Peak XV sees likely windfall gains from IPOs
The venture capital firm has emerged as the largest selling shareholder in Wakefit’s and Pine Labs’ IPO as portfolio company Meesho gears up to file draft papers
Sai Keerthi
Monday June 30, 2025 , 3 min Read
Peak XV Partners, one of India’s largest venture capital firms, is poised for strong returns from a string of upcoming IPOs in its portfolio, even as it navigates top-level churn and gears up to raise a new fund.
Wakefit, Pine Labs, Bluestone, and Groww—among Peak XV Partners’ marquee bets—have already filed draft IPO papers with India's market regulator. Meesho, one of the country’s fastest-growing ecommerce firms, is expected to follow suit in the coming weeks after receiving shareholders’ approval for a Rs 4,250 crore issue, according to reports.
According to their draft red herring prospectuses, Peak XV has emerged as the largest selling shareholder in the IPOs of both Wakefit and Pine Labs so far.
While Groww has opted for a confidential IPO filing, Peak XV is expected to participate in its offer for sale, according to multiple industry sources. The VC firm is also likely to offload a portion of its stake in Meesho, which sources say is expected to file its DRHP within the next two weeks. The VC firm, however, is not selling any of its nearly 3% stake in Bluestone as it participated only in the company’s latest funding round.
In Pine Labs, Peak XV Partners isn’t just the top seller—it’s also set to be the biggest winner among institutional investors selling in the IPO via the OFS (offer for sale) route. The VC's average cost per share is just Rs 5.60—dramatically lower than the Rs 77 to Rs 243 apiece that other selling shareholders like PayPal, Mastercard, and Invesco paid. This gives Peak XV a substantial edge, with projected returns as high as 15–50X compared to its peers.
The story is similar in Wakefit, where Peak XV stands to earn 4–5X more than other sellers like Investcorp, Verlinvest, and Sai Global India Fund. With a weighted average cost of Rs 20.52 per share, back-of-the-envelope estimates suggest the firm is eyeing a 10X return on its investment.
The upcoming IPO windfall couldn’t have come at a better time for Peak XV Partners. Over the past year, the venture capital firm has grappled with a wave of senior-level exits across geographies and verticals.
Since its rebranding in 2023—after splitting from Sequoia Capital, the world's largest VC firm—Peak XV has seen at least ten high-profile departures, including managing directors Abheek Anand and Shailesh Lakhani.
As The CapTable reported in February, insiders described the phase as an “identity crisis,” with the firm caught between legacy expectations and a shifting internal culture.
At the same time, some of Peak XV’s most prominent portfolio companies—BYJU’s, Unacademy, Dailyhunt, BharatPe, and Trell—have been entangled in governance lapses, regulatory probes, or operational challenges. The pressure to show meaningful returns has only intensified.
Still, the VC has been actively booking exits in the private markets. Earlier this year, it sold its majority stake in HealthKart and fully exited logistics startup Porter with a 10X return.
However, as The CapTable reported in December, many such exits—while good on paper—don’t significantly shift the return curve for Indian VCs, especially when compared to global benchmarks. The Indian VC playbook has long leaned toward frequent, moderate wins rather than outsized home runs.
That’s why the expected IPO gains from portfolio stars like Wakefit, Pine Labs, and potentially, Groww and Meesho, come as a critical cushion. They not only help boost Peak XV's realised returns but also strengthen its positioning as it readies a fresh $1.4 billion fund—its first independent raise since parting ways with Sequoia.
Peak XV declined to comment on its gains from the upcoming IPOs of its portfolio companies.