Peak XV raises $1.3 billion across three funds, most of it for India

In its first major capital raise since separating from Sequoia Capital in 2023, Peak XV Partners has announced it has secured $1.3 billion in commitments across three new funds, India Seed, India Venture and an APAC-focused vehicle, sharpening its focus on AI, fintech and cross-border opportunities.

The firm, which now manages more than $10 billion in assets, said a majority of the newly raised capital is earmarked for India.

The pool will be deployed over the next two to three years across seed and venture-stage investments, with additional allocations to Asia-Pacific markets.

The three vehicles mark Peak XV’s first independent funds after its split from Sequoia Capital, a move that made Peak XV the standalone India and Southeast Asia partnership as Sequoia reorganised into separately branded, independent regional firms.

At the time of the separation, Peak XV inherited assets worth $9.2 billion across 13 funds and $2.5 billion in dry powder. The firm said that existing uninvested capital in its Growth fund will supplement the new commitments.

“Along with significant uninvested capital in our existing Growth fund, we are excited about our ability to back outlier founders building category defining companies, across multiple stages, as we have done for two decades,” the firm said in a statement shared on X and LinkedIn.

Peak XV did not disclose the names of its limited partners but said many of the investors backing the new funds are leading non-profit endowments and foundations. The firm expects to write seed cheques of up to about $5 million, and venture cheques typically in the $5 million to $15 million range, with some investments going up to about $20 million.

The announcement comes as New Delhi hosts the AI Impact Summit, drawing global technology leaders including OpenAI, Anthropic and Google.

At the same event, General Catalyst outlined plans to invest $5 billion in India over the next five years, sharply increasing its earlier commitment to the market.

Peak XV currently counts more than 450 portfolio companies across fintech, software and consumer internet, spanning seed to growth stages.