Peak XV announced Friday that it has raised $1.3 billion through new funds focused on India and Asia. The firm, which now manages more than $10 billion in assets, is increasing its focus on artificial intelligence and cross-border betting amid increased competition for deals in the region.
The capital will be deployed across its India seed and venture funds as well as its APAC vehicle. A majority is reserved for India, with the company planning to invest in the pool over the next two to three years, Chief Executive Shailendra Singh said in an interview on Friday.
Peak XV separation from Sequoia Capital in 2023in a bid to separate the India-focused parts of Sequoia’s portfolio. The firm now has more than 450 portfolio companies across fintech, software and consumer internet, ranging from seed to growth stages.
The company’s new fundraising comes as New Delhi hosts the AI Impact Summitattracting major tech players including OpenAI, Anthropic and Google. During the event, General Catalyst announced plans to invest $5 billion in the country over the next five years, thereby significantly increasing its previous commitment to the market.
Singh said Peak XV was not trying to match rivals dollar for dollar, emphasizing that the firm’s priority was generating strong returns rather than maximizing assets under management. The company will continue to size its funds based on areas where it sees the best opportunity to provide “high-performing funds,” he said.
He added that Peak XV continues to build its presence in the United States and is selective about the areas in which it competes. “In the U.S. market, we are an underdog — and that’s great,” Singh said, adding that the company is focusing on areas where its experience in software, developer tools and financial technology gives it an advantage.
The latest fundraising follows a period of leadership changes at Peak XV, including the recent departures from senior partner Ashish Agrawal and investors Ishaan Mittal and Tejeshwi Sharma. Singh told TechCrunch that the company retains significant experience within its management team, noting that five of its seven managing partners have been with Peak XV for more than a decade. Peak XV’s expanded team includes more than 30 full-time investors, with approximately a dozen leading 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 declined to specify distributions since the company’s separation from Sequoia Capital. In September 2024, TechCrunch reported that the company had returned approximately $1.2 billion in the year.
Before the current increase, Peak XV’s previous fund was valued at $2.85 billion in late 2021, before the company separated from Sequoia Capital. This figure was later reduced to around $2.4 billion under what Singh described as a disciplined approach to capital. The previous pool included Peak XV’s growth strategy in India, and Singh said the company does not plan to raise a new growth fund until more of this dry powder has been deployed.
Singh plans to deploy the new capital primarily in AI, fintech and consumer startups, while also seeing emerging opportunities in deep tech. The company has made more than 80 investments in AI startups to date. He added that ties between the United States and India are becoming increasingly important as more founders in the region launch into global markets.