Peak XV announced Friday that it has raised $1.3 billion across a new fund focused on India and Asia. The company currently manages more than $10 billion in assets and is further increasing its focus on artificial intelligence and cross-border betting as competition for deals intensifies in the region.
This capital will be deployed across its seed and venture funds in India and across its Asia Pacific operations. Managing director Shailendra Singh said in an interview on Friday that the majority is earmarked for India and the company plans to invest that pool over the next two to three years.
Peak XV was separated from Sequoia Capital in 2023 to separate the India-focused portion of Sequoia’s portfolio. The company currently counts more than 450 portfolio companies in fintech, software, and consumer internet from seed to growth stages.
The company’s new funding comes amidst the AI Impact Summit in New Delhi, which was attended by major technology companies such as OpenAI, Anthropic, and Google. At the event, General Catalyst outlined plans to invest $5 billion in the country over the next five years, significantly increasing its commitment to the market to date.
Singh said Peak XV is not trying to match competitors in value, stressing that the company’s priority is not to maximize assets under management, but to generate high profits. The company will continue to size funds based on the best opportunity to offer “high-performance funds,” he said.
He added that Peak XV is still growing its presence in the U.S. and is being selective about where it competes. “We’re the underdog in the U.S. market, which is great,” Singh said, adding that the company is focused on software, developer tools and areas where its fintech experience gives it an edge.
The latest funding follows a period of leadership change at Peak XV, including the recent departures of senior partner Ashish Agrawal and investors Ishaan Mittal and Tejeshwi Sharma. Singh told TechCrunch that the firm retains significant experience in its management team, noting that five of the seven managing partners have been with Peak XV for more than 10 years. The broader Peak XV team includes more than 30 full-time investors and has made approximately 12 major investments across its markets.
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Peak XV has returned more than $7 billion in cash to investors since its inception, Singh said, adding that 35 of its portfolio companies have gone public. He did not disclose the distribution amount since the company was separated from Sequoia Capital. In September 2024, TechCrunch reported that the company returned about $1.2 billion that year.
Prior to this latest funding, Peak XV’s previous fund was valued at $2.85 billion at the end of 2021, before the firm was split from Sequoia Capital. That figure was later reduced to about $2.4 billion as part of what Singh described as a disciplined approach to capital. The initial funding includes Peak XV’s India growth strategy, and Singh said the company does not plan to raise any new growth funding until the dry powder is further leveraged.
Singh expects the new capital to primarily go into AI, fintech and consumer startups, while also anticipating new opportunities in deep tech. The company has made more than 80 investments in AI startups to date. He added that the US-India relationship is becoming increasingly important as more founders from the region build for global markets.
