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Peak XV closes $1.3 Bn fund for India and APAC

EntrackrEntrackr · 4d ago
Peak XV closes $1.3 Bn fund for India and APAC
Medial

Peak XV Partners on Friday announced the closing of $1.3 billion in fresh capital commitments across its India Seed, India Venture, and Asia Pacific funds. This is the firm’s first fundraise since its separation from Sequoia Capital. In a post on X, Peak XV Partners said the new capital, along with uninvested capital from its existing growth fund, will strengthen its ability to back founders building category-defining companies across multiple stages. The firm said it continues to focus on supporting outlier founders, a strategy it has followed for over two decades. The announcement comes as Peak XV sees increasing opportunities driven by artificial intelligence across India and the broader Asia Pacific region. The firm said that while early AI breakthroughs were concentrated in Silicon Valley, the opportunity set has expanded, supported by improving market depth, talent quality, and global ambition among startups in the region. In an interview with ET, Peak XV Partners managing director Shailendra Singh said the firm will continue to invest across seed, venture, and growth stages, writing cheques ranging from single-digit million dollars to $100 million, while sharpening its cross-border strategy to build an India-APAC corridor. The latest fundraise follows Peak XV’s 2022 announcement of $2.85 billion in growth and venture capital commitments for India and Southeast Asia, with $2 billion allocated to India. The firm later reduced the fund size by 16 percent in 2024, citing elevated public market valuations in India. The fundraise also comes at a time when several Peak XV portfolio companies are seeing public market momentum. Meesho, Groww, and Pine Labs have listed, while Zetwerk, Curefoods, and Infra.Market are preparing for initial public offerings. Since its split from Sequoia Capital, Peak XV has backed startups including Scapia, RapidCanvas, Sarvagram, Atlys, Mokobara, Stable Money, GoodScore, and Sarvam AI.

Peak XV, others divest stake worth Rs 1,600 Cr in MamaEarth’s parent

EntrackrEntrackr · 1y ago
Peak XV, others divest stake worth Rs 1,600 Cr in MamaEarth’s parent
Medial

Peak XV (formerly Sequoia Capital), along with Stellaris Ventures, Sofina Ventures, and Fireside Ventures, collectively sold shares worth Rs 1,600 crore ($190 million) in Honasa Consumer Limited, the parent company of the direct to consumer (D2C) skincare and beauty brand MamaEarth. The aforementioned investors sold 3.24 crore shares of MamaEarth at an average price of Rs 495.48 per share, according to the company’s bulk deal data accessed from the National Stock Exchange. Peak XV and its former entity Sequoia Capital Global Growth Fund III divested around Rs 753 crore ($90 million) worth of shares, while Sofina Ventures, Stellaris Ventures, and Fireside Ventures sold shares worth Rs 298 crore, Rs 225 crore, and Rs 326 crore, respectively, during the bulk deal. Importantly, ICICI Prudential Life and Morgan Stanley collectively purchased Rs 262 crore worth of shares in MamaEarth. According to Entrackr’s estimates, MamaEarth sold 10% of its shares in this single bulk deal. The firm’s total outstanding shares stood at 32.42 crore as of June 30, 2024. The sale of shares came at a time when the Gurugram-based firm reached its all-time high share price of Rs 547 on Tuesday this week. As per NSE data, MamaEarth’s overall market capitalization stood at Rs 16,046 crore ($1.91 billion) as of September 12. In the first quarter of the current fiscal year, the company reported a 17.6% quarter-on-quarter increase in revenue, reaching Rs 554 crore, up from Rs 471 crore in Q4 FY24. This marked the firm’s most profitable quarter, with Rs 40 crore in profit after tax (PAT). Peak XV’s recent exit portfolio includes companies like Blinkit, Zomato, Freshworks, Awfis, Ixigo, Go Fashion, MamaEarth, and others.

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