Peak XV Partners: Leading India’s Startup Investment Scene

Peak XV Partners, previously recognised as Sequoia Capital India & SEA, is solidifying its status as one of the foremost startup investors in India. An examination of its recent portfolio performance reveals that the firm holds over Rs 30,000 crore in investments across both listed and upcoming tech companies, despite several Offer for Sale (OFS) rounds and partial exits during Initial Public Offerings (IPOs). Crucially, the return multiples mentioned are calculated using the highest end of each company’s IPO price range at the point of listing, whereas the current valuations reflect Peak XV’s existing shareholdings after OFS activities and post-listing dilution.

Portfolio Highlights of Peak XV Partners

The public-market leader, Groww, tops the portfolio with a remarkable 20.1X return at IPO, contributing approximately Rs 16,736 crore from Peak XV’s 17.16% current stake. Fintech unicorn Pine Labs follows closely with an impressive 39.46X IPO-based return, and its 16.81% ownership is now valued at Rs 4,826 crore.

Upcoming and Unlisted Stars

E-commerce giant Meesho, which is set for listing, represents one of Peak XV’s most significant potential successes, providing a notional 25.87X return on paper, and valuing its 11.3% holding at around Rs 5,342 crore. In the beauty sector, Mamaearth has delivered a robust 10X return based on IPO figures, with the firm’s 14.83% stake valued at about Rs 1,372 crore. Additionally, the home and sleep solutions startup, Wakefit, which is unlisted, mirrors a potential 10X return, positioning Peak XV’s 22.47% stake at Rs 1,369 crore.

Mid-Range Performers in the Portfolio

Among mid-tier performers, travel-tech company Ixigo has produced an 8.22X return at IPO, attributing Rs 671 crore to its current value. Meanwhile, the co-working platform Awfis has generated a 2.84X return, with Peak XV’s 3.24% share now valued at Rs 121 crore. Digital payments provider Mobikwik, in which Peak XV possesses a 9.85% stake, is currently valued at Rs 179 crore. Additionally, logistics tech startup BlackBuck yielded a modest return of 0.88X after Peak XV’s full exit in June 2025.

Despite several partial exits, the cumulative current value of Peak XV’s tech portfolio, encompassing both listed and soon-to-be-listed companies, comfortably exceeds Rs 30,000 crore. This underscores the firm’s exceptional ability in pinpointing category leaders well ahead of their market debut.

Challenges and Criticisms of Venture Capital

Venture capital firms face their share of criticism, particularly regarding the rationale behind their selections or perceived pressures they may exert on portfolio companies. However, Peak XV’s results indicate that any criticisms regarding their approach are unfounded, given the success they’ve achieved. While the buoyant IPO market deserves some recognition, it’s evident that Peak XV employs a proven method that yields results.

This success has also catalysed a wave of family offices with domestic investors venturing into the venture capital space, further enriching the market ecosystem. Most of the firms mentioned have encountered moments of doubt where their viability seemed at risk. Nonetheless, many have persevered and achieved substantial financial returns, thanks in part to the backing from Peak XV during times when others hesitated.

While issues like significant dilution of founder stakes and aggressive tactics may continue to challenge the startup ecosystem driven by VC funding, it is clear that many founders would revisit the venture if given the chance. For firms striving to expedite growth, allowing founders to achieve in three years what they aimed for in five or more, Peak XV’s long-term gains in years seven, eight, or beyond serve as a compelling testament to the vitality of India’s startup market.