Peak XV, the venture firm formerly known as Sequoia Capital India, just closed $1.3 billion in fresh capital, with the lion's share earmarked for Indian startups. The fundraise comes as global venture heavyweights like General Catalyst and Lightspeed ramp up India bets, turning the region into a high-stakes battleground for AI and fintech deals. According to TechCrunch, the firm is prioritizing artificial intelligence, fintech, and cross-border investments - all while navigating the departure of key partners.
Peak XV just threw down $1.3 billion to prove it's still the dominant force in Indian venture capital, even as Silicon Valley heavyweights circle the region like sharks. The firm, which split from Sequoia Capital in 2023 to operate independently across India and Southeast Asia, confirmed the fundraise Thursday, signaling an aggressive push into AI and fintech at a time when global competition for Indian deals has never been fiercer.
Most of the new capital will flow directly into India, according to sources familiar with the matter speaking to TechCrunch. The timing couldn't be more strategic. India's startup ecosystem is experiencing a renaissance after a brutal 2023 downturn, with AI infrastructure and enterprise software companies attracting unprecedented attention from international investors.
The fundraise puts Peak XV in direct competition with a growing roster of American firms betting big on India's tech future. General Catalyst recently announced plans to deploy over $1 billion in the region, while Lightspeed Venture Partners and Accel have ramped up their India-focused investing teams. Even Andreessen Horowitz, historically U.S.-focused, has been quietly taking meetings in Bangalore and Mumbai.
