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โ€˜We are defined by the choices we makeโ€ฆโ€™: Peak XV downsizes growth fund in India by 16%

Business TodayBusiness Today ยท 1y ago
โ€˜We are defined by the choices we makeโ€ฆโ€™: Peak XV downsizes growth fund in India by 16%
Medial

- Peak XV Partners, formerly known as Sequoia Capital India, is downsizing its fund in India by 16% after achieving $1 billion in exits this year. - Despite the downsizing, Peak XV remains strongly committed to investing in India and South East Asia. - The venture capital firm is making strategic changes to better serve its multi-decade time horizon. - Peak XV is focusing on measured investments in its growth fund while maintaining its support for seed and venture stage opportunities. - The decision to downsize is intended to benefit the founders and limited partners in the long term. - Peak XV has a successful track record, managing over $9 billion in capital and investing in more than 400 companies across various sectors.

Peak XV slashes fund size, cuts fees on some growth funds

LivemintLivemint ยท 1y ago
Peak XV slashes fund size, cuts fees on some growth funds
Medial

- Peak XV Partners, formerly part of Sequoia Capital, plans to reduce its $2.85 billion growth fund by 16%, or $465 million, in a move to take a more measured approach to investments. - The growth fund, raised in 2022, will now hold approximately $2.39 billion. - Peak XV will tie part of its carried interest to the distribution of profits in its growth and multi-stage funds, while seed and venture fund economics will remain unchanged. - The decision reflects the lack of high-quality investment opportunities in the current market, particularly from companies that raised capital at inflated valuations during the pandemic. - Peak XV is also reducing its management fees to 2% on three growth and four multi-stage funds, and cutting its carried interest to 20% to better align with the interests of its founders and limited partners.

Exclusive: OneCard to secure $28.5 Mn in new funding round

EntrackrEntrackr ยท 10m ago
Exclusive: OneCard to secure $28.5 Mn in new funding round
Medial

Mobile-first credit card startup OneCard is raising Rs 239.4 crore or $28.5 million from Better Tomorrow Ventures, Peak XV (previously Sequoia Capital), and Z47 (previously Matrix Partners). While this is the first equity investment for the Pune-based company in 2024, it received debt funding in January this year. The board at OneCard has passed a special resolution to issue 72,048 cumulatively preference shares at an issue price of Rs 33,228.3 per share to raise Rs 239.4 crore or $28.5 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. According to the filings, the company has already secured Rs 71.4 crore from Better Tomorrow Ventures, Peak XV Partners, and Matrix Ventures as part of the above-mentioned fundraising. The breakdown includes Rs 42 crore from Better Tomorrow Ventures, Rs 8.4 crore from Peak XV, and Rs 21 crore from Matrix Ventures. The remaining Rs 168 crore is expected to be received by OneCard in one or more tranches. As per the startup data intelligence platform TheKredible, OneCard has been valued at around Rs 11,747 crore or $1.4 billion post-allotment. In September 2023, Entrackr exclusively reported that the Bengaluru-based company was seeking $100 million at flat valuation. OneCard (FPL Technologies) offers co-branded credit cards to mostly first-time users with banks such as IDFC First Bank, Federal Bank, and SBM Bank. It has a credit score tracking cum credit management app called OneScore. In Sept 2023, the firm announced its partnership with Indian Bank to empower users with full digital control over their credit card interactions such as real-time transaction tracking, spending management, and EMI conversion, among others. On the revenue front, OneCard managed over six-fold year-on-year growth in FY23 as its operating revenue soared to Rs 593 crore in FY23 from Rs 97.8 crore in FY22. At the same time, its losses also spiked 2.2X to Rs 405.6 crore in FY23. It has yet to file its annual results for FY24. OneCard turned unicorn after a $100 million round in July 2022. It has raised more than $350 million to date. According to TheKredible, Peak XV and Z47 collectively control 40% stake in the company.

Groww files revised DRHP with strong financials ahead of Rs 7,000 Cr IPO

EntrackrEntrackr ยท 18d ago
Groww files revised DRHP with strong financials ahead of Rs 7,000 Cr IPO
Medial

Digital investment platform Groww has filed a revised draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) as it gears up for a Rs 7,000 crore initial public offering (IPO). The public issue will include a fresh issue of Rs 1,020 crore alongside a large offer for sale (OFS) by existing investors and co-founders. As per the estimates, the OFS will see secondary share sales worth about Rs 5,000 crore. Peak XV will divest 15.8 crore shares, while YC Holding and Ribbit Capital will offload 10.5 crore and 11.8 crore shares, respectively. Tiger Global, Kauffman Fund, and co-founders Lalit Keshre, Harsh Jain, and Neeraj Singh will also participate in the sell-down. This development comes weeks after the Bengaluru-based firm secured SEBIโ€™s nod for its confidential filing. The IPO will be managed by Kotak, JP Morgan, Citi, Axis Capital, and Motilal Oswal, with MUFG Intime as registrar. Groww plans to deploy the fresh issue proceeds towards strengthening its cloud infrastructure, brand building, investments in subsidiaries, acquisitions, and general corporate purposes. According to the draft red herring prospectus, Peak XV remains Growwโ€™s largest external stakeholder with a 21.73% stake, followed by YC Holding (12.05%). Ribbit Capital and Tiger Global also hold meaningful ownership, while co-founders Keshre, Jain, and Singh own 9.13%, 6.72%, and 6.26%, respectively. On the financial front, Groww posted a 50% year-on-year jump in revenue to Rs 3,902 crore in FY25, up from Rs 2,609 crore in FY24. The company also turned profitable, reporting Rs 1,824 crore versus a loss of Rs 805 crore in FY24. In Q1 FY26, Groww clocked Rs 904 crore in revenue with a profit of Rs 378 crore. The platform reported 18.07 million transacting users, including 14.38 million active clients, during the quarter.

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