uninvested capital in the VC firm’s kitty. 

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