Peak XV’s winning streak rolls on as Meesho IPO adds to big gains from Pine Labs and Groww
Peak XV’s favourable tailwinds come as the VC firm is looking to raise its maiden fund to make early-stage bets in India and Southeast Asia.
Peak XV—the largest venture capital firm in the country—had a blockbuster year. Its early bets in fintech startup Groww and Pine Labs saw it realise a combined return worth Rs 2,361 crore, making it one of the most successful outcomes for a venture capital firm in the Indian market.
And its winning streak is far from over. With Meesho’s upcoming IPO, Peak XV is set for another strong exit.
The ecommerce marketplace has fixed its price band at Rs 105 to Rs 111. This means Peak XV, which invested in Meesho in 2018, stands to gain around Rs 193 crore at the higher end of the price band and Rs 182 crore at the lower end.
The VC firm had acquired shares in the company for Rs 4.29 apiece and is selling 1.7 crore shares, and is the second largest selling shareholder after Elevation Capital, according to its red herring prospectus (RHP). It held a 11.3% stake in the company prior to the offering and is expected to hold around 10.9% in Meesho, post its listing.
Meanwhile, in Pine Labs, Peak XV continues to hold a 16.8%, which is now worth Rs 4,806 crore based on the shares' closing price as of Friday of Rs 248.97 apiece. Similarly, Peak XV is also sitting on Rs 16,863 crore of share value from its remaining stake of 17.16% in Groww.
Notably, Peak XV invested in Groww from its sixth India-focused fund, which had a target corpus of $695 million (~Rs 6209.7 crore). Its current stake in the company is worth 2.7X the total corpus of the fund.
These tailwinds come at a crucial time for Peak XV. The firm is looking to raise its maiden fund, post its split from US-based Sequoia Capital, with a target corpus of $1.2 billion to $1.4 billion to make early-stage bets in India and Southeast Asia.
Amidst the same, the VC firm has also been plagued by a series of senior-level exits at the company. In September, the company’s Managing Director, Harshjit Singh, left the company. His departure followed Suraj Agarwalla, who was the Vice President at Peak XV’s Growth team, and Managing Directors Abheek Anand and Shailesh Lakhani.
Meanwhile, the company has also been hiring, especially to equip its US team to ramp up bets outside of India.
In recent months, it has backed multiple Y Combinator-backed AI companies. In April, it hired a former YC Principal, Arnav Sahu, as a partner for its US team.
Meanwhile, Elevation Capital, which has backed FirstCry and Swiggy, is also expected to reap gains from its early bet in Meesho. It had invested $2.4 million in the then two-year-old company. The VC firm doubled down and participated in a follow-on $11.5 million round and a $50 million round in 2018.
Elevation is the largest selling shareholder in Meesho’s IPO. The firm is offloading 2.4 crore shares and is expected to walk away with Rs 271.3 crore at the higher end of the price band.
It will continue to hold about a 13% stake in the company.
Many Indian venture capital firms have seen handsome returns in 2025 from marquee listings of portfolio companies, with the initial public offering pipeline remaining strong. For instance, Wakefit—another Peak XV portfolio company—has gotten SEBI approval to launch its IPO and is expected to do so in December.
(The copy has been updated)
Edited by Jyoti Narayan