Peak XV to raise $1.2–$1.4 Bn for new fund: Report

Peak XV Partners (formerly Sequoia Capital) is reportedly raising a new fund in the range of $1.2–$1.4 billion. This will be the first fundraise for the Silicon Valley venture capital firm in India after its rebranding and separation from the main entity in 2023.

The Economic Times, which first reported the development, noted that the new capital will be directed toward early-stage investments in India and Southeast Asia.

In 2022, Peak XV announced $2.85 billion in growth and venture funds for India and Southeast Asia, of which $2 billion was earmarked for investment in India. However, the fund size was reduced by 16% in 2024, citing the highly priced public market in India at the time.

The development comes as several Peak XV-backed companies — including Meesho, Zetwerk, Groww, and Pine Labs — are preparing for their public market debut. Over the past couple of years, a number of the firm’s portfolio companies such as Zomato, Mamaearth, Ixigo, Awfis, Go Digit General Insurance, Blackbuck, and Mobikwik have already gone public.

Since its rebranding, the firm has made notable investments in companies such as Scapia, RapidCanvas, Sarvagram, Atlys, Neo, Mokobara, Sarvam AI, and Neo.

Peak XV did not comment on the story.

The ongoing calendar year has seen significant venture capital fundraising, even as startup funding remained flat in the first quarter (Q1 2025). A91 Partners, founded in 2018 by former Peak XV partners, announced the final close of its third fund at $665 million. Venture capital firm Accel also unveiled its eighth fund, allocating $650 million to support early-stage startups in India and Southeast Asia. Bessemer Venture Partners closed a $350 million early-stage venture fund, while Fireside Ventures is reportedly in talks to raise $230 million for its fourth fund.