Peak XV has generated approximately $1.2 billion in exits since its split from Sequoia, sources told TechCrunch. The India and Southeast Asia-focused venture fund has sold stakes in almost a dozen portfolio companies that went public, such as Zomato, Mamaearth, and Truecaller. In addition to public company stakes, Peak XV also divested holdings in private firms like K12 Techno, Pocket Aces, and PingSafe through secondary sales and mergers and acquisitions. The firm’s current funds total $2.85 billion.
This significant wave of exits comes against the backdrop of a strong Indian stock market. India’s equities have been trading at a premium compared to other emerging markets, with Macquarie analysts noting that the country’s price-to-earnings ratio sits at about 21 times, while emerging markets overall trade at 10 times. Meanwhile, global markets are trading at 14.5 times, with the U.S. at 17 times and China at 8 times.
India’s IPO market is also regaining momentum, with companies raising about $9 billion through IPOs this year. Analysts at Bank of America anticipate further listings before the year concludes. The U.S. and other global markets have seen subdued activity in comparison.
Peak XV has also been involved in a significant block trade concerning Five-Star Business Finance. A $500 million block trade began on Thursday, and by 11:30 a.m. India Standard Time, more than half of the trade had been completed. This highlights Peak XV’s continued dominance and activity in the region.
Beyond financial exits, Peak XV’s influence is further illustrated by its Surge program, which offers early-stage startups access to favorable terms and resources. This program has gained significant traction, competing with renowned accelerators like Y Combinator. Peak XV’s broader strategy has attracted both interest and scrutiny due to the firm’s scale and aggressive investments.
The venture fund now manages $9 billion in assets, with another $2 billion yet to be deployed. Its portfolio includes over 400 companies, of which more than 50 are unicorns. Since 2020, 15 of Peak XV’s portfolio companies have gone public, cementing the firm’s role as a leader in facilitating IPOs for Indian startups.
Earlier this year, Peak XV launched a perpetual fund supported by its own partners, indicating confidence in its long-term outlook and the potential of the region. Peak XV’s origins date back over a decade, when it operated under the Sequoia brand. The split from Sequoia last year, triggered by geopolitical tensions between the U.S. and China, resulted in Peak XV taking a broader focus and expanding its team, including its reach into the U.S.
In a similar move, venture firm Matrix announced in June that it would also rebrand its India and China affiliates, following Peak XV’s strategy. Peak XV’s growth, extensive portfolio, and strategic shifts suggest its continued influence in the venture capital space across Asia and beyond.
