Peak XV’s startup bets mint over Rs 30,000 Cr as Groww, Pine Labs lead IPO returns

Peak XV Partners, the storied venture capital firm formerly known as Sequoia Capital India & SEA, continues to reinforce its reputation as one of India’s most influential startup investors. A look at its recent portfolio performance shows that the firm is sitting on over Rs 30,000 crore worth of holdings across listed and soon-to-be-listed tech companies, even after multiple OFS rounds and partial exits during IPOs.

Importantly, the return multiples referenced here are calculated based on the upper end of each company’s IPO price band at the time of listing, while the current values reflect Peak XV’s present shareholding after OFS and post-listing dilutions.

Public-market standout Groww leads the portfolio, clocking a 20.1X return at IPO and contributing a massive Rs 16,736 crore from Peak XV’s 17.16% current holding. Fintech unicorn Pine Labs follows with a stellar 39.46X IPO-based return, with its 16.81% stake now valued at Rs 4,826 crore.

E-commerce major Meesho, soon to be listed, represents one of Peak XV’s biggest potential wins, delivering a notional 25.87X return on paper and valuing its 11.3% holding at Rs 5,342 crore.

In the consumer beauty category, Mamaearth has yielded a solid 10X IPO-band return, with the firm’s 14.83% stake currently worth Rs 1,372 crore. Home and sleep solutions startup Wakefit, also unlisted, reflects a potential 10X return, placing Peak XV’s 22.47% stake at Rs 1,369 crore.

Among mid-range performers, travel-tech firm Ixigo has delivered 8.22X at IPO, contributing Rs 671 crore in current value, while co-working platform Awfis generated 2.84X, with Peak XV’s 3.24% holding now worth Rs 121 crore. Digital payments firm Mobikwik, where Peak XV holds 9.85%, currently stands at Rs 179 crore.

Logistics tech startup BlackBuck, where the fund fully exited in June 2025, delivered a modest 0.88X return.

Despite multiple partial exits, the combined current value of Peak XV’s listed and soon-to-be-listed tech portfolio comfortably crosses Rs 30,000 crore, underlining the firm’s exceptional strike rate in identifying category leaders long before their public-market debuts.

Venture capital firms have their share of detractors, with most criticism aimed at the ‘logic’ of their picks or the changes they allegedly ‘force’ on investee firms. As Peak’s numbers show, the criticism, if any, for Peak’s methods is mostly crap, considering the  results. One can give some credit to a booming IPO market, but despite that, there is little doubt that Peak has a method that works. So good in fact that it has been one of the reasons behind a plethora of family offices with domestic investors stepping on to the VC turf as well, helping deepen the market. 

Almost all the firms in the list above have had their moments of doubt, the point at which all seemed slipping away. But most managed to live for another day, and in this lot, a big payday. And for that, most owe it to Peak’s backing as well when few others were willing. Yes, issues like extreme dilution of founder stakes , ultra aggressive tactics and more will continue to dog the startup ecosystem that is powered by VC money, but there is little doubt that given a choice, most founders would do it again.  For firms that try to crunch time, enabling founders to achieve in three years what they hoped to do in 5 or more, Peak’s payoffs in years 7, 8 or more are more than fair, and send a strong message to the world on the strength of India’s startup market as well.